Banking and Finance
New IDBI wage scheme awaits Ministry nod -- IFCI giving final touches to package
THE two leading financial institutions -- Industrial Development Bank of India (IDBI) and IFCI Ltd -- are preparing to usher in a more vibrant performance-oriented work culture with both institutions finalising separate productivity-linked wa
ge packages.
Govt stock auction
MUMBAI: Reserve Bank of India (RBI) has fixed a cut-off price of Rs 103.18 in the auction of the 9.81 per cent 2,013 paper of Rs 4,000 crore and Rs 102.99 in the auction of the 10.25 per cent 2,021 paper of Rs 3,000 crore. _ Our Bureau
SBT net up 47 pc; targets Rs 21,000 cr business
THE State Bank of Travancore (SBT), which posted a 47 per cent increase in net profit during 2000-01, has projected the total business (excluding investments) to reach Rs 21,000 crore in the current year.
Lakshmi Vilas Bank plans Rs 25-cr bond issue
LAKSHMI Vilas Bank Ltd proposes to raise Tier-II capital of around Rs 25 crore for augmenting its capital adequacy ratio.
Corporate
Havell's Dorman Smith is now Crabtree India
THE Havell's group has changed the name of Havell's Dorman Smith Ltd, the 50:50 joint venture with Dorman Smith of the U.K, to Crabtree India Ltd. With the name change in place, the company is now planning to launch a whole range of building installation
products under the Crabtree brand name.
Economy
`Industries need protection only for consolidation'
INDIAN industries need protection to consolidate, but not to avoid competition which is inevitable, the Managing Director, Ashok Leyland Ltd, Mr R. Seshasayee, said.
Health
New therapies for coronary artery ailments
THE Restenosis Summit-2001, which concluded at Apollo Hospitals here on Sunday, deliberated on various options available to treat the problem of Restenosis_ the recurrence of obstruction at the site of angioplasty in the coronary artery.
Infrastructure
International airport project -- Finance dept moots Rs.300-cr cap on Karnataka funds outgo
WITH the Karnataka Government and the prospective promoter of the Bangalore international airport due to begin their negotiations, the State Finance Department has pressed a panic button. It is uneasy over the extent and impact of State support sought fo
r the project by the Siemens-Unique Airport Zurich-L&T consortium, the preferred bidder.
Mutual Funds
New UTI chief likely this week
THE Government has set in motion the process of appointing a new Chairman for the Unit Trust of India, who is expected to take charge later this week if approvals are in place.
UTI trustees' role under Govt scrutiny
THE role of the board of trustees of the Unit Trust of India (UTI) is now under close scrutiny, with the Government holding the view that they had failed to carry out their fiduciary responsibilities to unitholders, especially on the investments made by
the Trust.
Secondary market demand likely for US-64
UNITS of Unit Scheme-1964 (US-64) might soon be in great demand in the secondary markets if the proposal, drafted by the team led by the UTI acting Chairman, Mr K.G. Vassal, finds favour with the board of trustees. As the proposal does not envisage any m
onetary help from the Union Government, the Ministry of Finance may only be too glad to give the seal of its approval.
Kothari Pioneer MF reassures investors
KOTHARI Pioneer Mutual Fund (KPMF), in a quick response to address investor concerns over the liquidity of their investments in mutual funds in the wake of freezing of UTI's US-64 scheme, has said that it was ready to meet any redemption request.
PSU
SEBI meeting on takeover code for listed PSUs today
THE Securities and Exchange Board of India (SEBI) board will met here on Monday to discuss a proposal seeking exemption from the takeover code for listed State owned companies.
Petroleum
Reliance offers to buy entire ONGC crude output
RELIANCE Petroleum Ltd (RPL) has approached ONGC Ltd with an offer to buy out its entire crude oil output of 25 million tonnes per annum under a long-term contract.
Power
SEBs may be told to pay 75% of generation cost
THE Government plans to recommend a payment of 75 per cent of power generation cost to captive generators for the purchase of such power by the State electricity board (SEB) on an `infirm' basis. Infirm power refers to power sale without underlying commi
tment.
Winrock initiative to extend market for solar systems
Winrock International (India) will conduct a series of solar finance capacity building training programmes, to make bankers feel comfortable while lending money for solar lighting systems.
States
CII moots steps to raise Kerala revenue
THE Confederation of Indian Industry (CII), Southern Region has submitted a pre-Budget memorandum for the Kerala State revised Budget 2001-02, proposing certain radical measures to mobilise revenues in a short span.
KPCL-L&T Vijaynagar project -- Karnataka agrees to 30-year power purchase agreement
THE joint venture 500 MW Vijaynagar power project has been permitted to be implemented on the basis of a 30-year power purchase agreement (PPA) by the Karnataka Government. This is a departure from the State Government's new policy of short duration PPAs
.
NSSO survey at Dakshina Kannada
MANGALORE: THE Field Operations division of the National Sample Survey Organisation (NSSO) is to launch the fifty-seventh round of its all-India survey in the Dakshina Kannada and Udupi districts of Karnataka from July 16.
Home delivery of cell phone coupons
KOCHI: Cellular operator Escotel has introduced the facility of free home delivery of recharge coupons for three major towns in the State.
Telecommunications
DoT not to reduce licence fees further
THE Department of Telecommunication (DoT) has turned down the recommendation of the Prime Minister's Economic Advisory Council to reduce the existing level of licence fees levied on a revenue sharing basis.
Batata-BPL to work on common brand
AS the implications of the `big bang deal' in which the Birla-AT&T-Tata (Batata) and BPL Communications announced their intention to synergise operations begin to sink in, the prospective partners are getting down to the serious business of consummating
the merger which is expected to take anything between nine and twelve months.
Textiles
NJMC revival, a test case for Centre
THE Textile Ministry's move to seek alternative routes to the closure of the functioning but unviable six jute mills under the National Jute Mills Corporation (NJMC) is prompted by making it a test case for future tackling of sickness in industries run b
y the Government, besides protecting the interests of workers.
