Automobiles
DHI puts the brakes on Maruti proposal
THE arguments presented by the Department of Heavy Industries (DHI) against a hasty sell-off of the Government's equity in Maruti Udyog Ltd (MUL) carried the day as the Cabinet Committee on Disinvestment (CCD) today failed to take a view on the divestmen
t.
Banking and Finance
Tarapore for sops to well-run NBFCs
THE former RBI Deputy Governor, Mr. S.S. Tarapore, today said that well-run non-banking finance companies should be provided strong incentives to become banks.
Corporate
`In-principle' nod for IBP
THE Cabinet Committee on Disinvestment (CCD) today granted an in-principle approval for disinvestment of Government equity in IBP Company Ltd.
Cotton Corporation plans revamp to cut overheads
COTTON Corporation of India Ltd (CCI) proposes to go in for an internal restructuring to meet high overhead costs.
Pledge to stay away from `conflict diamonds'
THE Gem and Jewellery Export Promotion Council (GJPEC) has reiterated its resolve to keep away from `conflict diamonds' from strife-torn Sierra Leon, Angola and Congo in Africa, said a press release.
Swaps, derivatives pact -- Citibank knocks off ring-fencing clause
CITIBANK has decided to delete the controversial `ring- fencing' clause from its ISDA (International Swaps and Derivatives Association) agreement with other local banks.
DCA releases mission statement
THE Department of Company Affairs (DCA) has issued a Mission Statement, endeavouring to work and to ensure responsive, resilient and healthy development of the corporate sector.
Tata Donnelley sales up 16%
TATA Donnelley has reported a 16 per cent increase in sales and a marginal increase in net profit for the year ended March 31, 2000 over the previous year.
JK Tyre ties up with IOC
IN what appears to be yet another innovative way to capture a customer's `mindshare' for its products, JK Tyre on Friday entered into a marketing alliance with Indian Oil Corporation (IOC) to offer value-added services to motorists.
Textool projects 59% savings in interest after units' sale
THE directors of Textool Company Ltd have in their report for 1999-2000 informed shareholders that all legal formalities in connection with the hiving off of the cots & aprons, powder paints and yarn process divisions are in the final stages of completio
n.
UB arm gets US patents for 2 bio-products
UB's 100 per cent subsidiary, UB Biotek, has tied up with Astra IDL Ltd to market its newly-patented anti-obesity nutraceutical.
Courts
SC ruling on validity of amended Section 45-S of RBI Act
The prohibition on partnership firms to carry on their business like that of shroffs cannot be regarded as being an unreasonable restriction on the fundamental right of the appellants to carry on their trade. They can continue lending money as long as th
ey do not borrow from the public. Section 45-S does not violate Articles 19(1)(g) or 14 of the Constitution.
Economy
Hasten sell-off process: FICCI
THE Federation of Indian Chambers of Commerce and Industry (FICCI), while welcoming the `in-principle' approval accorded
Environment
Environmental clearance to MPC -- HC calls compliance report from Centre
THE Karnataka High Court has directed the Union Environment Secretary to prove compliance of a 1997 High Court order pertaining to review of environmental clearances granted to Mangalore Power Company (MPC).
Foreign Trade
EDI snag stalls exports through Petrapole
EXPORTS to Bangladesh via Petrapole land customs station (LCS) in West Bengal during the last seven days was affected on account of problems on the EDI (Electronic Data Interchange) front.
Information Technology
`Internet -- still a long way to go'
THE Internet is not faring too well in the country and opportunities for dot.coms are very limited in the Indian market for some time to come, according to Mr. Amitabh Kumar, Director, Operations, Videsh Sanchar Nigam Ltd, market leader among Internet Se
rvice Providers in the country.
Hindustan Times shuts down digitalht; sets up new portal
THE Hindustan Times has wound up its portal, digitalht.com, as the newspaper has launched a full-fledged horizontal portal, `go4i.com', in association with Chase Capital Partners and the HDFC group.
Ma Foi launches human resources portal array
The city-based Ma Foi Management Consultants Ltd today launched an integrated human resources portal array, www.mafoi.com.
Infrastructure
Infrastructure industries log 7.3 pc growth
THE six infrastructure industries of electricity, coal, steel, crude petroleum, petroleum refinery products and cement have grown by 7.3 per cent in May, over the corresponding month in the previous year.
Miscellaneous
Venture funds: Final guidelines soon
THE Securities and Exchange Board of India (SEBI) Chairman, Mr. D.R. Mehta, said offshore venture funds were expected to invest around $1 billion in India once the investment norms were cleared.
