Dabur reconstitutes board
New Delhi: Dabur India has reduced the size of its board of directors to 10 from 16 with the resignation of AC Burman and Siddharth Burman, among others. It also announced 100 per cent interim dividend.

With the dividend, the total payout so far in the current year amounts to 150 per cent, the company said in a release here.

The reconstituted board comprises four promoter directors, two professional executive directors and four independent directors.
Back to News Review index page  
Apcom Computers to offer VoIP solutions
Chennai: Apcom Computers will offer solutions for the fast emerging voice over Internet protocol (VoIP) segment in India.

Apcom, which popularised the DAX brand in India through its modems, had in recent years capitalised on the brand equity that DAX enjoyed and launched a series of networking products under the same brandname.

The company is selling VoIP boxes, routers, and the VoIP gateways under the DAX brandname and trying to ensure that all software and hardware requirements are available within the company.
Back to News Review index page  
RBI okays 49% foreign fund holding in Soffia
Mumbai: Foreign institutional investors can now purchase equity and convertible debentures up to 49 per cent of Soffia Software Ltd's paid-up capital through primary and secondary markets in the country, according to the Reserve Bank of India..

The central bank said in a statement this permission followed the passing of a resolution to this effect by the company's board.
Back to News Review index page  
SBI retail loan offtake surges
Mumbai: The State Bank of India (SBI) has seen a massive growth in offtake of retail products in the current fiscal. In January 2002, the bank's personal loans accounted for Rs 785 crore, of which half were housing loans. The bank expects the non-food credit for the banking industry to grow by about 10 per cent this year.

Nearly 16 per cent of SBI's total advances is in the personal segment.

In the current year, retail deposits grew by 12 to 14 per cent, which was lower than in the preceding fiscal when SBI saw growth rates of 15 to 16 per cent.
Back to News Review index page  

S&P reaffirms IDBI ratings
Mumbai: Standard & Poor's has retained the 'BB' long-term and 'B' short-term counterparty credit ratings of the Industrial Development Bank of India (IDBI), following the Union government's budget announcement to increase the financial institution's regulatory capital position.

The negative outlook on IDBI also remains unchanged, reflecting the outlook on the long-term foreign currency sovereign rating on the Republic of India, S&P said in a statement.
Back to News Review index page  
RBI bars FII purchases in SBI
Mumbai: The Reserve Bank of India has barred foreign institutional investors from making fresh purchases in the State Bank of India because their holdings now totalled 20 per cent.

Currently, foreign funds are allowed to hold up to 20 per cent of shares in State Bank of India, the country's largest commercial bank.
Back to News Review index page  
Star, Zee and Sony come under tax net
New Delhi: Any broadcast network that beams their television channel into India from anywhere will have to pay five per cent service tax.

So far, foreign broadcasters have not paid service tax imposed last July and were questioning the tax levy from the point of view of jurisdiction.

All broadcasting companies have been brought under the service tax act and they will now have to file returns.

The biggest contention among foreign broadcasters like Star, Sony, Zee, ESPN, Turner among others was that their holding companies are registered abroad and uplinking activity being conducted from Hong Kong and Singapore, they were not liable to pay the service tax.

The government is expected to net a total revenue of Rs 145 crore from broadcasters.
Back to News Review index page  

Telco to launch new vehicle in Europe
New Delhi: Tata Engineering plans to launch a multi-purpose vehicle, Tata Indiva, in the European market. The model is expected to be introduced in the Indian market at a latter date.

Unveiled at the 72nd Geneva International Motor Show, seven-seater Tata Indiva is based on the Indica platform. Stylised by Italian design house, IDEA, Tata Indiva sports features from Indica and the 2-seater coupe concept, Tata Aria that was on display at the Auto Expo 2002. Also on display at the auto show are 3-box Indica Sedan and Indica Sports.

Telco has set a target of exporting 4,000 vehicles of various models in its stable in the financial year 2001-02.

