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IA
premium flattens as insurers calm down
New Delhi: Jumpy reinsurers, whose risk perception
in terms of airline security touched new highs after September
11, seem to be finally calming down. Indian Airlines has
managed to renew its insurance cover for its $1.7-bn fleet
without any increase in premium over last year.
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DoT
for MTNL, BSNL merger advisor
New Delhi: The communications ministry is going
full steam ahead to give shape to its proposal to merge
public sector telecom giants, BSNL and MTNL.
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Birla's
Idea stake sale hits pricewall
Mumbai: The Aditya Birla group's move to sell its
33% stake in telecom company Idea Cellular to its partners,
the Tata group and AT&T, has run into a roadblock
due to differences in valuation.
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PM
steps in to defend selloff
New Delhi: With the anti-disinvestment faction
in the government continuing to flex muscles, Prime Minister
A B Vajpayee on Wednesday stepped forward to strongly
defend the process and rule out any U-turn.
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'Film
Bazaar' screens production facilities
New Delhi: For the first time, picking a leaf out
of the Cannes Film Festival, the International Film Festival
of India 2002 has incorporated a unique segment the Film
Bazaar.
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Goa
to have Webfone by next week
New Delhi: BSNL is all set to introduce Webfone
internet telephony in Goa by next week. Apart from the
mobile service which was expected to be commissioned by
the last week of September, Goa will also be the next
destination in the western zone after Pune to get Direct
Internet Access Service soon.
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McDowells
Signature to enter defence canteen stores
Mumbai: McDowell's top brand, Signature Whisky,
is to make its maiden entry into the Canteen Stores Depot
for defence services throughout the country shortly.
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Continental,
Metro Tyres in production JV
New Delhi: Continental AG of Germany is entering
the Indian two-wheeler tyre market in collaboration with
Metro Tyres. Metro Tyres will manufacture and market Continental-Metro
brand of two-wheeler tyres in India, while Continental
will provide technological support.
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Tata
Fin to move court for Pendse's prosecution
Mumbai: Tata Finance will move court to prevent
the Mumbai police from closing its case against former
managing director (MD) Dilip Pendse.
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India
has muscle to be chip design powerhouse
India's chances of emerging as a strong player in the
chip design and embedded software industries could get
a boost with $ 8-billion Texas Instrument putting its
weight behind it.
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Skoda
plans to procure spares from local units
New Delhi: Having built up a presence in India
with its premium offerings Octavia and Octavia Elegance,
SkodaAuto India, part of the German automobile giant Volkswagen,
is now working on a blueprint to procure components from
local suppliers for the first time in order to bring down
its manufacturing costs.
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Honey
or cream, they gel with urban lifestyle
MUmbai: From face wash to personal wash. Be it
honey, glycerine, cream or mint, the body gel (read the
new soap diva) is sure bubbling up the urbane lifestyle.
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BankAm inks pact with Infosys, TCS,
Accenture
Mumbai: Bank of America announced on Wednesday
that it has entered into agreements with three strategic
partners Infosys, Tata Consultancy Services and Accenture
to deliver application maintenance and development services
to the bank's internal information technology groups.
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But
for the Big 3, TV ads are dud cheap
Mumbai: If you thought big advertisers are paying
a bomb for buying ads on the myriad TV channels that mushroom
the Indian airwaves, you are so wrong! Once you leave
out the troika of Star Plus, Sony and Zee TV, its dirt
cheap ad rates territory out there.
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Avon
Organics halves dividend
Hyderabad: Avon Organics Ltd (AOL), the Hyderabad-based
Rs 79-crore pharmaceutical company, has decided to slash
the dividend announced for the fiscal year 2001-02 to
five per cent from the earlier recommended dividend of
10 per cent.
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L&T
lowest bidder for UAE power project
Mumbai: Larsen and Toubro is all set to bag a major
400kV overhead power transmission line contract in Fujairah
Emirate in the UAE, following the announcement yesterday
by the UAE Offsets Group, UOG, that the Indian major was
the lowest bidder for the project.
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Kinetic
to raise `Nova' output
Mumbai; Kinetic Motor Company Ltd (KMCL) has informed
that it is working on raising the production of its `Nova'
scooter. "The production level for the month of October
will be 8,000 per month and over the next two months it
will be increased to to 9,000 per month,'' an official
statement said.
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BEL
declares 50 pc dividend
Bangalore: The public sector Bharat Electronics
Ltd has declared an all time high dividend of 50 per cent
for the financial year 2001-02. The dividend was approved
by the annual general meeting of the company held here.
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DCA
seeks to incorporate draft offer in share buyback petitions
New Delhi: The Department of Company Affairs (DCA)
will now urge the High Courts in cases related to buyback
of shares to direct the petitioner-company to make the
draft letter of offer a part of the petition.
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Tangible
assets - Accelerated depreciation norms may be reviewed
New Delhi: The Government is examining whether
the existing rates of depreciation for tangible assets
in the income-tax legislation could be brought down. According
to senior officials, the I-T provisions on this currently
provide for write-off of asset of asset values, far in
excess of what may be justified as arising from normal
wear and tear. This was incorporated as a measure to stimulate
investment activity in an era when corporate tax rates
were steep.
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Indian
Rayon to spin off insulator business - Joint venture with
NGK, Japan
Hyderabad: Indian Rayon and Industries Ltd (IRIL),
an Aditya Birla group enterprise, has decided to hive
off its insulators business under Jaya Shree Insulator
Division, in favour of a new company - Vikram Insulators
Private Ltd (VIPL).
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Sun
Pharma to hike Caraco stake to 50%
Mumbai: Sun Pharmaceutical Industries Ltd is to
increase its stake in its overseas associate company in
the US, Caraco Pharmaceutical, to 50 per cent by the end
of this financial year. The company currently holds about
46 per cent in Caraco, according to R.K. Baheti, Senior
Vice-President and Company Secretary, Sun Pharmaceutical
Industries Ltd.
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Escorts
plans to buy out US partner
Chennai: In 1998, Escorts took its Farmtrac brand
tractors to the US and quickly captured 10 per cent market
share in the 50 HP segment. By 2000, the updated models,
42HP, 60HP and 75HP, made further inroads in the major
markets of the US.
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Toyota
Kirloskar to invest Rs 340 cr
Thiruvananthapuram: The Bangalore-based Toyota
Kirloskar Motor will make fresh investments to the tune
of Rs 340 crore to set up new facilities in the country.
The company has finalised plans to establish a 100-per
cent export-oriented unit for the manufacture of of transmission
sets in Bangalore at a cost of Rs 200 crore, according
to Mr Sachio Yamazaki, Managing Director.
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Textile
unions may take wage issue to Apex Court
Chennai: Major textile workers unions, upset over
the rejection by the Madras High Court of the State Government
order on payment of interim relief, are likely to contest
the verdict in Supreme Court.
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Covansys
inks pact with US co
Bangalore: Covansys has announced that it has signed
a multi-million dollar offshore outsourcing agreement
with The Guardian Life Insurance Company of America.
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Nirma's
food foray
Mumbai: With pressure on its traditional mainstays,
soaps and detergents, Nirma looks to foods to feed its
bottomline.
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