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.

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.

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.

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.

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.

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.

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