Airlines
Emirates Airlines likely to pull out from bidding for Air India
THE Government's plans for disinvestment in the national carrier, Air India, seems to have hit a bumpy terrain with one more suitor, the Dubai-based Emirates Airlines also set to pull out of the bidding process, according to airline sources.
Coal
HC stays Sharma's appointment as acting chief of Coal India
IN an order that may have far-reaching effect on the prevailing procedure for selection and appointment of top-level executives in PSUs, the Jharkhand High Court has stayed the Union Coal Ministry's decision to appoint Mr N.K. Sharma as acting Chairman o
f Coal India Ltd (CIL). It also directed that Mr C.D. Arah, Additional Secretary in the Coal Ministry, should continue to be CIL's acting Chairman till February 26, when the ad hoc appointment of Mr Sharma will again be heard by the same court.
Commodities
Meet on Australian cotton today
AN interface with Australian cotton shippers will be held here tomorrow. The meeting, to be held in the form of a seminar on Australian cotton, is being organised by the Australian Trade Commission.
Corporate
UB to take 100 pc stake in Associated Breweries
UNITED Breweries Ltd has struck an agreement with the Mumbai-based Associated Breweries and Distilleries (ABD) to acquire 100 per cent stake in the company within 24 months.
JRD Tata corporate excellence award
Mr Suresh Krishna (left), Chairman and Managing Director, Sundram Fasteners Ltd, receiving the `JRD Tata corporate excellence award' from the former Prime Minister, Mr I.K. Gujral, in the Capital on Wednesday.
TVS Finance to buy Auction India
THE Chennai-based TVS Finance Ltd will acquire Auction India Pvt Ltd, which owns the B2B auction portal www.auctionindia.com, in a stock plus cash deal.
Courts
`Damage discount' not deductible from assessable value: SC
IN Commissioner of Central Excise, New Delhi vs Vikram Detergent Ltd [Civil Appeal No. 2579 of 2000 ETC. decided on January 16, 2001] a three-Judge Bench of the Supreme Court comprising Mr Justice S.P. Bharucha, Mr Justice Doraiswamy Raju and Ms Justice
Ruma Pal partly allowed the appeal of the Revenue holding that the ``damage discount'' could not be deducted from the excisable value of goods as manufactured at the time of clearance of goods. However, they agreed that the bank charges being in the natu
re of post-clearing expenses are deductible while calculating the assessable value.
Economy
`Don't put Gujarat burden on tax payers'
THE Federation of Indian Chambers of Commerce and Industries (FICCI) has urged the Union Finance Minister, Mr Yashwant Sinha, not to use the Budget as the ``only engine'' to mop up resources for rebuilding the earthquake-hit parts of Gujarat.
Diesel consumption down in January on economic slowdown
THE fall in diesel consumption continued for the seventh consecutive month in January, pointing to a prolonged slowdown of the economy. Consumption of all other petro products, however, have shown a substantial increase.
Withdrawal of duty-free treatment to soda ash -- India refutes US charge on GSP gains
EVEN as the US soda ash industry lobby acting as a cartel has moved the Federal Government for withdrawal of duty-free treatment to India's exports of certain items under the Generalised System of Preferences (GSP) on grounds that India had failed to pro
vide equitable and reasonable access to its soda ash market, New Delhi has refuted the charge.
Engineering
Siema fears import threat to pump industry
THE Southern India Engineering Manufacturers' Association (Siema) has expressed fears that the domestic water pumps market would be inundated with cheaper imports if the Government did not come up with suitable fiscal sops for the Indian producers.
Financial Performance
Wockhardt net up 29 pc at Rs 71.6 cr
MUMBAI: Wockhardt Ltd has registered a 29-per cent rise in net profit at Rs 71.6 crore for the year ended December 31, 2000 as against Rs 55.7 crore in the corresponding period last year.
Foreign Trade
US trade team to visit Hyderabad
HYDERABAD: A US business delegation is expected to visit Hyderabad on February 27-28 to discuss business opportunities with South Indian companies engaged in IT and telecommunications sectors.
`US sanctions may be lifted soon'
THE economic sanctions imposed by the US on India, after the Pokharan nuclear tests, will be lifted soon. This was the unanimous view of the visiting US Congressional delegation at a meeting organised by the Confederation of Indian Industry (CII) here on
Wednesday.
Health
Why are Indians in US immune to viral infection?
AT least 30 per cent of the Americans suffer from Mononucleosis -- a viral infection that forces them to bed rest for a couple of months or else it can damage the liver. But Indians living in the US are said to be totally unaffected.
Information Technology
BuyAsOne closes shop
PORTENDING the dotcom carnage in India, BuyAsOne.com, a popular B2C portal, closed operations today.