CII to help UAE nationals to set up small units
THE Confederation of Indian Industries (CII) is ready to offer its expertise and support in co-operation with the Abu Dhabi Chamber of Commerce and Industry (ADCCI), to young UAE nationals, who are keen on setting up small or medium sized enterprises (SM
Es), according to a spokesman for CII.
Progress to Gujarat `may be delayed'
THE south-west monsoon has advanced to some northern States, but is unlikely to progress to the drought-hit western Gujarat for at least a few more days, according to a senior official of the weather department.
PSU
Sell-off cleared in 11 PSUs -- Maruti, VSNL, MTNL not in 33-PSU plan
The Cabinet Committee on Disinvestment (CCD) today accorded in-principle clearance for disinvestment in 11 public sector undertakings (PSUs) for this fiscal and firmed up an annual disinvestment plan involving 33 firms.
Divestment of 11 PSUs welcomed
THE Confederation of Indian Industry (CII) has welcomed the Cabinet's `in-principle' clearance for the proposed disinvestment of 11 public sector undertakings (PSUs) in the current fiscal. It has also expressed happiness that the Cabinet aims to complete
the disinvestment of Air India, Indian Airlines, ITDC, Balco and IPCL this year.
Pharmaceuticals
`Contradictory' statements on strike -- HSE seeks clarification from Dr. Reddy's Labs
THE Hyderabad Stock Exchange (HSE) has served a notice on Dr. Reddy's Laboratories Ltd (DRL) seeking clarification on the contradictory statements allegedly being made by the DRL management on the indefinite strike at its formulations unit-II located at
Bachupally, near here, from June 17.
Policy
`ITDC divestment to be completed this fiscal'
THE in-principle decision of the Cabinet Committee on Disinvestment to divest the Centre's stake in Utkal Ashok and Ranchi Ashok was necessitated by the fact that two were subsidiaries of Indian Tourism Development Corporation (ITDC) in which the State G
overnments also had stakes, senior officials of the Department of Disinvestment said here today.
Power
Essar, Marathon may switch off deal
THE Essar Group and the US-based Marathon Power Company are likely to call off the deal for the acquisition of Essar Power Ltd.
Shipping
P&O selected to manage, operate Chennai terminal
P&O PORTS has been selected as the preferred tenderer to manage and operate the Chennai Container Terminal, an official statement from the port developer said.
States
TN plans high-level meet on cattle exports to Kerala
THE Tamil Nadu Government has decided to hold a high-level meeting on June 27 to discuss the issue of transportation of cattle to Kerala for slaughter.
AP Governor for focussed exports
FOCUSSED promotional efforts and a mechanism to monitor the collection and compilation of data are necessary for the growth of exports from Andhra Pradesh, Dr. C. Rangarajan, Governor, said here today.
Sinha asks States to cut deficits
THE Finance Minister, Mr. Yashwant Sinha has called upon State Governments to reduce their deficits in a sustained manner by raising capital expenditure, containing non-Plan revenue expenditure and augmenting their revenues through broadening of their ta
x base.
Contamination by oil firms alleged -- HC orders ground water survey in Erode
THE Madras High Court has directed the Central Ground Water Board to conduct a scientific study of the ground water in Erode area within two months. It has also directed the Tamil Nadu Pollution Control Board to take action according to law based on the
survey report.
Hudco to fund major projects in Kerala
THE Housing and Urban Development Corporation Ltd (Hudco) is to provide finance up to Rs. 1,151 crores to infrastructural and housing projects in Kerala during the current fiscal, apart from offering to fund a proposed mega tourism project of the State G
overnment involving an expected investment of around Rs. 1,500 crores.
Centre urged to clear tobacco traders' dues
THE Andhra Pradesh Chief Minister, Mr. N. Chandrababu Naidu, has urged the Centre to fund the outstanding dues of tobacco exporters and traders and to sanction additional credit facilities without any extra securities.
Haryana to set up IT institute
HARYANA is setting up an Indian Institute of Information Technology (IIIT) at Gurgaon in association with the IT industry.
Telecommunications
`Upswing in Sahara TV rating points'
SAHARA TV, the satellite television channel promoted by the diversified Sahara India Pariwar, while assuring to offer `a bouquet of programmes,' has announced upswing in its television rating points (TRP) within two months of beaming its services.
Textiles
Textile policy awaits Cabinet nod: Rana
THE new textile policy will be announced within the next month or two, the Union Textile Minister, Mr. Kashiram Rana, told Business Line.
