Financial Daily from THE HINDU group of publications
Friday, January 10, 2003
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INDUSTRY & ECONOMY

INVESTMENTS


ICICI Bank starts advisory service for NRIs
ICICI Bank has started an advisory service for non-resident Indians, called `NRI Advisory Services.' The service launched in New York and London, will be extended to Toronto, Dubai and Singapore, after receiving requisite approvals, said a ... More

LOTTERY


Playwin stops sales in TN
CHENNAI: Complying with the Tamil Nadu Government ban on lotteries, Playwin has stopped sale of lottery tickets. Mr Kulbir Ahuja, Senior Vice President — Sales and Marketing, Playwin Infravest Pvt Ltd, said that since the ban ... More

CHEMICALS


Chemicals sector lures most investment in Bengal
Altogether, nine IT units brought investment of Rs 92 crore while eight plastics units were being set up with an investment of Rs 24 crore. More

ECONOMY


Amartya hails India's `openness'
THE Nobel Laureate, Mr Amartya Sen, has lauded India's openness and interactive attitude towards other countries, stating that such a quality has led to the development of science and mathematics in the country. This quality, he said, has also ... More

RBI holds talks with Finance Secretaries
THE Reserve Bank of India today met the Finance Secretaries of all States to discuss critical issues concerning State finances. A central bank spokesperson described the meeting as routine. Discussions were held and views exchanged on the ... More

UN downbeat on economic recovery
THE United Nations has poured cold water over prospects of economic recovery this year, as impediments to a decisive return to strong world economic growth in 2003 and beyond remain in the form of overcapacity, overvalued asset prices, shaky ... More

ENGINEERING


Amtex 2003 targets orders worth Rs 300 cr
AMTEX 2003, an international exhibition and technical conference on machine tool and engineering industry, will be held in Bangalore between January 23 to 27. Approved by India Trade Promotion Organisation (ITPO), the exhibition will showcase ... More

ENVIRONMENT


PCB restores power to two Tirupur units
THE two major dyeing units in Tirupur whose power supply was disconnected by the State Pollution Control Board (SPCB) last week for violating the board's directive on dye-house effluent load reduction have got their electricity supply restored by ... More

FOREIGN TRADE


Mahajan going to Egypt, S. Africa to boost ties
IN a major move to give a new impetus to bilateral relations by positioning India's IT & telecom prowess in the African and West Asian region, the Union Communications and IT Minister, Mr Pramod Mahajan, will be visiting Egypt and South Africa ... More

HEALTH


BD Biosciences unveils flow cytometry gadget
BD Biosciences, a business segment of Becton Dickinson India, the wholly owned subsidiary of the US-based $4-billion healthcare company, has unveiled the latest generation technology in the field of Flow Cytometry. Flow Cytometry makes the ... More

Health Ministers' meet soon
BANGALORE: A meeting of the Health Ministers from the States will be held soon to discuss population policies. The country's population policy has moved from a directional approach to reproductive health-oriented measure. The policy ... More

PETROLEUM


RIL strikes gas off Gujarat
RELIANCE Industries Ltd (RIL) has struck gas in its offshore exploration in Gujarat, according to a senior company official. The discovery comes on the heels of its recent mega strike of seven trillion cubic feet reserves in the Krishna Godavari ... More

OPEC to stabilise crude prices soon — To consider concession for India
THE Organisation of Petroleum Exporting Countries (OPEC), the association of 11 oil producing countries that accounts for 40 per cent of the world's oil output, has signalled that it is not comfortable with the prevailing high prices of crude oil ... More

No plan to merge IOC, ONGC
THE Petroleum Secretary, Mr B.K. Chaturvedi, has hinted that the Ministry was not inclined to revive its earlier proposal to merge Indian Oil Corporation (IOC) with Oil and Natural Gas Corporation (ONGC). Reacting to the Disinvestment ... More

Fourth round of NELP in early April: Naik
THE Government will offer oil and gas exploration blocks under the fourth round of the New Exploration Licensing Policy (NELP) in the first week of April this year, according to the Union Petroleum Minister, Mr Ram Naik. In his inaugural ... More

GAIL mulling new pipeline for natural gas
GAIL (India) Ltd is examining the feasibility of using the 580-km-long pipeline from Visakhapatnam to Secunderabad to transport natural gas instead of the originally planned liquefied petroleum gas. The Rs 490-crore project is expected to be ... More

PHARMACEUTICALS


Pharma industry hands out strong dose to women
Though the market is fragmented among 20-odd players, each with an average of Rs 10-15-crore share, there are some big names operating in the hormone, calcium and iron segments that target expectant, young mothers and mid-life women fighting osteopor osis. More

POWER


Power supply curbs from Sharavathy
THE Karnataka Power Transmission Corporation Ltd (KPTCL) has announced a restriction on power supply from the Sharavathy generating complex due to erection work of the 400 kV intermediate tower of the Talaguppa Nelamangala line from January 10. ... More

