Airlines
`AI has to be cautious while choosing a partner'
AIR India (AI) will have to be extremely `cautious' when tying up with a partner after the Government initiates the disinvestment process in the airline, the Chief Executive Officer of Sri Lanka's international airlines, SriLankan, Mr. Peter Hill, has sa
id.
Commercial launch of largest airliner A3XX -- Airbus hopeful of getting authorisation in 2 weeks
THE European aircraft manufacturer, Airbus Industrie, hopes to have the authorisation from its supervisory board for the commercial launch of A3XX aircraft, the world's largest airliner, in the next two weeks.
Corporate
Saatchi-Publicis merger: India impact unlikely
THE reported merger of Saatchi & Saatchi and Publicis of France is unlikely to have any major impact in their Indian operations immediately as both companies will be operating independently for the time being, according to a senior official of Saatchi &
Saatchi India.
Dr Reddy's shifts machinery?
THE management of Dr. Reddy's Laboratories Ltd (DRL) has allegedly shifted some of the crucial machinery from its formulations unit-II during the midnight of Monday.
Last property of undivided Cadila put on the block
THE stage is set for enacting the final scene in the 30-year-old saga of the undivided Cadila Laboratories Ltd (CLL), the precursor to Cadila Pharmaceuticals Ltd (CPL) and Cadila Healthcare Ltd (CHL), that had its inception in 1967. The Ghodasar plant, t
he erstwhile headquarters of CPL and CHL since
ITIL net up 92%
THE Delhi-based Information Technology India Ltd (ITIL) has recorded a 92 per cent jump in its net profit at Rs. 70.3 crores for 1999-2000 as against Rs. 36.52 crores in the previous fiscal.
Sical net up 8% at Rs 26 cr -- To get out of loss-making businesses
SOUTH India Corporation (Agencies) Ltd (Sical) has reported a net profit of Rs. 26.01 crores for the year ended March 31, 2000, as against Rs. 24.02 crores in the year before -- a growth of 8.2 per cent. The board has recommended a dividend of Rs. 2.50 p
er share.
TV18 offers 20% stake in CNBC at $4.50 m
TELEVISION Eighteen (TV18) has given Sony Entertainment Television (SET) an option to pick up 20 per cent of its stake in CNBC India at a maximum price of $4.5 millions (Rs. 20 crores) on or before October 31, 2000.
New directors on Tata Tea board
MR. Ken Pringle, CEO of The Tetley Group of the UK, has been inducted on the board of Tata Tea Ltd as a non-executive director. Tata Tea clinched a deal to acquire The Tetley Group in February.
Courts
Revenue wins excise case in apex court
The provision of Section 11A of the Central Excises and Salt Act, 1944 (`the Act'), laying down six month limitation for serving notice to recover short levy of duty, would have no application to any action taken under Rule 57-1 of the Central Excises an
d Salt Rules, 1944 (`the Rules'), prior to its amendment on October 6, 1988, and Rule 57-I of the Rules is not in any manner subject to Section 11A of the Act.
Economy
Sinha convenes CMs' meet on sales tax
THE Finance Minister, Mr. Yashwant Sinha, has convened a conference of Chief Ministers of all States and Union Territories on June 22, to review the implementation of uniform floor rates of sales taxes and to assess the progress made towards the introdu
ction of value added tax (VAT) by April 1, 2001.
Fertilisers
Oman-India fertiliser venture cleared
THE Government today cleared the long-pending Oman India Fertiliser Company project, involving the setting up of a world-scale fertiliser complex in Oman by Krishak Bharati Cooperative Ltd (Kribhco) and Indian Farmers' Fertiliser Cooperative Ltd (Iffco)
in association with the Oman Oil Company (OOC).
Information Technology
Caltiger.com plans IPO, Nasdaq listing
CALTIGER.COM Ltd has announced plans for an initial public offering (IPO) aimed at raising $100 millions from overseas and securing listing on Nasdaq in October. The IPO funds would be deployed in a project to link the country through a fibre optic cable
network.
