Reforms-II for 8-10 pc growth, says Sinha -- ``Not just desirable but also do-able''
THE second generation economic reforms process will ensure that the nation will shift gears towards a healthy 8-10 per cent growth rate, the Finance Minister, Mr. Yashwant Sinha, has reaffirmed.

FDI worth Rs 3,490 cr cleared
THE Government has cleared 95 cases envisaging foreign direct investment (FDI) worth Rs. 3,490 crores, including Probity Research & Services Ltd's proposed Rs. 537.50-crore ADR/ADS issue, a revision of the ADS-ADR size of Rediff.com India Ltd. and Rs. 55 0 crore GDS-GDR issue being planned by Aptech Ltd. Satyam Infoway's proposal to transfer 4,37,200 resident shares to foreign collaborators envisaging a FDI infusion of Rs. 217 crores was also given the go-ahead.

Sensex surges, closes with marginal gains
SHARE prices continued to move northwards today with infotech companies leading the 200-point surge in the first half of the trading session on the BSE.

As SBI, IDFC lower lending rate -- ANZ Grindlays not to fund UP bypass project
ANZ Grindlays Bank has backed out of funding the Rs. 100-crore Moradabad bypass project on NH-24 in Uttar Pradesh following a last-minute lowering of interest rates by other lenders -- Infrastructure Development Finance Company (IDFC) and State Bank of India (SBI) from 13.75 per cent to 13.25 per cent.

Karnataka signs MoUs with 5 cos
KARNATAKA kicked off its investment quest by signing MoUs with five companies during the Global Investors' Meet here on Monday.

Satyam Info picks up 25 pc stake in Cricinfo
SATYAM Infoway (Sify) has picked up a 25 per cent stake in the London-based Cricinfo Ltd, owner of the Web site, www.cricinfo.com, in an all-stock deal worth $ 37.5 millions (about Rs. 165 crores).

Enforcement powers for FEMA probes notified
THE powers of the senior officers of the Directorate of Enforcement, who will investigate contraventions under Foreign Exchange Management Act (FEMA), have now been brought on par with that of income-tax authorities under Income Tax Act, 1961.

Indal to operate as separate entity
HINDALCO Industries Ltd (Hindalco), which will soon in full control of Indian Aluminium Company Ltd (Indal) with 74.62 per cent stake, has decided to allow Indal to operate as a separate corporate entity to ensure that its working culture does not get di sturbed with the end of the direct association with Alcan Aluminium Company of Canada.

Indian Hotels to offer ESOS
INDIAN Hotels Company which owns the Taj Group of hotels has decided to offer an employee stock option scheme (ESOS).

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