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Reliance Discovers Gas Reserves
off Andhra Coast (Go To Top) MUMBAI: Reliance Industries, the country's largest producer of petrochemicals maker and a leading name in refinery, has discovered natural gas reserves in excess of seven trillion cubic feet off the eastern coast in Andhra Pradesh. It is the country's biggest gas discovery in nearly three decades and one of the largest in the world this year, Reliance Industries chairman Mukesh Ambani told share-holders at the company's annual general meeting here on Thursday. RBI Cuts Interest Rates
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MUMBAI: The Reserve Bank of India cut key interest rates at its policy review on Tuesday, October 29, and reduced its projection for the gross domestic product growth for the financial year ending March 31, 2003 but retained its earlier estimate of the inflation rate. The central bank cut the bank rate, its key interest rate signal, to 6.25 per cent from 6.5 per cent, with effect from the close of business on Tuesday, October 29. Announcing the mid-term review of the monetary credit policy for 2002-03, RBI Governor Bimal Jalan also announced a cut in the repo rate by 25 basis point to 5.5 per cent. Jalan said the CRR cut would be effective from the fortnight beginning November 16 while the repo rate cut would be effective from October 30. 10th Five-Year Plan With Focus
on 8 pc Growth Okayed (Go To Top) NEW DELHI: The 10th five-year Plan has been approved at a Cabinet meeting chaired by Prime Minister Atal Behari Vajpayee. The Plan document was cleared by full Planning Commission earlier this month. The Commission had unveiled a tough six-point reform agenda to push the annual growth from a stagnant 5.5 per cent to a high 8 per cent. "We have tried to spell out a total picture of resource mobilisation and accompanied by cutting down of the savings on public account so that in the final analysis you get a picture where you can achieve the target set," Deputy Chairman of the Planning Commission KC Pant told reporters. Cabinet Approves SEBI, UTI Ordinances
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NEW DELHI: The Union Cabinet, chaired by Prime Minister Atal Behari Vajpayee, approved on Monday ordinances for amending the SEBI Act and repealing the UTI Act, Finance Minister Jaswant Singh said after the meeting. The repeal of UTI Act would enable the Government to split UTI into two. UTI-I will be the old protected UTI comprising US-64 for which assured repurchase prices have been announced and return schemes assured. UTI-II will comprise all net asset value based schemes, which will have a professional Chairman and Board of Trustees and will be privatised in course of time. The Government will meet its obligation annually to cover any deficit in UTI-I, which will be managed by Government-appointed administrator and a team of advisors. Amendment to the SEBI Act would provide to the market regulator limited search and seizure powers for offences like market manipulation by companies. Samsung Plan to Make Noida Its
Global Centre (Go To Top) NEW DELHI: Samsung Electronics has announced to invest 12 million dollars to improve its research and development centre at Noida, near Delhi, into a global hub and meet all the requirements for its visual display division. The centre at Noida will be taking up 15 projects in 2001 and the company will suitably train both existing R and D professionals as well as new recruits. BSNL, MTNL to Cut Net Charges
During Night by 50 pc (Go To Top) NEW DELHI: Communications and IT Minister Pramod Mahajan has said that Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd would reduce night time dial-up charges for Internet connectivity by half to about Rs 12.50 per hour. Currently the users pay about Rs 25 per hour. The proposed night-time tariffs would be applicable from 10:30 pm to 6:30 a.m. time slab. Swraj Paul Leads Business Team
to Home-town Jalandhar (Go To Top) JALANDHAR: UK-based India-born industrialist Lord Swraj Paul has visited India several times in the past 44 years. But he never got to visit Jalandhar, his native town in Punjab. But on Monday, October 21, Paul paid a nostalgic visit to his Tanda Road residence which now houses Apeejay School, founded by his elder brother, Satya Paul. Paul hails from Punjab's most progressive Doaba belt which is home to a huge Punjabi non-resident community. At least one person from every household in the Doaba region of the State is settled abroad. Doaba includes cities such as Jalandhar, Nawanshahr, Hoshiarpur and Kapurthala. The region's NRI population has over the years invested heavily in the State and helped fill the yawning gap that exists between urban and rural areas there. BSNL's Cellular Service Launched (Go
To Top) LUCKNOW: Prime Minister Atal Bihari Vajpayee launched the country-wide cellular services of Bharat Sanchar Nigam Ltd (BSNL) here on Saturday, October 19. He said that there has been, in the recent past, rapid progress in the field of telecommunication which has made India easily accessible to the entire world. No Disinvestment of AI, IA:
Airports to Be Privatised (Go To Top) NEW DELHI: Civil Aviation Minister Syed Shahnawaz Hussain has ruled out privatisation or disinvestment of Air India and Indian Airlines. "There is no chance of disinvestment or privatisation of the two leading airlines in the near future", Hussain told reporters on his completion of one year as civil aviation minister on Wednesday, October 16. He said that the privatisation of some international airways had led to grounding of their fleet. He also said that his ministry has decided to privatise airports in the four metros and upgrade them to match the standard of model airports elsewhere in the world. Besides, ten more airports have been selected for making them model ones. CII
to Open Office in Malaysia (Go
To Top) NEW DELHI: The Confederation of Indian Industry (CII) is to open an office in Malaysia. The opening of the office is a commitment made by CII last year to Prime Minister Atal Behari Vajpayee and to Malaysian Prime Minister Mahathir Mohamad, according to press release. This office would be its second overseas office in the ASEAN to help strengthen bilateral relations. Ernest
