Airlines
Bangalore airport promoter -- Siemens consortium picked for talks
THE Karnataka Government's evaluation committee has ranked the Siemens-Unique Zurich Airport-L&T consortium above the second contender in the race for private promoter of the Bangalore international airport.
Minus sales tax on ATF, AI expects Rs 111 cr net
AIR India expects to report a net profit of Rs 111 crore for 2001-02 if the Government does not charge any sales tax on the aviation turbine fuel (ATF) which the airline lifts in the country.
`Study won't touch on scope for more aviation players'
THE study being undertaken by the Ministry of Civil Aviation to determine the growth of the domestic civil aviation market is unlikely to say anything about allowing more players into the domestic market.
AI eying European market -- Plans terminator flight to London
IN an effort to get a foot-hold in the lucrative European market, Air India (AI) is exploring the possibility of operating another terminator flight on the India-London sector.
Commodities
Roadmap for repeal of jute packaging Act soon
THE Centre is to draw up a road map for repeal of the Jute Packaging Materials (Compulsory use in Packing Commodities) Act, 1987. The decision follows a recent meeting of the Standing Advisory Committee (SAC) constituted under the Act.
Corporate
Indian Rayon acquires control of PSI Data
THE Aditya Birla group has picked up a majority stake in PSI Data Systems Ltd, the Bangalore-based info-tech company.
Tata Infomedia to issue 1:2 bonus
THE board of Tata Infomedia Ltd has recommended a bonus issue of one share for every two held.
A `Perfetti' gum for wider smiles
HERE'S hope for all those brash gum-chewing 20-somethings. A chewing gum that's politically correct, and which promises to perk up the Rs 300-crore domestic chewing and bubble gum market after a prolonged lull.
Chamber seeks clarifications on postal ballot provisions
THE Federation of Indian Chambers of Commerce and Industry (FICCI) has sought clarifications from the Department of Company Affairs (DCA) on some `practical problems,' which will arise out of implementing the provisions of postal ballot.
Economy
Media urged to help in alleviating poverty
THERE is need for prolonged and sustained attention to the problem of poverty-induced endemic hunger if the media is to make a difference in removing public apathy and forcing appropriate political action, according to Prof M.S. Swaminathan, agriculture
scientist.
Dumping of styrene butadiene rubber -- Ministry redefines `domestic industry'
THE Designated Authority in the Commerce Ministry proposes to keep in view the various submissions made by other interested parties as to whether the injury caused to Synthetics and Chemicals Ltd (SCL) by the imports of styrene butadiene rubber (SBR) imp
orts from Japan, South Korea, the US, Turkey and Taiwan was on account of ``dumping'' or has been on account of factors other than dumping.
Financial Performance
Sundaram Fin net up 36.76 pc
SUNDARAM Finance Ltd has reported a net profit of Rs 70.54 crore for the year 2000-01, which is 36.76 per cent higher than Rs 51.58 crore the company achieved in the previous year.
Sri Vishnu Cement into black
CHENNAI: Sri Vishnu Cement Ltd, which is about 95 per cent owned by India Cements Ltd, has recorded a net profit for the year ended March 31, 2001 as against a loss during the previous year.
First Leasing net dips
First Leasing Company of India has reported a net profit of Rs 16.57 crore for the year ended November 30, 2000, as against Rs 18.58 crore for the previous year--a decline of 10.8 per cent.
Information Technology
Dr Reddy's goes online for clinical trials
DR REDDY's Laboratories has gone online with its phase III and IV clinical trials on new products using an application developed by it.
Petroleum
Petroleum Ministry mulls regulatory authority
THE Ministry of Petroleum and Natural Gas is working on the formation of an independent regulatory authority in the lines of the Telecom Regulatory Authority of India (TRAI) for the oil and gas sector.
Policy
R.R. Shah made new Petrochem Secy
THE Government today shifted Mr Vinay Kohli, Secretary, IT Ministry, to the Department of Chemicals and Petrochemicals and appointed Mr R.R. Shah, Secretary, Relief Management, in the Cabinet Secretariat, in his place.