TAXATION


Jaswant to discuss VAT with States
THE Union Cabinet has authorised the Union Finance Minister, Mr Jaswant Singh, to negotiate with the States, the rate of compensation for any possible revenue loss due to the introduction of value-added tax (VAT) from April 1, 2003. "The final ... More

WATER


Krishna drinking water project by early 2004
THE Rs 1,000-crore Krishna drinking water supply project, which envisages evacuating about 90 million gallons per day (MGD) to the twin cities of Hyderabad and Secunderbad, is planned to be completed by January-February 2004 and efforts are on to ... More

READYMADE GARMENTS


Readymade exports to quota countries up 9.45 pc
EXPORT of readymade garments to quota countries accounting for a sizeable chunk of the country's textile exports has done reasonably well by clocking a growth of 9.45 per cent in value terms during the first three quarters of the current ... More

FOREIGN DIRECT INVESTMENT


Kerala local bodies to put up 51 proposals at GIM
THE Minister for Local Self-Government, Mr Cherkalam Abdulla, has said that his department would put up 51 proposals costing nearly Rs 3,500 crore for consideration by the two-day Global Investor's Meet (GIM), which begins in Kochi on January ... More

WTO


Sachs backs Indian stand on WTO pharma issue
"The US virtually stood alone in blocking the broader interpretation. The Indian Government in negotiating on this issue held out for the broader interpretation and I think that they did a good job." More

HUMAN RESOURCES


`B-schools must forge links with corporates'
BUSINESS schools are far away from the reality check as they have not linked themselves adequately with the corporate sector, according to the Dean of Kellogg School of Management, Prof Dipak C. Jain. Mr Jain, who addressed members of the ... More

`NRIs are no drain, but brain trust'
A MASTER'S-LEVEL professional in the US earns $80,000 per annum at the low end. If it's a working couple, the combined salary could be around $1,60,000. The financial opportunity cost in five years, for such second generation Indians would be of ... More

INDUSTRIAL POLICY


TN to allow pvt cos in core sector projects
THE Tamil Nadu Government plans to enact a legislation to encourage greater private sector participation and public-private partnership in infrastructure projects. The legislation is to be modelled on similar ones in States such as Andhra Pradesh ... More

EVENTS


Dual citizenship for people of Indian origin
THE Prime Minister, Mr Atal Bihari Vajpayee, today announced a provision for dual citizenship for People of Indian Origin (PIO) living in certain countries. According to news agencies, dual citizenship, which would be voluntary, would be ... More

PM opens door for dual citizenship — Legislation in Budget session
THE Prime Minister, Mr Atal Bihari Vajpayee, today announced a provision for dual citizenship for people of Indian origin (PIO) living in certain countries. According to news agencies, dual citizenship, which would be voluntary, would be ... More

Gitex Hyderabad cuts expo rates
HYDERABAD: The Dubai World Trade Centre and the Information Technology and Communication Department, Government of Andhra Pradesh have announced here that the Gitex Hyderabad, 2003, has reduced its exhibition prices by 40 per cent on ... More

Gujarat to host Petrominex
KOLKATA: The Gujarat Government is inviting entrepreneurs of eastern India to participate in the forthcoming event in the State on mining and petroleum sector labelled "Petrominex''. The CII organised a road show on behalf of Gujarat ... More

Commonwealth body, CII spot tie-up avenues
THE Commonwealth Business Council (CBC) and the Confederation of Indian Industry (CII) will soon set up an investment advisory service for small businesses, according to Dr Mohan Kaul, Director-General of the council. Addressing a meeting at the ... More

  • Bangalore Engagement

    ENTERTAINMENT & LEISURE


    Showbiz may get a big dose of venture capital
    YEAR 2002 may not have been great for the film business, but there seems to be no dearth of angels to lift the industry spirits, with venture capitalists expected to invest close to Rs 2,000 crore in the next few years. TiECon India 2003, the ... More

    INCOME TAX


    Emigrants don't need I-T clearance
    EMIGRANTS leaving the country will no longer be required to obtain a tax clearance certificate from the income tax authorities and furnish the same to the airlines. According to a Finance Ministry release, the requirement for producing a tax ... More

    EXPORTS & IMPORTS


    ESC's Kolkata office to boost regional exports
    THE setting up of a regional office of the Electronics and Computer Software Export Promotion Council (ESC) here on Wednesday is expected to give a fillip to exports of computer software and IT-enabled services (ITES) from the region. In ... More

    SICK UNITS


    Fresh bid to settle Keltron liabilities
    At the last meeting, the management had offered to repay as one-time settlement Rs 41.80 crore as the principal amount. More

    ECONOMIC OFFENCES


    Cabinet okays serious frauds office proposal
    THE Cabinet on Thursday approved the setting up of a Serious Frauds Investigation Office (SFIO), an agency for investigating corporate frauds including cheating of shareholders, depositors and investors. The SFIO may also cover institutions like ... More

    Doubts on SFO
    THE Finance Minister is quite serious that we should have a `serious frauds office' soon to take care of corporate governance. While many know the meaning of all the three words in SFO separately, there are some lingering doubts. Such ... More


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