President queries PMO again on telecom waiver
New Delhi: President K.R. Naryanan has asked the prime minister's office whether the new package for private telecommunications operators would mean a reduction in the revenue projections made in the Union budget. Thus, the President has put the ball back in the PM's court. The PMO had earlier justified the waiver on licence fee as a continuation of earlier policy.

The Union budget has projected receipts of Rs 1,700 crore on account of telecom licence fees from private operators. The  waiver will deprive the government of a substantial part of that revenue.

The President has not questioned the need for a change in policy on the telecom sector, but has merely focused attention on whether it is right for the cabinet to reverse a budgetary decision approved by parliament.
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ANZ predicts interest rate cut
Mumbai: ANZ Investment Bank has said that a slide in Indian inflation has fuelled speculation of a cut in interest rates and the central bank should take direct measures to signal lower rates.

But improved credit demand and higher inflation with the economic upturn will lead to upward pressures on rates in the fourth quarter of 1999, the bank said in a market commentary.
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ICICI Bank posts higher profit
Mumbai: The ICICI Banking Corporation has posted a 20.97 per cent growth in net profit to Rs 20.25 crore for the first quarter ended 30 June 1999 from Rs 16.74 crore in the corresponding quarter last year.

The interest income of the bank showed an increase of 94.92 per cent to Rs 198.92 core as against Rs 102.42 crore in the first quarter of 1998-99.
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Hudco takes back land allotted to Leela
New Delhi: The Housing and Urban Development Corporation has taken back possession of the Andrewsganj plot of land in New Delhi from Hotel Leela, a subsidiary of Hotel Leelaventures, saying the hotel group has defaulted on payment of its third instalment.

Hotel Leela has denied this charge. But Hudco chairman V Suresh has confirmed this action and said Hudco has  returned about 50 per cent of the deposits the group had so far made. An arbitration process has been initiated in the matter and Hudco will go through the process.

Hotel Leela has contended that because of fundamental breaches in the contract by Hudco, the group is not able to go ahead with the project.
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