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Economy & Business   

Chidambaram okay 'in principle' with more airline equity

What is India News Service, July 28, 2004, 1700 hrs IST


 Civil Aviation Minister Praful Patel on Tuesday said Finance Minister P Chidambaram had agreed \93in principle\94 to infuse more equity in Indian Airlines and Air India to enable them expand their fleet and also look at infrastructure for the modernisation of 20 major airports across the country.

Foreign investment in mining approved: With the opening up of the mining sector to private and foreign investment, about Rs. 4,000 crores of foreign direct investment (FDI) has been approved for this sector.

Tough stand at WTO: India has categorically said that it would not compromise on agricultural issues as they affect livelihood concerns of millions of farmers, most of whom were at the level of bare subsistence. The Union Commerce and Industry Minister in his meeting with the WTO Director-General pointed out that developed countries should understand that in agriculture, India was battling not so much for trade but for subsistence.

Reliance net up 30 per cent: Reliance Industries Ltd. has reported a 30.16 per cent rise in its net profit at Rs 1,437 crore for the first quarter ended June 30, 2004 as against Rs 1,104 crore in the corresponding Q1 of the previous financial year.

Oil companies to pay Rs 1,400 cr: The government has directed public sector oil companies Oil and Natural Gas Corporation (ONGC), Gail (India) Ltd and Oil India Ltd (OIL) to pay Rs 1,400 crore to Indian Oil Corporation, IBP, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Ltd for the losses incurred on the sale of LPG and kerosene in the first quarter of this fiscal.

Why are units sick, asks RBI: The Reserve Bank of India (RBI) has directed scheduled commercial banks to examine the reasons for the sickness of industrial units in Haryana. In a directive to the banks, the RBI has asked them to ascertain why despite special incentives and concessions offered to this sector from time to time, most units go sick or reach the verge of closure.

Infosys connects with students: Aiming to reduce employee training costs by half and plugging a \93quality gap\94 between industry requirements and fresh graduate capabilities, IT major Infosys has launched an industry-academia initiative called \91Campus Connect.\92

Centurion schemes for GTB depositors: Centurion Bank has announced two special schemes for account holders of Global Trust Bank (GTB). They can now avail pre-approved personal loans of up to five times their net monthly take-home salary.

Drabu set to be J&K Bank chief: Dr Haseeb A Drabu, renowned economist and economic advisor to the Mufti-led Jammu and Kashmir government, may hold the position of chairman, Jammu and Kashmir Bank, soon. He is likely to succeed Mr M.Y Khan, who retires in December.

Jet Airways enhances frequent flyer programme: Jet Airways has revamped its Frequent Flyer Programme. Jet Privilege has over four lakh members and says the new programme is radically different from programme models followed globally.

BPL to transfer CTV business: In a proposed joint venture, BPL will transfer its colour television business to the Japan-based Sanyo Electric Company for $80 million. The company's board also approved a proposal to invest up to $10 million in the share capital of the proposed joint venture.


Evening trading in commodities: National Multi-Commodity Exchange of India Ltd., the country's first online de-mutualised commodity exchange, has introduced evening trading sessions with immediate effect. 

Hewlett's new workstations: Hewlett Packard today unveiled three low-cost dual-processor workstations \97 xw4200, xw6200 and xw8200 \97 that offer increased power, reliability and support.

OBC bonds under rating watch: With the Oriental Bank of Commerce (OBC) set to absorb the financially troubled Global Trust Bank, the Investment and Credit Rating Agency (ICRA) has placed the LAAA rating assigned to Tier II bonds of OBC under rating watch. 

Allianz Cornhill plans centre in Technopark: Allianz Cornhill Information Services, the Indian subsidiary of the U.K.-based Allianz Cornhill Insurance plc.,
which is one of the world's leading financial service providers, has decided to set up its BPO operation in the Technopark here.

ICFAI College to offer MBA programme: ICFAI National College (INC), Kozhikode, a constituent of ICFAI University, is offering a two year MBA programme
with specialisations in marketing, finance, HRM and IT and systems. 

Oracle plans new unit: Oracle India, which has a development centre in Hyderabad, has agreed to consider establishing its next unit in Visakhapatnam. The suggestion to do so was made by the Chief Minister, Y. S. Rajasekhara Reddy.

IOB loan for TCS public offer: Indian Overseas Bank is extending loans of up to Rs.10 lakhs to individuals to help them subscribe to the TCS initial public offer. The bank has tied up with Karvy Securities and DSP Merrill Lynch for marketing the scheme.

Shampoo mega giant slashes prices: The price war between consumer goods giants Hindustan Lever and Procter & Gamble has intensified in the Rs 1,000 crore shampoo market. Procter & Gamble has slashed the price of Rejoice, its mass-market shampoo brand, by over 20 per cent.

India draws world's biggest pvt equity fund: 3i, possibly the world\92s largest private equity and venture capital fund, is looking at investing in India. It plans on either setting up a base here and starting to invest or acquiring a stake in a company and then gaining an entry in the market. 

Sensex down 6 pts at close: The Sensex opened 12 points higher over yesterday's close at 5,086, and immediately edged past the 5,100-mark to touch an early high of 5,105 on strong buying support in most of the counters. However, the market soon slipped into the red and languished in negative territory, before sharp selling pressure in PSUs, auto, cement and pharma majors in late morning deals dragged the index to an intra-day low of 5,045.

Overall:

Chidambaram okay with more equity for airlines: The aviation minister said more funds could be pumped into Indian Airlines and Air India.

New Oracle unit coming to Hyderabad: The software giant will open a development centre in the southern city.

World's largest equity fund considering India: 3i is looking at investing in the country.