Airlines
SIA withdraws, Tatas still in for AI -- Maharaja derby now a single-horse race
A DAY after the Hindujas' withdrawal, the Air India disinvestment process received another major blow today with Singapore Airlines (SIA) opting out from its partnership with the Tatas for picking up a stake in the Maharaja.
Will Tatas turn to Air France-Delta?
TATA Sons Ltd, which today said it is assessing ``with an open mind'' the situation after the withdrawal of Singapore International Airlines (SIA), may contemplate tying up with another prospective partner to continue with its bid for disinvestment candi
date Air India (AI).
SIA's tata no surprise
THE decision of Singapore Airlines (SIA) to withdraw from the race for picking up a stake in Air India may not have come as a surprise to many.
Kuwait Air to start Kochi operations
KUWAIT Airways has been granted permission to operate a thrice-a-week service between Kuwait and Kochi. The air services bilateral agreement between India and Kuwait which was concluded on Thursday also grants the designated Indian carrier fifth freedom
rights between Kuwait and Cairo thereby allowing it to pick up passengers for travel between Kuwait and Cairo.
SAS plans daily flight to Delhi from next year
AS part of its strategy to expand its inter-continental routes, Scandinavian Airlines System (SAS) is to offer a daily service between Delhi and Copenhagen from next year.
Banking and Finance
BoI revises deposit rates
THE Bank of India has revised the interest rates on domestic term deposits for all maturities as well as on the NRE and NRNR deposits effective from September 3, 2001.
Commodities
Vanaspati sector seeks sops on palm oil imports
THE domestic vanaspati manufacturers have urged the Government to restore the earlier provision of permitting the vanaspati industry alone to import crude palm oil against actual user provision.
Corporate
`No material' decision at Modi Rubber meet
THE board of Modi Rubber Ltd has deliberated upon the superannuation scheme for the employees of the company. The Ravi Rajan Report containing recommendations on the cost-cutting measures and turnaround strategies for the company has now been circulated
among the members of the board.
IDBI-Principal extends SIP
MUMBAI: IDBI-PRINCIPAL Asset Management Company Ltd has announced changes in the investment amounts under the Systematic Investment Plan (SIP) in various funds.
SEBI debars seven directors
MUMBAI: The Securities & Exchange Board of India (SEBI) has issued punitive orders against seven directors of vanishing (or vanished) companies. The seven promoters/directors of two companies, Rizvi Exports Ltd and Shefali Papers Ltd, have been debarred
under Section 11B of SEBI regulations.
Economy
Contract labour ruling a boost for Govt
THE judgement relating to prospective use of contract labour by PSUs, which was delivered on Thursday by a five-judge Constitution Bench of the Supreme Court, is a shot in the arm of the Union Government which is intent on labour market reforms but has n
ot been able to take appropriate legislative measures.
More public investment in core sector
THE Prime Minister, Mr Atal Bihari Vajpayee, today declared that the nation is now poised to move decisively on the measures outlined by the approach paper to the Tenth Plan on the strength of ``our collective political will'' to achieve a higher economi
c growth, and unveiled a slew of public investment programmes to kickstart the elusive revival of the economy.
Electronics
Second FM radio channel inaugurated
IT was Information and Broadcasting Minister, Ms Sushma Swaraj's choice of songs at the launch of All-India Radio's (AIR) FM 2 which went on air on Saturday.
Financial Performance
Dr Reddy's net down under US GAAP
DR Reddy's Laboratories Ltd (DRL) has registered a steep fall in net profit for the year ended March 31, 2001 as well as for the first quarter of current fiscal ended June 30, 2001 under the US Generally Accepted Accounting Practices (GAAP) compared to t
he figures announced by the company earlier under the Indian GAAP.
Foreign Trade
Apr-July exports decline 1.86 pc
THE country's exports growth turned negative during April-July 2001, breaking away from the positive growth recorded in April-June 2001, the first quarter of the current fiscal.
Forex
Forex reserves rise $ 361 m
THE country's forex reserves touched $44.951 billion for the week ended August 24, increasing by $361 million, as against $44.135 billion last week, according to the latest figures released by the Reserve Bank of India.
Hotels
HRH Group of hotles plans IPO; to rope in partner
WITH an initial public offer (IPO) and a minority equity offering to a strategic partner, Maharana Arvind Singh Mewar, chief of HRH Group of hotels, will be ushering the public, for the first time, to share the flavour of regal exclusivity. ``With the st
ock market in the dumps, an IPO and picking of a strategic partner may have to wait. In the meantime we are looking at a private placement to raise some $50 million,'' informs the 76th custodian of the House of Mewar.
