Airlines
Air India unions threaten stir
THE Joint Action Committee (JAC) of seven Air India (AI) unions, which claim to fully represent the airline's 17,000-strong workforce, has warned that in the absence of the Government considering their long-pending charter of demands, the JAC has no opti
on but to go on an agitation, including opposing AI's privatisation.
Banking and Finance
SC summons Banking Secretary
KOLKATA: Responding to a petition filed by the All-India Regional Rural Bank Employees Association (AIRRBEA), the Supreme Court has asked the Banking Secretary to appear before it and explain why he should not be punished under the provision of the Conte
mpt of Court Act.
Corporate
Earnings fine, sales aren't
EARLY corporate results show the slowdown has impacted sales. In the April-June quarter 2001, the performance by the first 180 companies reveals a seven per cent growth in turnover and a 40.5 per cent growth in post-tax earnings.
Transfer pricing norms likely to be relaxed
THE Finance Ministry has decided to provide some flexibility in the existing transfer pricing regulation which mandates tax-payers to use arithmetical mean as the arm's length price in cases where the most appropriate method produces more than one accept
able price.
DishnetDSL clarifies
With reference to the report `Subramanyam, 2 EDs raided by CBI' published on July 21, DishnetDSL's Chief Operating Officer writes that there was no investment by UTI in DishnetDSL either in the form of equity or debt. However, as part of a consortium, UT
I has invested Rs 20 crore in a project of group company Aircel Ltd in the form of non-convertible debentures. DishnetDSL and Aircel are companies belonging to the Sterling Infotech group.
IPAB to provide fast-track mechanism for trademarks
THE establishment of an Intellectual Property Appellate Board (IPAB) is expected to provide a fast-track mechanism in the appellate procedures relating to appeal against the orders of the competent authority initially in the trademark sphere and later in
other intellectual property offices.
Economy
Trade unions to fight against child labour
A NOVEL effort by the International Labour Organisation to fight for the elimination of child labour in Andhra Pradesh with the involvement of trade unions has taken shape with six major unions owing allegiance to AITUC, BMS, CITU, HMS, INTUC and TNTUC (
Telugu Nadu Trade Union Congress) coming together under The Andhra Pradesh Federation of Trade Unions for the Elimination of Child Labour (APFTUCL).
Boost domestic demand: India Inc
A SNAP poll of select chief executive officers (CEOs) from among the members of the Confederation of Indian Industry (CII) believe that boosting domestic demand was absolutely crucial for a turnabout in the economy and industry.
Financial Performance
ICICI Bank registers 63 pc growth in net
ICICI Bank Ltd has registered a 63 per cent growth in its net profit at Rs 65.25 crore for the quarter ended June 30,
IPCL net dips in Q1 on soft product prices
INDIAN Petrochemicals Corporation Ltd (IPCL) has returned a net profit of Rs 12.67 crore for the first quarter of 2001-02, down from Rs 35.47 crore in the corresponding period last year. Sales, however, went up to Rs 1,099.2 crore during the period under
review, as against Rs 1,067.66 crore the previous year.
Bank of Rajasthan posts higher net in Q1
BANK of Rajasthan has registered a higher net profit for the first quarter ended June 30, 2001, at Rs 12.60 crore as against Rs 12.24 crore in the corresponding period of the previous fiscal.
Forex
Forex reserves dip $37 million
FOREX reserves have declined by $37 million to $43.559 billion for the week ended July 13, as compared to $43.596 billion in the previous week, as per the Weekly Statistical Supplement (WSS) of RBI.
Miscellaneous
NID now weaves a money-spinning motif
THE National Institute of Design, Ahmedabad, which not too long ago strained to meet routine expenditure such as faculty salary hikes, has gone ballistic on the revenue route.
Govindarajan made industrial policy Secy
IN a minor reshuffle of secretary-level portfolios, the Government has appointed Mr V. Govindarajan as the new Secretary of the Department of Industrial Policy and Promotion. He will replace Mr Piyush Mankad who is with the Asian Development Bank now.
Mutual Funds
Former UTI chief, 2 EDs remanded
A SPECIAL Judge for the Central Bureau of Investigation (CBI) today remanded the former UTI chairman, Mr P.S. Subramanyam, two Executive Directors, Mr M.M. Kapur and Mr S.K. Basu, and a stockbroker, Mr Rakesh G. Mehta, to CBI custody till July 27.
What UTI research cell recommended
Findings of the Equity Research Cell sent to investment department on June 30, 2000:
Tracking a short-lived joyride
THIS is the dramatic tale of the rise and fall of the Cyberspace Infosys stock, which has been the thrust of the CBI action against the UTI top brass as well as its former chairman, Mr P.S. Subramanyam.
Policy
Agra Summit, UTI scam to dominate monsoon session
THE monsoon session of Parliament commences on Monday with a heavy agenda of unfinished economic legislations, besides discussions on a whole range of important subjects such as the Agra Summit, UTI's freeze on sale and repurchase of US-64 scheme and oth
er politically explosive topics such as corruption in high places and the arrest and release of Union Ministers in the last week of June.
Offshore mining Bill in monsoon session
THE Offshore Areas Mineral (Development and Regulation) Bill 2001 will be tabled during the monsoon session of Parliament starting on Monday. Being a new concept and a new area, the Bill will make its way to the select committee, the Union Minister for M
ines and Minerals, Mr Sunder Lal Patwa, has said.
Power
Power targets may be reached in 10th Plan
THOUGH power generation has not kept pace with requirements in the last 10 years, there is every possibility of reaching targets in the 10th Plan period to cater to the demand-size management, Mr Suresh Prabhu, Union Minister for Power, has said.
Kerala pact to buy NTPC Ramagundam unit power
THE Kerala State Electricity Board (KSEB) has signed an agreement with the National Thermal Power Corporation (NTPC) for the purchase of power from the latter's proposed 500-MW unit at Ramagundam.
Taxation
States mulling luxury tax on imported items
TAKING a leaf out of West Bengal, at least nine States are examining the pros and cons of imposing luxury tax on imported goods.
Telecommunications
3 PSUs form JV with Nepalese co to offer WLL services
THREE public sector telecommunication companies -- Videsh Sanchar Nigam Ltd, Mahanagar Telephone Nigam Ltd and Telecommunications Consultants India Ltd -- have joined in a consortium with a Nepalese company, Nepal Ventures Pvt Ltd (NVPL), to offer WLL-ba
sed basic services in Nepal.
Transport
Cargo: AI to offer introductory rates on Chennai-HK
AIR India is offering introductory rates for cargo on the Chennai-Hong Kong sector on its new service which is scheduled to start on July 26.
Bridge & Roof completes highway project
NEW DELHI: Bharat Yantra Nigam subsidiary, Bridge and Roof, has finished construction of the Nandigama-Vijayawada section of National Highway 9 project within the scheduled timeframe.
