Coal
Single-window clearance for captive coal mining likely
DESPITE the Government's declared intention of promoting captive coal mining by companies engaged in the field of power generation and manufacturing cement and steel, 18 proposals submitted by 17 major companies are pending approval for more than a year.
Corporate
MFs can't invest in GDRs of non-Indian cos: Ministry
THE Finance Ministry has rejected the recommendation of the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) to permit Indian mutual funds to invest in American depository receipts (ADRs) and global depository receipts (G
DRs) of non-Indian companies.
Kodak launches Prolab in Chennai
KODAK India Ltd has launched its fourth Prolab in the country in Chennai. The company's Prolabs are high-volume professional photolabs equipped with the latest high-tech digital photographic solutions.
Economy
Shore up State finances, says Assocham
THE Associated Chambers of Commerce and Industry of India (Assocham) has expressed concern over the deterioration in State finances and called for immediate measures to shore up finances of the State Governments.
Environment
Workshop on heavy metal recovery
THE United States-Asia Environmental Partnership (USAEP) will be organising a one-day workshop on May 30 on the subject of heavy metal recovery from industrial waste water.
Financial Performance
Deepak Fertilisers PAT rises
MUMBAI: Deepak Fertilisers and Petrochemicals Corporation Ltd has posted a profit after tax (before extraordinary items) of Rs 69.02 crore for the year ended March 31, 2001 as against Rs 53.66 crore last year.
Pidilite net marginally up at Rs 47.95 cr
MUMBAI: Pidilite Industries Ltd has posted a net profit of Rs 47.95 crore for the year ended March 31, 2001 as against Rs 47.57 crore for the same period last fiscal, a news release said.
Insurance
LIC drops plan for bank; to opt for alliance
DROPPING its earlier proposal to set up a separate bank of its own, the Life Insurance Corporation (LIC) is currently working on a plan to enter into a strategic alliance with an existing bank in which the corporation would hold a minimum 26 per cent sta
ke.
Miscellaneous
Mango bazaar in Mumbai
Traders sorting mangoes in Crawford market in Mumbai. These fruits arrive from Ratnagiri, famous for its alphonso variety and also one of the largest mango producing districts in the country.
PSU
NMDC upgraded to Schedule A status
NEW DELHI: The Government has upgraded the State-owned National Mineral Development Corporation (NMDC). It will now be able to exercise more financial and executive powers following its upgradation from a Schedule B to a Schedule A company.
Petroleum
Post-dismantling of APM -- Rail movement of petro goods in for changes
RAIL movement of petro products is set to undergo major changes following the scheduled dismantling of the administered pricing mechanism (APM) by April 2002.
Run up to dismantling of petro APM -- Allot retail outlets based on refining capacity: Panel
THE Group on deregulation of marketing of controlled petroleum products has recommended that during the transition period leading to the scheduled dismantling of the administered pricing mechanism (APM) in April 2002, the new players should be allotted r
etail outlets in the ratio of their refining capacity.
Policy
Govt considering changes in I-T Act: Revenue Secy
THE Union Government is considering several changes in the Income-Tax Act in order to make it modern and simple.
New tourism policy to aim at people's participation
THE Union Tourism Ministry is now giving final touches to the draft national tourism policy before presenting it to the Cabinet, according to the Union Tourism Secretary, Mr M.P. Bezbaruah.
Power
As AP Genco reforms show results... -- KfW of Germany clears DM 600 m for Vijayawada unit expansion
THE German funding agency, KfW, has cleared a DM 660 million (Rs 1,400 crore) package for the 660-MW super critical Vijayawada Thermal Power Station following improved performance of Andhra Pradesh Generation Corporation Ltd.
States
Bengal urged to reopen 5 jute mills
THE Bengal Chatkal Mazdoor Union (BCMU) has urged the State Government to take necessary steps to reopen the five jute mills in West Bengal in which millowners have declared suspension of work this month.
Time-bound plan for irrigation schemes
THIRUVANANTHAPURAM: The State Minister for Irrigation, Mr T. M. Jacob, has said that a priority list of irrigation schemes in different stages of completion will be drawn up in order to prepare an action plan for their time-bound implementation.
Plea to promote local IT cos
THIRUVANANTHAPURAM: Members of the Group of Technopark Companies (G-TECH) has expressed the view that the issues relating to promotion of local IT companies and sustained growth of the local market should exercise the minds of the policy makers as the ne
wly sworn-in Government gets down to business in the State capital.
Orange slashes deposit rates
MUMBAI: Orange, one of the cellular service providers in Mumbai, has slashed its security deposit rates by 25 per cent.
Anandalok plans new branch at Ranigunj
KOLKATA: Anandalok, a private sector hospital set up about 20 years ago with the aim of providing medical treatment to the lower and middle-class of the society, is now planning to introduce by-pass heart surgery for Rs 45,000 only.
TN wind power producers hopeful of Govt support
THE Wind Power Producers' Association (Windpro) is hopeful that the new Government in Tamil Nadu will have a policy that will encourage the growth of this sector.
AP focus on non-conventional sources for power generation
THE Chief Minister, Mr. N. Chandrababu Naidu's, recent statement that the State would be surplus in power next year had raised many an eyebrow, especially as it had come in the wake of undeclared power cuts and inadequate power supply to farmers and indu
strialists.
Karnataka to guarantee debt funding component of Almatti
THE Karnataka State Government has agreed to guarantee the debt financing component of the 297 MW Almatti hydel project now being taken up on a joint venture basis.
Taxation
Cabinet to consider CBEC revamp plan next month
THE Finance Ministry has finalised the proposal on restructuring of the Central Board of Excise and Customs (CBEC) which entails, among other things, a five per cent cut in staff strength. The Union Cabinet is set to consider the proposal next month, acc
ording to senior officials.
I-T benefits under Sections 10A & 10B -- Extend exemption to closely-held cos: CII
THE Confederation of Indian Industry (CII) has urged the Finance Ministry to exempt ``closely-held companies'' from the condition relating to transfer of ownership or the beneficial interest in undertakings availing themselves of tax benefits under Secti
ons 10A and 10B of the Income-Tax Act, 1961.
Telecommunications
Basic operators in talks for affordable handsets
IN a bid to counter the growing criticism that the high cost-based rentals prescribed by the Telecom Regulatory Authority of India (TRAI) have made limited mobility services unaffordable, the basic operators are desperately trying to source cheaper code
division multiple access (CDMA) handsets to drive down costs.
Govt to consult VSNL bidders on cash reserves
THE Union Government will consult bidders who have evinced interest in picking up a strategic stake in Videsh Sanchar Nigam Ltd (VSNL) on withdrawing its cash reserves of around Rs 4,000 crore before concluding the deal.
Textiles
Slowdown in grey fabric demand hits TN producers
COTTON textile producers in Tamil Nadu supplying grey fabric to woven garment manufacturers in Delhi, Bangalore and Mumbai face declining orders. The grey cloth producers, largely from the decentralised powerloom sector, blame it on the Centre's slapping
16 per cent excise duty on garments which has slowed down the grey fabric demand among the units in the North.