Information Technology
OFFLINE STALL
In a bid to attract customers to its online store Sifymall.com, part of Satyam Infoway, on an experimental basis set up an offline stall at Tidel Park in Chennai. Products available on the site include mobile phones, worldspace digital satellite radio re
ceivers, Kodak digital camera, jewellery and watches were on display at the stall, which attracted around 1,000 software professionals per day in Tidel Park. Encouraged by the response, the company plans to set up similar offline stalls, targetting niche
customers like software professionals, to support its online venture.
Insurance
SBI plans life cover for farmers by March
STATE Bank of India (SBI) is gearing up to offer farmers life insurance cover by March 2002. Details about the premium and eligibility criteria are being worked out, according to SBI sources.
HSBC Insurance plans auto accident cover
THE HSBC's insurance arm, which launched its first product -- Hospital Cash -- in Mumbai last week is planning an innovative automobile accident policy as a follow-up on the Hospital Cash policy.
LIC Foundation Day
MUMBAI: The Life Insurance Corporation of India (LIC) celebrated its `Foundation Day' on Saturday.
Management
ACME to promote executive MBA course in Mumbai
THE Academy for Management Excellence (ACME), a division of the Institute for Financial Management and Research (IFMR), plans to promote the Executive MBA course of the Open University, UK, in other centres in the country during the current year.
IMT offers training projects for cos
THE Institute of Management (IMT), Ghaziabad, has launched customised management training projects for companies.
Mutual Funds
UTI to raise threshold figure
NEW DELHI: The Unit Trust of India will raise the threshold figure of up to 3,000 units which unitholders of US-64 can redeem now, once the situation improves, the Finance Minister, Mr Yashwant Sinha, said.
Policy
Paswan, Sharad Yadav shifted in reshuffle -- Shourie elevated; Hussain gets Aviation, Mahajan Telecom
IN a significant reshuffle of the Union Cabinet, aimed at giving a renewed thrust to reforms, the Prime Minister, Mr Atal Bihari Vajpayee, today shifted Mr Ram Vilas Paswan from Communications to Coal and Mines, while the Civil Aviation Minister, Mr Shar
ad Yadav, has been moved to Labour.
10th Plan approach paper okayed
THE National Development Council (NDC) today gave its unanimous approval for the draft Approach Paper to the Tenth Five-Year Plan (2002-07) which sets out to achieve an eight per cent economic growth with the Prime Minister, Mr A.B. Vajpayee, consenting
to convene an all-party meeting to evolve consensus on economic reforms in deference to demands of several Chief Ministers.
SSI
TN to announce SSI policy within a year
THE Tamil Nadu Government will announce a policy for Small Scale Industries (SSI) within a year, according to the policy note on rural industries tabled in the Assembly on Friday.
States
AP bullish on hardware park
THE Andhra Pradesh Government, which has chalked out a detailed plan for setting up a state-of-the-art hardware technology development park in 5,000 acres at Mamidipally near the proposed international airport here, is going to invite `Expression of Inte
rest' from the prospective joint venture partners shortly.
Bengal for `right techniques' to implement Plan schemes
THE West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee, has said that achieving the target of an annual rate of growth of 8 per cent during the Tenth Plan would depend on ``a right choice of techniques and cost-effective methods in the implementation
of Plan schemes''.
Stocks
Pick a winner stock contest
THE ITW Signode scrip posted the highest gain of 60.87 per cent among the entries received for August 2001. The share moved up from Rs 48.30 to Rs 77.70 during the period. Totally 52 winning entries (including multiple entries) were received.
NSE not to suspend trading in 2 scrips
MUMBAI: The National Stock Exchange (NSE) has decided ``not to proceed'' with the proposed suspension in the trading of securities of Kopran Ltd and Visesh Infosystems Ltd.
Travel & Places
FICCI meet to focus on rural tourism
THE Federation of Indian Chambers of Commerce and Industry (FICCI) is organising an international conference and exhibition on rural tourism in the country at Udaipur from September 8 to 12.
Meet soon to finalise tourism policy
THE Government is to convene a meeting of the State Tourism Ministers in the second week of September to finalise the draft tourism policy, according to the Minister for Tourism and Culture, Mr Ananth Kumar.