Telco is expected to export over 2,000 units of Indica in various European markets this fiscal. The company has sold around 50,000 units of Indica in the domestic market over the first ten months in 2001-02.
Back to News Review index page  

IOC ends SCIs monopoly
New Delhi: Indian Oil Corporation (IOC) has invited maiden bids from private players for chartering ships for coastal movement of crude oil, thus ending the monopoly of the Shipping Corporation of India.

IOC has floated tenders for hiring 9 vessels on time chater basis for movement of crude oil along the coastline for a period of one year.

With less than a month left for decontrol of petroleum sector, the move would help the Fortune 500 company to cut the landed cost of crude at refinery gate.

SCI, which is up for privatisation, till now was the nodal agency for transportation of crude oil for IOC - the sole canalising agency for national oil companies.
Back to News Review index page  
Wipro to setup global centre for Corona
Bangalore: Wipro Technologies is setting up a global development center for the US- based Corona Networks.

Through the tie-up, Corona will get the dual benefit of leveraging on Wipro's technology expertise for product development and ensuring significant cost savings, a Wipro statement said.

Corona Networks is a leading developer of next generation network-based edge aggregation and intelligent IP service platforms.

Wipro will assist the Corona engineering team in the implementation of new features for their pioneering product, as well as provide support in future product development, enhancement and customisation.
Back to News Review index page  
Tata Power to set up 4000-km OFC network
Mumbai: Tata Power's broadband division will put in place more than 4,000 km of optical fibre infrastructure by the end of this calendar year.

The company hopes to finish laying the optical fibre network connecting Bangalore, Chennai and Hyderabad by December or January.

The company has already finished laying cable over 450 km in Mumbai and another 250 km up to Pune at a cost of Rs 100 crore. The group has planned a total investment of Rs 800 to 900 crore for the entire network.

After Mumbai, the company plans to connect Delhi, Mumbai, Pune, Bangalore, Chennai and Hyderabad.
Back to News Review index page  

Enron, GE may not sell DPC stake
Mumbai: Enron, GE and Bechtel, the three foreign promoters of Dabhol Power Company (DPC), could decide against selling their 85 per cent stake in the project if the proceeds of the company's proposed sale are not paid to them and instead forwarded to a trust and retention account.

All the three companies have unanimoulsy opposed the domestic and international lenders' proposal. This could stall the due diligence process. If the lenders do not change their decision, the offshore companies may not be interested in participating in the sale, dumping the project in entireity.
Back to News Review index page  
ONGC, Reliance offer to buy BG stake
Mumbai: Oil and Natural Gas Corporation and Reliance are reported to have offered to buy out the British Gas stake as one of the options to resolve the issue of operatorship rights of the Panna- Mukta-Tapti oil and gas fields.

BG, which recently bought the 30 per cent Enron stake in the oil and gas fields for $350 million, has been seeking sole operatorship rights for the fields. The two other joint venture partners - ONGC and Reliance - are reported to be willing to buy out the BG stake at a marginally higher price in case nothing else works out.

ONGC and Reliance had also staked their claim to operatorship, but are not averse to running it jointly as an alternative. ONGC is the largest stakeholder with 40 per cent, while Reliance has 30 per cent in the fields, which produce 29,000 barrels of oil and 30 cubic metres of gas per day.
Back to News Review index page  

Cipla cuts AIDS drug prices by 11%
Mumbai: Cipla has cut the prices of its anti-HIV medicines following the government's decision to exempt nine such drugs from excise duty.

Cipla's brands like Stavir, Lamivir, Nevimune, Dinex, Indivan, Triomune, Efavir, and Duovir will now cost 10 to 11 per cent less.

The government exempted nine anti-HIV drugs namely lamivudine, stavudine, didanosine, saquinavir, ritonavir, indinavir, efavirenz, nelfinavir, and nevirapine from a 16 per cent excise duty in the latest budget.
Back to News Review index page  
Sify, BPL, Bharti bid for ISD licences
New Delhi: Satyam Infoway, BPL, Aircel and Spice are among the eight companies which have applied for licences for providing international long distance services.

