Automobiles
Maruti union general secy dismissed
MARUTI Udyog Ltd has sacked the high-profile General Secretary of workers union, Mr Mathew Abraham, after a protracted legal battle over his conduct, company officials confirmed on Wednesday.
Hearing on Bajaj Auto SLPs after 12 weeks
The special leave petitions (SLPs) filed by Bajaj Auto Ltd in the Supreme Court are expected to come up for hearing after 12 weeks, a press release said.
Cartoon
Cartoon
Cement
Cement sector not to be hit by US strikes
CEMENT seems to be one sector which has not been affected by the economic slowdown or by the impact of the US attack on Afghanistan. The industry expects a seven to eight per cent growth in the current fiscal, well above expectations in other manufacturi
ng sectors.
Coal
Singareni Collieries draws up Rs 290-cr expansion plan
SINGARENI Collieries Company Ltd (SCCL), has drawn up ambitious plans to take up four new mines this fiscal with a total outlay of Rs 290 crores, according to its Director, Planning and Projects, Mr M.K. Benjamin.
Corporate
This time `B' is brand for BPL
THE Rs 3,760-crore BPL group, has indicated plans to leverage its brand to raise funds in future.
Karvy to sell 21.82 pc to NRI
ONE of the largest capital market intermediaries in the country, Hyderabad-based Karvy Consultants Ltd, plans to sell 21.82 per cent of the company's stake to US-based NRI investor and promoter of Procon Inc., Mr Prasad V Potluri, for a consideration of
Rs 1,84,61,560.
HLL: Cashing it, in reverse
THE issue of bonus debentures by the fast-moving consumer goods (FMCG) major, Hindustan Lever Ltd (HLL), though a new concept, is a positive move to reward the company's investors, analysts and market functionaries said.
Lend a hand, `bookies' tell libraries
THE book publication trade, in a bid to streamline the GOC (Government Offices Committee) rates for library supplies, has launched an initiative to begin discussions with library associations throughout the country.
Economy
Morgan cuts India's weightage in index
MORGAN Stanley Capital International (MSCI) today reduced the India's weightage in the Emerging Market Free (EMF) Index by 93 basis points to 6.1 per cent, the largest decrease among world's emerging markets in the index followed by many foreign portfoli
o managers.
Financial Performance
Infosys betters Q1 results -- `There is so much fog on the windscreen, driving is very tough'
SOFTWARE consulting major Infosys Technologies Ltd has reported an increase of 6.07 per cent in net profits and 6.14 per cent in total income for the second quarter ending September 30, 2001 over last quarter.
Information Technology
Software cos welcome ESOP norms
THE Central Board of Direct Taxes (CBDT) guidelines on Employee Stock Option Plan (ESOP) has been well received by software companies.
Destination S. Africa
SOUTH Africa is being viewed as an alternative destination to the US and Europe after the September 11 attacks on the US, according to Mr C.H. Qomoyi, Consul-General for the Republic of South Africa, here.
Mutual Funds
UTI board meeting to finalise VRS
UNIT Trust of India (UTI) proposes to offer a voluntary retirement scheme (VRS) for its employees. The UTI board meeting on Thursday is expected to finalise the scheme.
US-64 redemption
Investors of UTI's flagship scheme US-64 have redeemed units to the tune of Rs 239 crore since the scheme was re-opened under limited repurchase scheme.
PSU
`Postal Dept should adopt modern tech'
THE Union Minister of State for Communications, Mr Tapan Sikdar, has urged the Department of Posts to adopt modern technology and move ahead with the changing times. In the emerging economic scenario, it would be prudent to focus on the development of ne
w businesses and increase revenue generation, he observed.
No plan to privatise Coal India: Paswan
THE Union Coal and Mines Minister, Mr Ram Vilas Paswan, has said that there is no move by the Government to privatise Coal India Ltd or its nine subsidiaries and that a propaganda to mislead people was creating confusion.
