Corporate
Mukand to shut down Kurla plant
MUKAND Ltd has decided to close down its foundry unit at Kurla in Mumbai.
IDBI told to attach JK Leatherite properties
INDUSTRIAL Development Bank of India (IDBI) has been directed by the Board for Industrial and Financial Reconstruction (BIFR) to take into custody the properties of J.K. Leatherite Ltd (JKL).
BPL net, turnover rise 5 pc
THE gross turnover of BPL Ltd for 1999-2000 grew by five per cent over the previous year while net profit also improved by five per cent at Rs. 107.13 crores (Rs. 102.47 crores). A higher dividend of 60 per cent (50 per cent) has been recommended.
Economy
USIBC blueprint for financial sector
THE country's financial sector has to become world class if it has to achieve the status of a world class economy. The US-India commercial dialogue on financial services held under the aegis of US-India Business Council in San Francisco has mooted an eig
ht point strategy towards this endeavour.
Excise and customs law
`New excise norms need clarification'
WITH less than a fortnight to go before the transaction-value-based excise assessment comes into force from July 1, a section of Indian industry has expressed apprehension over the successful implementation of the proposed new system.
Information Technology
Overseas acquisition -- Infosys, Wipro bid for blanket nod rejected
THE Finance Ministry has informed the Reserve Bank of India that the proposals of Infosys Technologies Ltd and Wipro, seeking a blanket approval for overseas acquisition, would be treated as closed.
Bangalore Labs enters West Asian market
BANGALORE Labs, e-business and infrastructure solutions provider, has announced its entry into the West Asian market through setting up a regional headquarters in the Dubai Internet City (DIC). Mr. V. Natarajan, CEO of Bangalore Labs, told Business Line
that the company is also planning to establish a $1-million Network Operations Centre in DIC.
Cyberwave, Israeli co tie up for cable modems
CYBERWAVE Internet Solutions Ltd (CISL), the Chennai-based category-B Internet Service Provider (ISP), has entered into a strategic alliance with the Israel-based NetGame, one of the leading players in cable modem technology, for marketing the latter's c
able modem products in India.
Miscellaneous
`Boom, boom' time for music videos
MUSIC videos are setting the tune for the growth in non-film segment of the (music) industry. The success of a music album today often depends on the popularity of its video version.
Fiscal discipline stressed
ALTHOUGH the fundamentals of the Indian economy are growing progressively stronger, there is an urgent need to practise `fiscal discipline', according to the Union Minister of State for Finance (Revenue), Mr. V. Dhananjaya Kumar.
Improved VRS package for jute sector
THE Union Textiles Ministry has decided to ``substantially augment'' a voluntary retirement package drawn up earlier for the employees of National Jute Manufactures' Corporation Ltd (NJMC), an ailing PSU having six mills.
Power
Private power projects moving at snail's pace
ONLY five private power projects, aggregating a total capacity of around 3,000 MW, are likely to achieve financial close in the current fiscal, according to rough estimates by financial institutions.
States
Company to implement Vellore effluent plan
A SPECIAL purpose company will be set up to implement the project to lay a pipeline along the Palar river bed to transport treated tannery effluents from Vellore district to the Bay of Bengal.
HUDCO loan for KSRTC staff
THE Housing and Urban Development Corporation (HUDCO) has signed a memorandum of understanding with the Kerala State Road Transport Corporation (KSRTC) for providing a housing loan of Rs. 100 crores to the employees of the latter.
Central subsidy
GUWAHATI: The North-Eastern Development Finance Corporation Ltd (NEDFI), the newly-engaged nodal agency for Central subsidies in the north-eastern region, has disbursed the first instalment of Central Transport Subsidy and Capital Investment Subsidy amou
nting to Rs. 10 crores to beneficiary units of Assam, Meghalaya and Tripura.
Changes in Co-op Act opposed
MANGALORE: The Bharatiya Mazdoor Sangh (BMS) has condemned the State Government's amendment to the Karnataka Co-operative Societies (KCS) Act which would, when implemented, keep all labour disputes in the co-operative sector exclusively within the jurisd
iction of the Registrar of Co-operative Societies and prohibit civil and labour courts from taking up such cases.
19 SBI branches fully computerised
GUWAHATI: The State Bank of India, Guwahati zonal office has fully computerised as many as 19 branch offices under its Guwahati module and increased their business hours for the benefit of the general public. Mr. J.Goswami, Deputy General Manager, SBI zo
nal office, said.
Steel
Even as Ministry plans to appeal to WTO... -- Steel exports to US surge
THE Ministry of Steel seems to have been caught on the wrong foot. Even as it has been complaining that Indian steel exporters are severely affected by the anti-dumping duties slapped by the US, steel exports to the country are booming.
RINL, first to get ISO 9002
EVEN as efforts have been initiated to privatise Rashtriya Ispat Nigam Ltd (RINL), the steel major crossed a significant milestone on Saturday when it became the first integrated steel plant in the country to receive the total ISO 9002 certificate coveri
ng almost its entire gamut of operations.
Transport
Global meet on transportation
THE Global Transportation Forum is scheduled to be organised in mid-October this year. This was announced at the roundtable discussion on transportation organised as part of the US-India Business Council (USIBC) annual meeting which concluded recently in
San Francisco.
Govt urged to review highway projects
THE Government should reconsider the road development policy on commercial grounds and offer financially viable and attractive packages, the PHD Chamber of Commerce and Industry (PHDCCI) has said.
Travel & Places
On a helicopter odyssey
EIGHTY-SIX days round the world on a Robinson R44; and few heliports to come by. That's the odyssey of Ms. Jennifer Murray, a 60-year-old grandmother who is attempting to become the first woman to fly round the world solo in a helicopter.