Working group on pension for switch-over to funded system
THE Working Group on Pensionary Liability, chaired by Mr A.M. Seghal, Controller-General of Accounts, has recommended a switch-over to a funded system in order to restrict the pension liability within the range of Rs 29,500 crore to Rs 33,500 crore by 2
009-10.
Competition Bill for Cabinet today
THE Cabinet is slated to consider the Competition Bill rechristened Trade Related Competition Bill for approval on Tuesday.
Power
NFC to expand facilities
THE Nuclear Fuel Corporation (NFC) has earned a record revenue of Rs 670 crore during 2000-01 against an expenditure of Rs 438 crore.
Rubber
Plea for duty-free rubber imports `unfortunate'
THE Government has rejected outright the plea of the indigenous automobile tyre industry for permitting duty-free import of natural rubber against advance licensing as not in the best interest of either the growers or in the economics of the rubber indus
try.
SSI
Madurai small units seek clear purchase preference policy
THE Union Government should formulate a clear purchase preference policy for the small and tiny sectors as in the US, in addition to reserving production of select items for the sectors, the Madurai District Tiny and Small Scale Industries Association (M
ADITSSIA), has appealed, in a resolution passed at its annual general meeting held here recently.
States
Kerala Plan size may be cut: Antony
THE Kerala Chief Minister, Mr A. K. Antony, has expressed the apprehension that the State Government might be forced to cut down the size of the 2000-01 Plan in view of the financial crisis which it finds itself faced with.
Centre to support setting up of SHGs in every region
CONSIDERING the spin-off effect of self help groups (SHGs) in the overall rural sector development, the Central Government is planning to support setting up of at least one self help group in every habitation to be linked with bank by 2004, thereby cover
ing 14 lakh groups.
Sops galore in Karnataka's new industrial policy
KARNATAKA today announced a new industrial policy and incentives aiming at an annual industrial growth rate of 10-12 per cent.
`Karnataka committed to desilting of tanks'
THE Karnataka Chief Minister, Mr S.M. Krishna, while addressing the Agroclimatic Planning and Information Bank workshop on Monday, said the State is committed to desilting of tanks.
`Multi-sectoral reforms in UP begin to yield results'
THE Uttar Pradesh Chief Minister, Mr Rajnath Singh, has said multi-sectoral reforms in the State have begun to yield results with projects worth Rs 80,000 crore now in the pipeline and already Rs 30,000-crore worth projects grounded after the BJP Governm
ent assumed office in Uttar Pradesh.
Centre convenes CMs' meet on VAT
THE Centre has convened a conference of Chief Ministers on July 5 to discuss a host of crucial issues on value-added tax (VAT), including the progress towards its implementation and rationalisation of Central sales tax. All States have agreed to move tow
ards a full-fledged VAT system by April 1, 2002.
Guwahati GPO now an investment centre too
THE General Post Office (GPO) at Guwahati has been selected as an investment centre with effect from June 15. According to the Post Master General at Guwahati, the scheme is taken up under IDBI-Principal Asset Management Company Ltd for distribution of m
utual funds through select post offices.
Stocks
SAT rejects appeal by First Global
THE Securities Appellate Tribunal (SAT) has rejected the appeal of the First Global group of Mr Shankar Sharma for an interim stay on a SEBI order debarring it from undertaking fresh business as stock broker, merchant banker or portfolio manager.
JPC to examine RBI, Madhavpura, UTI officials
THE role of the managements of the Madhavpura Co-operative Bank and the Unit Trust of India, besides the Reserve Bank of India in the recent stock scam will come under close scrutiny of the Joint Parliamentary Committee (JPC) in the second week of July.
Telecommunications
Panel okays Net telephony -- Rider is cost-based tariffs for basic services
THE expert committee on Internet telephony set up by the Government has given its green signal for allowing the service from April, 2002, once Videsh Sanchar Nigam Ltd (VSNL) loses its monopoly on international voice traffic. As a rider, it has sought th
at cost-based tariffs for basic services should be in place for a year.
Transport
Nitish to seek grant to improve railway safety
THE Railway Ministry is to request the Union Government to provide a one-time grant of Rs 23,000 crore for improving the safety of the railway system, according to the Railway Minister, Mr Nitish Kumar. The amount is as per the recommendations of the Kha
nna Committee.
