Agriculture
Vigorous in most regions
The South-West monsoon continues to be on the revival mode, with most parts of the country, barring West Rajasthan and the Saurashtra-Kutch region, receiving reasonably good precipitation over the last 24 hours.
Airlines
Sales tax on ATF -- `Govt sympathetic towards AI plight'
THE Government is sympathetic towards the plight being faced by Air India as it is being forced to bear the burden of sales tax on aviation turbine fuel (ATF) while other foreign airlines have been exempted and is looking at providing relief in other way
s to the national carrier, senior airline officials said here on Thursday.
AI to open bids for Airbus lease today
AIR India is to open the financial bids for dry leasing of three to four Airbus A-310 aircraft in Mumbai tomorrow, the airline board decided here today.
Automobiles
Volvo India joins chorus against used car imports
VOLVO India is the latest multinational to lend its name to the growing voices of manufacturers who have raised the issue of imported used vehicles after April 2001, when quantitative restrictions following the WTO guidelines will be removed.
Banking and Finance
Centurion Bank takes 26 pc in tea portal
CENTURION Bank Ltd has acquired a 26 per cent stake in teauction.com, a B2B portal, for a consideration of Rs. 11 crores.
Corporate
`Dadiseth is someone we know and respect'
MR. Ratan N. Tata, Chairman of the Tata group, today ascribed the appointment of Mr. K.B. Dadiseth on the board of Indian Hotels Co Ltd (IHCL), to the need for independent directors at Tata companies.
SAARC region -- Investment cap raised for Indian cos
THE Government has increased the overseas direct investment limit for Indian companies in the SAARC region through the automatic approval route, from $50 millions to $75 millions.
NYLIC picking up $10-m stake in Gujarat Pipavav
THE $ 500-billion New York Life Insurance Company (NYLIC) is taking a $ 10-million equity stake in the first private sector port to be developed in the country, Gujarat Pipavav Port Ltd (GPPL).
Courts
Coconut, copra not essential goods: HC
THE Madras High Court has held that coconut and copra were not ``essential'' commodities under the Essential Commodities Act, 1955 or under the Tamil Nadu Essential Articles (Regulation of Trade) Order, 1984.
Fertilisers
Erratic monsoon sees DAP sales dip
THE erratic behavior of the monsoon is likely to reduce consumption of di-ammonium phosphate (DAP) to around 27 lakh tonnes in kharif 2000, as against 32 l.t in kharif 1999, according to the Indian Farmers' Fertiliser Cooperative Ltd (Iffco).
Financial Performance
HCL Technologies net up 97 per cent
The Board of Directors of HCL Technologies Ltd. has recommended a dividend of five per cent for the year ended June 30, 2000.
HCL Infosystems to pay Rs 2.5
MUMBAI: The board of directors of HCL Infosystems has recommended a dividend of 25 per cent (Rs. 2.5 per equity share of Rs. 10 each) amounting to Rs. 7.97 crores for the year ended June 30, 2000. The company's net profit rose 24.8 per cent to Rs. 73.06
crores from Rs. 58.52 crores the previous year.
HMT net loss up at Rs 71 cr
HMT Ltd has continued to post a net loss of Rs. 70.91 crores (Rs. 68.87 crores) from a net sales of Rs. 133.82 crores (Rs. 123.10 crores) for the quarter ended June 30, 2000.
Foreign Trade
Amnesty scheme sought for export obligation defaults
THE Foreign Trade Association (FTA) has in a recent communication to the Union Minister of Commerce and Industry, Mr. Murasoli Maran, sought early introduction of a `Niryat Samadhan Scheme' to cover all cases of defaults in fulfilment of export obligatio
ns against advance licences pending as on March 31, 2000.
Forex
Re touches new low at 45.85/88
AFTER a marginal recovery yesterday, the rupee today again lost 25 paise against the dollar, touching a new low of 45.85/88 to a dollar. The RBI kept away from the market.