Policy
U.R. Rao at helm of Prasar Bharati
THE Government on Wednesday appointed Prof U.R.Rao as Chairman of the Prasar Bharati Corporation.
Politics
Courtesy call
The Chief Ministers of Karnataka, Tamil Nadu and Pondicherry, Mr S.M. Krishna, Mr O. Paneerselvan and Mr P. Shanmugam, who are in New Delhi to attend a meeting on the Cauvery issue, called on the Prime Minister, Mr A.B. Vajpayee, at his residence on Wedn
esday.
Power
DPC issues new bills for Rs 200 cr
THE Dabhol Power Company (DPC) has issued bills worth more than Rs 200 crore for August and September 2001 to the Maharashtra State Electricity Board (MSEB).
Recession may slash power project costs
THE global recession in the power equipment industry and the softening US dollar interest rate regime is likely to benefit new power projects coming up in the country.
`PPA for Rayalaseema project must be more commercial'
THE Andhra Pradesh Electricity Regulatory Commission (APERC) suggested that the power purchase agreement (PPA) entered into by the Transmission Corporation of AP (AP Transco) and AP Power Generation Corporation Ltd (AP Genco) for sale of power from Rayal
aseema Thermal Power Project Stage-II (RTPP) should be more commercial in nature.
CESC Cosipore unit to cut generation
KOLKATA: The RPG-controlled power utility CESC Ltd has plans to bring down energy generation gradually at the New Cossipore (NC) power plant.
Shipping
Greenfield Shipping Company promoters reject German bailout offer
IN a fresh twist to the crisis facing the $ 220-million LNG shipping deal for Dabhol Power Company, German-based KG Finance Group has made a proposal to the promoters of Greenfield Shipping Company to bailout the project.
States
Jharkhand annual plan pegged at Rs 2,650 cr
THE annual Plan for Jharkand for 2001-02 has been finalised at Rs 2,650 crore which includes Rs 15 crore for strengthening of infrastructure in the fledgling State capital. This was agreed at a meeting between the Planning Commission Deputy Chairman, Mr
K.C. Pant, and the Chief Minister, Mr Babu Lal Marandi. In his remarks, Mr Pant drew the attention of the State about the inherited problems and stated the State had high population growth and was lacking in sectors such as education and healthcare.
Master plan to expand Kerala Technopark
THE Kerala Government is preparing a master plan for the expansion of the Technopark here as a joint venture. This has become necessary as the available land in the Technopark is now fully occupied and there has been growing demand for space, Mr. P.K. Ku
nhalikutty, Minister for Industry and Information Technology, told Business Line.
Tamil Nadu: Self-assessment scheme
MADURAI: According to a communication from the Tamil Nadu Chamber of Commerce and Industry here, the Special Commissioner and Commissioner of Commercial Tax, Chennai has issued instructions to all assessing officers in the State to continue to receive th
e annual returns for the year ended March 31 under self-assessment scheme up to October 25 and keep them pending till further orders.
War on terrorism may mar scope of AP Great Mall
The Great Mall of Hyderabad, projected as Asia's largest shopping complex, is unlikely to attract many foreign participants following the unforeseen developments of the terrorist attack on the World Trade Centre and the US retaliatory measures against Af
ghanistan.
Stocks
JPC critical of working of CSE
THE Joint Parliamentary Committee (JPC) on the stock scam has found faults with the working of the Calcutta Stock Exchange (CSE) which it feels did not have proper monitoring mechanisms.
Telecommunications
Undersea cable ventures in troubled waters
QUESTIONS about what might be in store for large investors in undersea optical fibre cable projects, including the Bharti group and DishnetDSL in India, are being raised by telecom analysts, following customer problems faced by a SingTel subsidiary, C2C.
Textiles
NTC package: Out of inertia, needs momentum to keep running
AT a time when the Government seems to have been hobbled by its own logic in taking hard decisions on the economic front, the clinching of the revival package by a Group of Ministers (GoM) for the mills of the National Textile Corporation Ltd (NTC) on Tu
esday deserves unreserved plaudits.
