Airlines
LCA does `a beautiful take off and touch down'
THE Light Combat Aircraft (LCA), spearheaded by the Aeronautical Development Agency (ADA) and over 80 other organisations, which was conceived as early as 1983, flew its maiden flight here on Thursday at 10.18 a.m.
Banking and Finance
Fire on all cylinders, SBI goads employees
THE threat of competition from the emerging genre of private sector banks appears to have instilled the `killer' instinct in public sector banks. And taking the lead here is none other than the banking behemoth, State Bank of India, which announced a VRS
for its employees recently.
Tata Fin board okays rights issue
THE board of directors of Tata Finance Ltd has approved a rights issue of cumulative convertible preference shares (CCPS) and a private placement of equity shares, aggregating to Rs 117.18 crore.
Cement
The politics of cement in AP
SOARING cement prices in Andhra Pradesh and neighbouring States have become a matter of concern for the Andhra Pradesh Government with the Industries Department deciding to convene a meeting of cement manufacturers to discuss the issue.
Cement: Builders mull joint strategy, imports
THE builders lobby has decided to take up the issue of spiralling cement prices with the Centre.
Chemicals
Provisional duty imposed on caustic soda
THE Finance Ministry has imposed provisional anti-dumping duty on all imports of sodium hydroxide, commonly known as caustic soda, from the US, France, Iran, Japan and Saudi Arabia.
Corporate
Godrej-GE part ways in appliances venture -- Name change comes into effect
THE American industrial conglomerate GE has formally exited the joint venture Godrej-GE Appliances Ltd, with the former completing the divestment of its equity stake in the venture, according to sources in the company.
CII Partnership Summit at Hyderabad -- Special session for interface with Gulf, WANA region
A SPECIAL session on economic co-operation and business opportunties between India and the Gulf, West Asia and North Africa (WANA) region will be held during the forthcoming CII Partnership Summit 2001, scheduled to open on January 9 in Hyderabad.
Dunlop bankers split on recovery of dues
COMMERCIAL banks, with a total claim of about Rs 70 crore on Dunlop India Ltd, are believed to have vertically split on how to realise their dues from the ailing tyre company.
Courts
SC dismisses appeal in mill assets sale case
THE minutes of the meeting held in the chamber of the Minister of Industries were made to be produced as desired by the appellant. It was found that the original minutes did not contain the signatures of either of the parties.
Economy
PM's meet with Ministers enthuses trade
THE two-hour long meeting of Union Ministers called by the Prime Minister, Mr Atal Bihari Vajpayee, on Wednesday may have been inconclusive, but it was enough to convince a large section of trade and industry that the National Democratic Alliance (NDA) G
overnment is keen to push forward the disinvestment process and work on removing road-blocks to economic slowdown.
`Budget may not tinker with direct taxes'
THE Minister of State for Finance, Mr G.N. Ramachandran, has hinted that the Government may not tinker with the direct tax rates in the ensuing Union Budget for 2002.
CII wants surcharge on I-T, corporate tax scrapped
THE Confederation of Indian Industry (CII) has called on the Government to remove the surcharge on corporate tax and income-tax, especially as direct tax collections have been buoyant.
PM's' meeting - absentees or uninvited?
THE high-level, though informal, meeting of a select group of Union Ministers convened by the Prime Minister, Mr. Atal Bihari Vajpayee, on Wednesday is being hailed as a positive signal by various apex chambers of commerce and industry.
Foreign Trade
Economic sanctions to be reviewed afresh: US Senator
THE entire issue of US sanctions on India will be examined afresh in the new Administration under President-elect Mr George W. Bush, according to the US Senator, Mr Arlen Specter.
Information Technology
Sierra Atlantic to acquire majority stake in Optima -- Fresh EGM tomorrow as SEBI norms change
SIERRA Atlantic Inc., the US-based application networks company, is set to acquire a controlling stake in Sierra Optima Ltd (SOL), the Hyderabad-based software solutions company, through the preferential allotment route.
At Pentahome, it's a woman's world
IN times of tight purse strings, how do you induce employees to have a sense of belonging in your company? What's better than an employee stock option plan now that the ESOP has been weakened by an even weaker bourse atmosphere? Simple. Just get the empl
oyee's spouse to become an associate of the company's venture and you have a family, leave alone a single employee, committed to your company.
Infrastructure
CII seeks liberal tax shield on core projects
THE Confederation of Indian Industry (CII) has suggested that Section 80IA of the Income-Tax Act should be modified to allow for a 15-year tax holiday on certain infrastructure projects.
Mutual Funds
Sundaram Bond Saver to pay 25 paise/unit
SUNDARAM Bond Saver, the flagship income scheme of Sundaram Mutual Fund, has ``announced its intention to declare a 2.5 per cent dividend,'' or 25 paise per unit. This is the fifth dividend the scheme is paying since January 2000. The total dividend paid
through the calender year 2000 works out to 12.5 per cent.
Petroleum
Chennai Petroleum `close to finalising' PMC contract
CHENNAI Petroleum Corporation Ltd is close to finalising the project management consultant (PMC) for its three-million tonne expansion project at its Manali refinery.
Petrol, diesel to cost more in Mumbai
MUMBAI will have to pay more for environment-friendly fuel. Retail prices of petrol and diesel will go up by 46 paise and 60 paise per litre respectively, effective midnight January 4/5.
Power
HC directive to Karnataka on Nagarjuna power project
IN YET another setback to its power policy, the Karnataka High court has directed the Karnataka Power Transmission Corporation Ltd and the State Government to send its reply within three weeks to the Nagarajuna Power's petition seeking early clearance
to its 1015-MW thermal project hanging fire for five years.
States
AP Govt to drop zero-based budgeting from next fiscal
THE Andhra Pradesh Government, which had adopted a zero-based budget aimed at bringing in new approach to budget process and also efficient use of budgeted amounts, is likely to do away with the practice next fiscal while taking up audit and evaluation o
f its performance.
Paying guest concept in AP tourism
THE State Department of Tourism has introduced the concept of paying guest accommodation for the benefit of tourists visiting the twin cities.
Bengal unveils incentives for industries
DOWNSTREAM units of Haldia Petrochemicals, units involved in IT, electronics and the agro sector will get special treatment in the new industrial incentive scheme announced by the West Bengal Government today.
Stocks
BSE to introduce new lending scheme
THE Bombay Stock Exchange (BSE) has decided to introduce a new borrowing and lending securities scheme, known as BLESS, to promote securities lending and ``provide a commercially competitive product.''
ISE to launch modified carry-forward system
INTER-CONNECTED Stock Exchange of India Ltd (ISE) is to shortly introduce modified carry forward system (MCFS). Mr Joseph Massey, Managing Director of ISE told Business Line that software for the system was ready and SEBI clearance for formal launch was
awaited.
Textiles
Readymades removed from SSI list notified
THE Government has now notified the removal of readymade garments from the list of items reserved for exclusive manufacture in the small scale sector, even though this was announced on November 2 in the New Textile Policy 2000.
