Airlines
Ministry keen on AI flights to Frankfurt
EVEN as the disinvestment process of Air India gains momentum, the Ministry of Civil Aviation is keen that AI resumes flights to Frankfurt at the earliest.
Automobiles
Joint venture workers have joined strike: Maruti union
THE employees' union of Maruti Udyog Ltd (MUL) has said that the workers of the company's other joint venture component companies have also joined the ongoing agitation and partially struck work today at their respective plants located around the passeng
er car major's facilities at Gurgaon.
Banking and Finance
Janki Ballabh to head SBI
MR Janki Ballabh, Deputy Managing Director (DMD) and Group Executive (International Banking) will be the next Chairman of State Bank of India (SBI). He would take over charge from the present Chairman, Mr G.G. Vaidya, on November 1.
Corporate
Tatas defer final move on Total venture
THE Tatas have decided to wait and watch how the global oil and gas scenario unfolds over the next couple of months before taking a final decision on their investment in the Rs 2,500 crore LNG joint venture with Total of France.
Enhancement Tech plans 750 `seats'
THE Chennai-based Enhancement Technologies (P) Ltd. a subsidiary of Nhancement Technologies Inc., the US, is looking at setting up 750 seats for the fiscal 2000-01 (October to September).
Havell's executes Iraqi export order
HAVELL'S India Ltd (HIL) has successfully completed an export order of moulded case circuit breakers (MCCBs) to Iraq, which is still under a United Nations supervised economic embargo.
Kitply sugar unit expansion over
KITPLY Industries Ltd has increased the capacity of its sugar unit, located at Hardoi in Uttar Pradesh, to ensure that it can use the total amount of cane grown in its command area. The expansion programme is estimated to cost Rs 5.5 crore and is being f
unded through internal accruals. The company's core competence is in the area of plywood.
UTI offloads entire stake in CUMI
UNIT Trust of India (UTI) has offloaded its entire stake of 13.16 lakh equity shares, which is more than 10 per cent stake, it held in Carborundum Universal Ltd, part of the Chennai-based Murugappa group. Applications for more than 29 lakh shares have be
en tendered for the buyback of 27 lakh shares.
Andersen Consulting to expand Indian operations
ANDERSEN Consulting, which announced on Thursday a change in name to `Accenture' by the New Year, plans to expand its Indian operations to include a presence in south India.
Courts
SC ruling on gift tax on retiring partner
IN the Commissioner of Gift Tax Trivandrum vs. T.M. Louiz (Civil Appeal No. 4411 of 1996 decided on September 20, 2000), a three-Judge Bench of the Supreme Court comprising Mr. Justice S.P. Bharucha, Mr. Justice S.N. Phukan and Mr. Justice Y.K. Sabharwal
dismissed the appeal of the Revenue upholding the view taken by the Appellant Assistant Commissioner, the Tribunal and the High Court to the effect that on facts of the case, no element of gift was involved when the assessee retired from the firms in wh
ich he had been a partner.
Financial Performance
Tube Investments' turnover, net up
TUBE Investments of India Ltd has reported a turnover of Rs. 302.52 crores and a net profit of Rs. 11.48 crores for the quarter ended September 30, 2000. In the same quarter of last year, the company's turnover was Rs. 256.25 crores and net profit Rs. 9.
61 crores.
Foreign Trade
UK Minister coming
THE British Minister for Small Business and E-Commerce, Ms Patricia Hewitt, is to visit India from October 30-November 4 to promote trade and investment between the two countries, particularly in the information and communication technology sector.
Forex
Rupee slide continues; falls to 46.74/75
THE rupee continued its downward trend, closing at another all-time low today at 46.74/75 against the dollar compared to the previous close of 46.63/66 on Wednesday.
Information Technology
Silverline acquires SeraNova for $99m
SOFTWARE firm Silverline Technologies Ltd has struck a deal to acquire Nasdaq-listed US company SeraNova Inc.