MosChip Semiconductor to acquire US-based NetMos
IN a significant development, the Hyderabad-based MosChip Semiconductor Technology Ltd has identified the Silicon Valley-based Netmos Technology Corporation for acquisition in an all share swap deal.
Online commentary on Budget in tax portal
INCOMETAXINFO.COM, the new comprehensive tax portal which answers taxpayers' queries on various aspects of income-tax online, has decided to provide an online commentary on the Union Budget 2001-2002, soon after the proposals are announced by the Union F
inance Minister, Mr Yashwant Sinha, on February 28.
Insurance
Sahara may enter life insurance
THE Lucknow-based Sahara India group is planning to enter into the life insurance business. Sahara India Life Insurance Corporation Ltd (SILIC) has applied to the Insurance Regulatory Development Authority (IRDA) for commencing life insurance business an
d issue of life policies.
Miscellaneous
ICSI results on Feb 25
NEW DELHI: The results of the Company Secretaries Examination, held in December 2000, for the foundation, intermediate and final stages will be declared on February 25, according to an ICSI release. _ Our Bureau
PSU
Sterlite bags Balco for Rs 551-cr -- Pips Hindalco, Alcoa in divestment of the year
THE Union Government today struck the first disinvestment deal in the current fiscal by approving the sale of 51 per cent stake in the aluminium major, Bharat Aluminium Co Ltd (Balco), to Sterlite Industries Ltd for a consideration of Rs 551.5 crore.
Setback to AV Birla expansion plans
THE A.V. Birla group was a strong contender for Balco. Thus, with the Government deciding in favour of Sterlite, Mr Kumar Mangalam Birla's hopes of becoming the biggest player in the aluminium market have received a setback.
Asset valuation of Balco questioned
EVEN as the Government has approved the sale of 51 per cent equity in Bharat Aluminium Company Ltd (Balco) to Sterlite Industries, rumblings have already started over the ``lack of transparency''and ``questionable asset-valuation methodology''.
Petroleum
Reliance inks pact with BP, NIOC
RELIANCE Industries Ltd (RIL), National Iranian Oil Company (NIOC) and British Petroleum (BP) have signed a memorandum of association to undertake a feasibility study of a liquefied natural gas (LNG) project to be developed in Southern Iran.
Power
TN wind power producers upset over tariff cut
WIND power producers in Tamil Nadu are upset over the Tamil Nadu Electricity Board's decision to reduce the tariff to be paid to new projects.
States
N-E business meet today
THE first international conference on `Business Opportunities in North-East-- Guwahati Initiative' will begin on Thursday.
Contributors for Gujarat earthquake relief
The list of contributors of Rs 2500 and above to the Gujarat earthquake relief.
Tiruchi, a good base for agro industries: CII
TIRUCHI district can be developed as a centre for food and agro-based industries, according to a feasibility report by the Confederation of Indian Industry (CII).
Short levy costs Bengal Rs 784 cr in revenue: CAG
THE cash-strapped West Bengal Government has frittered away over 13 per cent of its own revenue receipts in 1999-2000, according to a report of the Comptroller and Auditor General of India.
Telecommunications
TataTel launches new service in AP
HYDERABAD; TATA Teleservices Ltd, the private basic telecom service provider in Andhra Pradesh, has launched the Phone Lagao, Prize Le Jao scheme for its Tata Telesmart Booth customers.
Textiles
Premiums on garment quotas to US crash
THE premiums on garment quotas to the US have crashed over the last few weeks as a direct result of the slowdown in consumer spending in the US.
Transport
Green Signal
Picture: Mr Roberto Nunzio Danrea, tram festival consultant and tram driver and conductor of the Melbourne Kolkata Tramway Friendship Festival being held in Kolkata from Wednesday to revive this old pollution-free mode of transportation.
Differential rail passenger fares mooted
SURYA Foundation, a Delhi-based think-tank, has suggested differential rail passenger fares for peak and slack seasons, a surcharge which could yield Rs 1,700 crore per annum to finance replacement of old assets and a five-per cent hike in freight tariff
on non-sensitive commodities.
Safety-related projects to get boost -- Railways to step up investments
THE decks have been cleared for the inclusion of a Rs 420-crore safety-related project in the ensuing Rail Budget, following the Railway Board's decision to finally draw the KFW loan sanctioned to it in 1997.
SCR to give priority to Gooti-Renigunta track doubling
FROM a production-driven organisation, the Indian Railways has transformed itself into a market-driven one by introducing on-line information service about freight movement, computerisation of reservations, three-tier air-conditioned coaches, train and p
assenger enquiry system and self-printing ticket machines, according to Mr C. Ramakrishna, Additional General Manager of South Central Railway (SCR).