Infrastructure
India, France sign MoU for road sector
A MEMORANDUM of understanding (MoU) for cooperation in the field of highways between India and France was signed in Paris on Tuesday.
Insurance
Insurance plan for the poor
THE Union Cabinet today decided to launch a new insurance scheme for people living below the poverty line (BPL) in both urban and rural areas.
Miscellaneous
Low pressure weakens
THE low pressure area over Orissa weakened and the south-west monsoon activity also does not show much vigour. The India Meteorological Department (IMD) says Uttar Pradesh, Bihar, West Bengal, Sikkim and the north-east can look forward to some good rainf
all.
Petroleum
Naik pushes for `strategic' label for oil sector
WITH the Cabinet Committee on Disinvestment (CCD) scheduled to meet on June 23, the Union Petroleum Minister, Mr. Ram Naik, on Tuesday reiterated his Ministry's stand to push for `strategic sector' status for the oil sector. The `strategic' label implies
that the Government would maintain controlling stake in the public sector oil companies.
Policy
CCEA clears proposal for securitisation of SEB dues
THE Cabinet Committee on Economic Affairs (CCEA) today cleared a proposal to securitise the principal amount of around Rs. 10,000 crores owed by the State electricity boards (SEBs) to the Central power and coal sector undertakings.
Birla AT&T foreign equity hike cleared
THE Cabinet Committee on Economic Affairs (CCEA) on Tuesday approved foreign equity participation of Rs. 1,604.75 crores in the increased paid-up capital of Rs. 3,275 crores in Birla AT&T, which has the licence to provide cellular services in Maharashtra
and Gujarat.
Power
Cabinet accepts proposal to close down six PSUs
THE Union Cabinet today accepted the recommendation of an expert group to close down six PSUs including National Bicycle Corporation of India Ltd (NBCIL), and Weighbird India Ltd (WIL).
MPC moots alternative to escrow cover -- Proposes distribution circles exclusively for generating cos
MANGALORE Power Company (MPC) has proposed reservation of some of the distribution circles exclusively for the generating companies as an alternative to escrow cover.
States
`State PSUs need better management'
THE need to have technical experts in the managements of the State public sector undertakings was stressed at a meeting the Kerala Industries Minister, Ms. Suseela Gopalan, had with the central trade union leaders here on Monday.
MPs seek time-bound plan for N-E development
THE Members of Parliament from the north-eastern region including Sikkim have urged upon the Union Minister of State for Planning and Programme Implementation, Mr. Arun Shourie, to work out a time-bound development programme on a priority basis for the r
egion and to consider the geographically isolated region as a separate administrative block to facilitate proper evaluation and monitoring of development schemes.
Modern Bread faces tough competition in Kerala
TOUGH competition from organised and unorganised manufacturers of bread in Kerala has pushed down the sales of Modern Bread in the State eventhough the unit has achieved a higher sales turnover during the last fiscal.
Kerala to float co-op society for insurance
THE insurance venture that the cooperative sector in Kerala proposes to float will be promoted as a cooperative society, and not as a separate company, according to the State Minister for Electricity and Cooperation, Mr. S. Sarma.
Dodla Dairy to set up chain of retail outlets
DODLA Dairy Ltd plans to expand its product base, establish an exclusive chain of retail outlets and set up a milk powder unit, according to its Managing Director, Mr. D. Sunil Reddy.
Stocks
Silverline ADS issue priced at $25 on NYSE
SILVERLINE Technologies Ltd, whose American Depository Share (ADS) issue made a debut on New York Stock Exchange on Tuesday, announced the issue price at $25 each.
Telecommunications
Bharti Mobile plans to step up operations
BHARTI Mobile Ltd plans to step up its activities both in the mobile phone area as well as fibre optic cabling in Karnataka.
Tata Teleservices' new facilities
TATA Teleservices Ltd., a private basic-telephone services provider with a subscriber base of 35,000 in Andhra Pradesh, has announced the launch of two productivity enhancement features namely Call-Forward-Busy and Call-Forward-No Reply.