Apara Design focus on storage solutions business
APARA Design Automation (P) Ltd, a Bangalore-based storage solutions company, is hopeful of a turnover of Rs 75 crore in the current fiscal.
HYSEA to open offices in Tokyo, Singapore
FOLLOWING the recent visit to Japan and Singapore of a high-powered delegation of IT companies based in Andhra Pradesh, the Hyderabad Software Exporters Association (HYSEA), the nodal agency for IT exports, has decided to create a comprehensive database
of IT companies and also establish offices in Tokyo and Singapore.
Mutual Funds
JM Mutual plans to launch ethical fund
JM MUTUAL Fund (JMMF) plans to launch India's first ethical fund called the JM Heritage Fund.
UTI to network 100 branches
UNIT Trust of India (UTI) is going hi-tech, or so it appears from the way it is transforming its branch offices into fully computerised and networked UTI Financial Centres (UFC).
Paper/Packaging
HC vacates stay on jute packaging
THE Union Textile Ministry has been able to sort out the complications, which came in the way of issuance of a notification for mandatory use of jute bags for packaging foodgrains, sugar and urea, following receipt of vacation of a stay in its favour. Th
e notification is due since October 4, when the Cabinet Committee on Economic Affairs (CCEA) recommended 100-per cent reservation in case of foodgrains and sugar and 20 per cent for urea.
Power
Standby charges -- Pay up or face cut-off, TEC tells BSES
TATA Electric Companies (TEC), which would formally be known as Tata Power in about six weeks, will have to take the ``extreme step of disconnecting back-up supply to BSES Ltd,'' if the latter does not pay up the standby charges due, the TEC Managing Dir
ector, Mr Adi Engineer, has said.
BHEL loses in Chinese checkers
AFTER consumer goods and power generation, it's now the power transmission sector. A Chinese company, Liaoning MCC Group, has priced out competition in the anti-fog disc insulator business. The firm outpriced the next lowest bidder, BHEL, by 36 per cent.
NTPC Ramagundam's green policy pays
RAMAGUNDAM, a once barren and sun-scorched land, is often referred to as `Agnigundam' (a fire ball) of Andhra Pradesh with temperatures soaring up to 48 degrees centigrade during the peak summer season.
States
Assam Govt warned against diverting Central funds meant for Tribal welfare
THE Government of Assam has been warned against diversion of fund meant for tribal development in the State.
Chennai central excise Web site
CHENNAI: The newly-appointed Minister of State for Finance (Revenue) Mr Gingee N. Ramachandran, on Friday launched the Web site of Chennai-I, II and III Central Excise Commisionerates, `www.kalalchennai.tn.nic.in'.
Chattisgarh HC to be at Bilaspur
NEW DELHI: The Government has issued a Presidential notification appointing the principal seat of the High Court of Chhattisgarh at Bilaspur from November 1.
Stocks
Online trading `slow' on the uptake
ONLINE trading in shares, despite the hype surrounding it, will take some time to pick up in India despite the growing penetration of the PCs, according to Mr Hemang Raja, Managing Director, Investsmart India Ltd (IIL), Mumbai.
Taxation
Kaun Banega Crorepati? -- For sure, it's I-T Dept
APART from St Catherine Home Society and Child Relief and You, who are the other beneficiaries of Sonali Bendre and Amir Khan's philanthropic gesture of donating their prize money won from Kaun Banega Crorepati's (KBC) blockbuster Diwali episode?
Customs yield short of target
THE customs collection in the April-September period of the current financial year was Rs 23,331.75 crore, as against the year's target of Rs 53,570 crore.
Textiles
Cotton textiles exports may register 7 pc growth
EXPORTS of cotton textiles are expected to register a seven per cent growth in the current fiscal year, according to Mr D.S. Alva, Chairman, Cotton Textiles Export Promotion Council (Texprocil).
Travel & Places
Tourist entry fee hike upsets operators
THE hike in the entry fee to some prime tourist attractions in the country, such as the Taj Mahal and Mahabalipuram, is the last straw on the camel's back for Indian tour operators, according to people in the industry.