Bharti Televentures, Data Access, Pacific Net and Connecting network have also applied for ILD licences. Reliance Infocom has already signed the licence.
Back to News Review index page  

Govt allocates Rs 300 cr to UTI
New Delhi: The government has provided Rs 300 crore to Unit Trust of India to help meet the shortfall between the assured repurchase prices and the net asset value.

The support to UTI will ensure that any redemption made at prices higher than the NAV of US-64 between August 2001 and May 2003 will not affect unit holders who remain in the scheme.

Last December, the Government justified this support in view of the special nature of the US-64 scheme and the systemic risks posed to the capital markets if such support were not provided.
Back to News Review index page  

Nicholas Piramal plans acquisitions in Europe
New Delhi: Nicholas Piramal is in advanced stages of negotiations with some European companies to acquire biotechnology businesses abroad.

The company already has 180 scientists working on its biotech programmes under Quest Institute of Life Sciences on various research projects and the proposed acquisition will help this branch of Nicholas Piramal India in further growth.

Last year, the company acquired Rhone Poulenc's business in India, thus becoming the second largest pharma company in India after Glaxo Smithkline.

The company is keen on acquisitions in areas like diabetes, cardio-vascular and anti-cancer drug development.
Back to News Review index page  
HC upholds MERC authority in DPC row
Mumbai: The Mumbai high court on 5 March ruled that the Maharashtra State Electricity Regulatory Commission had exclusive jurisdiction in solving the dispute between the State Electricity Board and Enron's DPC.

The court ruled that there was no question of DPC going in for arbitration to resolve the payments dispute as the Maharashtra Electricity Regulatory Commission (MERC) was a legal body created as per an Act and was authorised to solve disputes related to problems between electric utilities.
Back to News Review index page  

Amex ties up with Tradewings
New Delhi: American Express travel services is expanding its travel distribution network by entering into an arrangement with the Mumbai-based travel company, Tradewings to sell Amex products.
Tradewings will offer leisure and business travel services to consumer and corporate customers as well as to American Express Card members.

Amex will provide training, technology, international purchasing of hotel rooms, airlines and car rentals to Tradewings.
Back to News Review index page  
TVS Motor open offer for 50.30% Harita Fin stake
Chennai: TVS Motor Co is making an open offer to acquire 50.30 per cent stake in Harita Finance at Rs 10 per share. The balance 49.70 per cent of the stake is with other group companies.

The company, which will delist Harita Finance from the stock exchanges, plans to change the name of the company.

TVS Motor Co plans to make Harita Finance a private company and use it to focus on TVS Motor products.

He pointed out that Hero Honda and Bajaj Auto had finance companies that dealt with their products.
Back to News Review index page  

RIL wants to market aviation fuel
Mumbai: Reliance Industries has written to the directorate general of civil aviation for permission to start marketing aviation turbine fuel at various airports in the country.

The company has also written to the airports authority of India asking for land at 14 major airport locations, to put up its facilities.

The ATF market in India is currently shared between IndianOil and Bharat Petroleum. The total size of the ATF market is around 2.2 million tonnes per annum.
Back to News Review index page  
Apollo to set up research institute
Hyderabad: The Apollo Hospitals group is setting up an Indo-French research institute for vascular diseases in collaboration with well-known cardiologists from France.

To be registered as a non-profit society, the institute would be located in Hyderabad. While the French team led by Dr Michel Henry, a reputed interventional cardiologist, will provide medical expertise for treatment, research and training, Apollo would provide the infrastructure.

Boston Scientific, a medical equipment manufacturer, will also be part of the venture by supporting research and development activity.
Back to News Review index page  

Reva exports cars to Nepal
Bangalore: Reva Electric Car Company dispatched the first export consignment of five cars to Nepal on 5 March.

A company press release said here that this consignment marked RECC's foray into the export market. The company has a three-year agreement with Ecovisions Pvt Ltd of Nepal to facilitate the export of Reva to Nepal.

Currently, Nepal has over 1,400 electric vehicles plying in various regions. In Kathmandu alone, there are over 750 three-wheelers being used for public transport. Currently, there are no international players in the electric vehicles segment, which makes Reva the first four-wheeled electric vehicle to enter the Nepal market.
Back to News Review index page