Banking and Finance
IDBI raises lending rate
IDBI has raised its minimum term lending rate (MTLR) by 0.50 percentage point to 13 per cent, effective September 18. However, the minimum short-term lending rates (MSTLR) have been kept unchanged at 12.5 per cent.
Deutsche Bank fund for high net worth clients
THE Germany-based Deutsche Bank proposes to start a venture fund for high net worth individuals, in the first quarter of next year, according to Mr U.R. Rao, Head, Personal and Private Banking, Deutsche Bank. Mr Rao said the fund was likely to start with
a corpus of at least $50 million, collected from wealthy individuals who might be willing to take some risks for high rewards.
Coal
UK coal team coming
A high-level UK trade mission on `Cleaner Coal Technologies' would be touring India looking for opportunities to introduce new and environmentally clean technologies from the UK for clean and efficient use of coal.
Corporate
Welch pat for Wipro-GE medical systems
THE General Electric chairman, Mr John Welch, today visited Wipro-GE Medical Systems and commended the strides made by the company.
`Corporate governance here to stay'
MAJOR institutional investors set the standards of corporate governance. The companies and countries which wish to attract international investment or raise funds in the global capital markets must meet what are now recognised as world standards of corpo
rate governance.
To increase subscriber lines -- Hughes Tele working out access network strategy
AS part of its plans to increase the number of its subscriber lines to nearly four lakh by March 2004, Hughes Tele.com (India) Ltd (HTIL) is working out an access network strategy aimed at facilitating high-quality broadband applications.
Courts
SC dismisses writ in Haryana land case
THE Supreme Court on Monday dismissed a petition seeking cancellation of allotment in 1998 of about 20-acre of land in the Gurgaon industrial estate to Orbit Resorts (Pvt) Ltd. by the then Haryana Chief Minister, Mr Devi Lal, under alleged political infl
uence of the Punjab Chief Minister, Mr Prakash Singh Badal.
Tigers live in `distressing' condition: SC
TERMING as `distressing' the situation regarding the welfare of the tiger population both in captivity and in the wild, the Supreme Court on Monday directed the Solicitor General, Mr Harish N. Salve, to file within two weeks an affidavit suggesting steps
to be taken by the States and the Centre to remedy the situation.
HC ruling on admission of liability by contractor co upheld
``WE are not impressed with the contention of the counsel that there is no admission of liability by the contractor-company for the purpose of Order XII Rule 6 of the Code of Civil Procedure at all, nor that the admission if any is conditiona
l, because we cannot spell out any condition stated therein, nor the dismissal of application filed by another bank in the suit has any relevance. Therefore, we are of the view that this case deserves to be dismissed with advocates fees quanti
fied at Rs 10,000.''
Financial Performance
CPCL's Q1 net plunges 95 pc
CHENNAI Petroleum Corporation Ltd's net profit for the first quarter of the current financial year is down by 94.54 per cent to Rs 1.95 crores, as against Rs 35.77 crores in the first quarter of last year, the company's Chairman and Managing Director, Mr
S. Rammohan, said at the company's annual general meeting today.
Foreign Trade
Finnish Trade Minister coming
NEW DELHI: The Finnish Minister for Industry and Trade, Mr Kimmo Sasi, is to visit India on a six-day tour from September 19. He would be accompanied by a high-level official delegation.
FIEO, Chinese body sign pact
THE Federation of Indian Export Organisations (FIEO) and the China Council for Promotion of International Trade (CCPIT) have signed a memorandum of understanding (MoU) to develop and promote economic and trade relations between the two countries.
Forex
Rupee hits new low at 46.05
THE rupee plummeted by 25 paise to close at an all-time low of 46.03/05 to the dollar today. Some dealers hit the screens with quotes of 46.08 late in the evening though no deals were done. At 46.03/.05 the Indian currency has touched a fresh bottom sinc
e touching an intra-day low of 46.08 to the dollar on August 11.
Securities lose 30-35 P
SECURITIES across tenors lost 30-35 paise today in tandem with the volatile rupee closing at an all-time low of Rs 46.03/.05 to a dollar.
Information Technology
SSI to acquire US firm in $64-m stock, cash deal
THE Chennai-based SSI Ltd has announced that it will acquire AlbionOrion Company (AOC) llc, US, an IT solutions provider, for $63.65 million in a stock and cash deal.
SAP Tech meet opens in Bangalore
SAP Technology Summit 2000, the first to be held outside the US, began here today. Hosted by SAP Labs India, the development subsidiary of SAP AG, the three-day summit will showcase technology and business models based on and around the Internet.
Petroleum
ONGC, OIL subsidy likely to continue
IN a bid to contain the burgeoning oil pool deficit, the Government is unlikely to correct the underpricing of crude sold by the Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) to the public sector refining companies, according to top Gove
rnment officials.
Power
FIs hesitant to warehouse Tractebel stake in Jindal Power
FINANCIAL Institutions are likely to turn down the request from Jindals to pick up the Tractebel stake in Jindal Tractebel Power Company Ltd (JTPCL).
Kannur project in fresh controversy
THE latest controversy involving Kannur Power Project Ltd (KPPL), proposed to be set up by K.P.P. Nambiar and Associates in Kannur district of Kerala, is turning out to be a major issue for the State Government.
States
Kerala Travel Mart 2000 from Oct 4 -- Bid to boost Kochi as tourism gateway
KERALA Travel Mart 2000, a pioneering four-day State-level travel and tourism industry fair being kicked off in the first week of October, will formally unravel the contours of a conscious State Government campaign designed with a view to help Kochi, the
venue, earn the sobriquet of a tourism gateway.
World Tourism Council picks Kerala as `Partner State'
THE World Travel and Tourism Council (WTTC), an apex group of leading airlines, hotels and travel agencies, has chosen Kerala as a `Partner State' in the context of its recently launched `India Initiative' which is expected to be a key component in the d
evelopment and growth strategy for tourism in the country.
Thai, India to step up trade
THE interactive meeting organised jointly by the Indian Chamber of Commerce and Industry and the Cochin Chamber of Commerce and Industry with the visiting Thai delegation to Kochi has stressed the need for stepping up trade from the relatively low levels
prevailing at present.
Stocks
Markets reel under oil fears -- Dow, Nasdaq knock stocks
THERE was bloodbath on Dalal Street today as stocks tumbled into a seemingly bottomless pit. Domestic bourses followed most of the markets in the Asian region which fell today following sizable losses in distant American markets on Friday.
Sensex in negative territory
AS the global equity markets turned nervous over the high oil prices and the Nasdaq Composite Index nosedived by around 3.60 per cent over the week (and by 2 per cent on Friday alone), the global contagion caught the BSE Sensex as well. For t
he fourth day in succession, the BSE Sensex ended in the negative territory, recording the biggest losses on Monday's trading as it dipped by 195 points to close for the day at 4,366.41 points.
Taxation
NCT of Delhi prunes CST on computers, hosiery, yarn
COMPUTERS, hosiery and yarn sold to other States from the National Capital Territory (NCT) of Delhi will henceforth attract a two per cent central sales tax (CST). The move will bring down prices and encourage the development of a common market.
Telecommunications
HFCL to divest entire stake in Fascel
HIMACHAL Futuristic Communications Ltd has decided to disinvest the entire 10 per cent shareholding in Fascel Ltd, the Hinduja-group promoted cellular service provider in Gujarat circle.
Rowe Price stake in Global Tele goes up to 8.7 pc
THE shareholding of T. Rowe Price Associates Inc in Global Telesystems has gone up to approximately 8.79 per cent of the paid-up equity share capital.