Hotels
Bangalore records higher hotel occupancy rate
BANGALORE, which is currently under the grip of forced demand and consumption compression in the wake of the two-week long stalemate on the Kannada cine star, Dr. Rajkumar's hostage issue, however, has earned some cheers for its overall performance in th
e hotel sector for 1999-2000.
Information Technology
IT Act to be set in motion on Aug 15
THE Union Government is all set to accord legal sanctity to electronic communication, e-commerce transactions and usher in electronic-governance by setting in motion the implementation phase of the Information Technology Act, 2000 and the establishment o
f Certifying Authority (CA) to recognise `digital signatures'.
Goldstone revamp: PwC to undertake valuation exercise
GOLDSTONE Technologies Ltd (GTL), which has interests in telecom and software, has appointed the international consulting firm PriceWaterhouse Coopers (PwC) to undertake a corporate restructuring exercise.
Xerox Modi proposes to reposition software unit
XEROX Modicorp Ltd. (XML) plans to reposition its software development centre as a separate business unit and invest in India, from XML's internal accruals, $ 8-10 millions towards technology and infrastructure expansion.
Insurance
Private insurers must fulfil social tasks: PM
ALL private insurance companies which enter the Indian market should meet their specified social sector obligations, the Prime Minister, Mr. Atal Behari Vajpayee, said today.
Pharmaceuticals
Definitive duty on Vitamin C recommended
THE Designated Authority in the Commerce Ministry has recommended imposition of definitive anti-dumping duty on imported Vitamin-C from Russia and the European Union.
Politics
Pakistan still occupies key Drass point
PAKISTAN soldiers perched at peak 5,353 metres, on the strategic Marpo La Ridge had a grandstand view of this year's Vijay Diwas celebrations, marking the official end of the Kargil war. At least some of them must had wry smiles on their faces, for altho
ugh peak 5,353 metres is inside the Indian side of the Line of Control (LoC), Pakistani troops held the mountain through the Kargil war and continue to do so today.
Power
TNEB may revoke escrow cover for Videocon project
THE prospects of the 1,050 MW coal-based Videocon power project in north Chennai appear bleak with the Tamil Nadu Electricity Board (TNEB) considering revocation of the escrow cover given to it.
States
Biotech enterprises zone mooted in TN
A HIGH-POWER committee, constituted to frame a biotechnology policy for Tamil Nadu, has suggested creating biotechnology enterprise zones, setting up a venture capital fund for biotechnology, and constituting a body to provide policy inputs.
Drive to check Chennai air pollution soon
THE Tamil Nadu Pollution Control Board (TNPCB) will soon launch a multi-pronged campaign to reduce air pollution in Chennai.
Govt to procure coconut from ryots
THIRUVANANTHAPURAM: The Kerala Government has issued orders to make arrangements to procure coconut from farmers at the rate of Rs. 4 per nut.
Stocks
Bond funds risk-free, not anymore
SO, you thought investments in equities were a risky proposition and those in debt instruments a safe haven. Think again. Tumbling of net asset values (NAV) of various fixed-income bond funds, following the recent bank rate hike, tell a different story.
OTCEI to extend trading hours, change settlement period
THE new brass at the Over The Counter Exchange of India (OTCEI) has decided to make critical adjustments with regard to settlement and trading even as it proposes to leverage on what are normally recognised as its existing strengths.
Taxation
STPs, FTZs may get higher tax breaks
THE Finance Ministry has decided to give a clear-cut `explanation' on some provisions under Section 10 A and Section 10 B of the Income-Tax Act, 1961, which would result in higher tax breaks for exporting units in software technology parks (STPs), free t
rade zones (FTZs), 100 per cent export-oriented units (EOUs).
Technology
Invest more in defence R&D, Fernandes tells pvt sector
THE private sector should invest a greater portion of its profits in research and development (R&D) activities if it wants to play a greater role in India's defence industry, the Minister for Defence, Mr. George Fernandes, has said.
Telecommunications
High resolution satellite data to be regulated
THE Centre has decided to regulate the procurement and use of high resolution satellite imagery by users, both in the public and private sectors, in view of the sensitivity and security aspects involved.