and Young Entrepreneur Award for Infosys Chief (Go
To Top) BANGALORE: Infosys Chairman NR Narayana Murthy has been granted the popular Ernst and Young Entrepreneur of the Year award for 2002. The award was presented to him by Karnataka's Large and Medium Industries Minister RV Deshpande and former Union Law Minister and BJP general secretary Arun Jaitley at a grand function here on Thursday night, October 10. Muthiah
New FICCI President (Go To Top) NEW DELHI: Dr AC Muthiah, chairman of the Southern Petrochemical Industries Corporation (SPIC) Ltd, Chennai, will be the new president of the Federation of Indian Chambers of Commerce and Industry. He will assume office at the conclusion of the FICCI's 75th annual session later this year, according to a release. A member of the Prime Minister's Advisory Council on Trade and Industry, Muthiah was the president of SPIC for eight years, as well as of the Indian National Committee of the International Chambers of Commerce and Industry and the Indian Council of Arbitration for two consecutive years, 1999-2001. IOC
Pays Rs 702 cr Dividend for 2001-02 (Go
To Top) NEW DELHI: Indian Oil Corporation paid a cheque for Rs 702.59 crore as dividend for the financial year 2001-02 to the Government for its share in the company. Company chairman MS Ramachandran paid the cheque to Petroleum Minister Ram Naik at the inauguration of the 3rd International Symposium on Fuels and Lubricants here. SAIF to Invest in Sify (Go
To Top) NEW DELHI: Softbank Asia Infrastructure Fund and VentureTech Solutions Pvt Ltd will invest $ 20 million in Satyam Infoway Ltd. SAIF will issue American Depository Receipts. Satyam Computer Services, the parent company of Sify, is also party to the deal. Sify ADR is listed on the NASDAQ stock exchange. Currently it is traded at $ 1.46 per ADR. Berger May Acquire Snowcem
(Go To Top) MUMBAI: Negotiations are reportedly going on for Berger Paints to take over Snowcem Paints. The hiring of merchant banker Rothschild for restructuring work by Snowcem sparked off the report. Snowcem promoter TB Ruia holds 33 per cent stake in the company, foreign collaborator George Lillington & Co holds 27 per cent and financial institutions 9 per cent. Rear
Car Seats to Have Belts (Go To Top) NEW DELHI: The Government has made it mandatory for car manufacturers to provide belts for rear seats in cars manufactured after October 1, 2002. The rule for the front seats has already been enforced. The new rule will raise the car price by about Rs 1,500. Already some popular brands are coming out with rear seat belts. The Government has also decided to ensure commercial vehicles install speed governors. Vajpayee,
Advani to Decide on Disinvestment: Shourie (Go
To Top) NEW DELHI: Amid ongoing opposition to privatisation, especially of oil PSUs, Disinvestment Minister Arun Shourie said on Wednesday, October 2, that it was for Prime Minister Atal Behari Vajpayee and Deputy Prime Minister LK Advani to take decision on disinvestment issues. "Everything depends on the Prime Minister and Deputy Prime Minister. I am confident that they feel satisfied as far as arguments are concerned", Shourie told reporters shortly after Murli Manohar Joshi, George Fernandes and Ram Naik discussed the issue at a meeting. The three are believed to have favoured the inclusion of petroleum PSUs in the strategic sector so that they were not privatised. Shourie, however, did not comment on the meeting. Shourie said that the Disinvestment Ministry had responded to the letter by Fernandes, which was forwarded to him by the Prime Minister's Office. The minister declined to elaborate further. SBI-Canara
Bank Joint Venture in Russia
(Go To Top) NEWDELHI: A Commercial Bank of India, a joint venture between State Bank of India and Canara Bank, will soon start operations in Moscow. The SBI will hold 60 per cent stake while Canara Bank will pick up the remaining 40 per cent. The new enterprise is part of efforts to facilitate trade and commerce between India and Russia. Currently, both the banks have "representative offices" in Moscow. The two had applied to the Central Bank of Russian Federation last month and recently got the clearance for setting up the joint venture with a minimum capital of 10 million euro (about Rs 50 crore), according to sources. BIZ Hero Honda, TVS Bike Sales
Up (Go To Top) MUMBAI: Sales of two major motorcycle manufacturers in the country have registered impressive growth. For New Delhi-based Hero Honda Motors Limited, the largest maker, the month of September recorded a jump of 13.3 per cent - to 133,992 bikes. The firm sold 118,286 units in the same month last year, said a statement. In the six months to September this year, Hero Honda has sold 829,297 bikes compared with 636,830 a year ago. The company expects to sell 1.8 million bikes during the 2002/03 fiscal. TVS Motors Co Ltd of Chennai, the third biggest bike maker in the country, sold 68,335 vehicles, a 97.4 per cent leap over last year's 34,620 in the month of September. A statement said the total sales of TVS' bikes, mopeds and scooters were up by 3.7 per cent to 103,117 from 77,123 units a year ago. Apollo Chairman Dead (Go
To Top) NEW DELHI: Raunaq Singh, 80-year old founder-chairman of Apollo Group, died at his residence in New Delhi on Monday, September 30, 2002. He is survived by his wife, three sons and a daughter. Because of his ill health, Singh's son Onkar S Kanwar was recently made chairman of the company. During his remarkable, long career, he headed business chambers like FICCI, ASSOCHAM, PHDCCI, EEPC, FIEO, ATMA and various other trade and business organisations. His was a story of rags to riches after he migrated from Pakistan upon the partition of India. His friends and colleagues claim that hard work alone made him a legend in the field of Indian industry. He has left behind a 2,700 cr empire employing 9,000 people. -ANI & India Overseas |
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