Business & Economy

FDI in telecom sector: Centre
working out modalities 

What is India News Service, Saturday, 16 October 2004, 2000 hrs IST

Emphasing the need for an additional investment of Rs 1.60 lakh crore for the telecom sector, Union IT and Communications Minister Dayanidhi Maran on Friday said the government is currently working out the modalities of increasing the FDI cap in the sector to 74 per cent.

"An increase in the level of FDI cap from 49 per cent to 74 per cent for the telecom sector is under active consideration of the government. We are currently working out the modalities," he said at the India Today-UTI MF discussion on investment boom

'Stage set for broadband revolution':  Maran also said he had set the stage to usher in the broadband revolution.

Govt tightens norms on scrap import: Alarmed over the discovery of live ammunition in metal scraps, the government today tightened the norms and made pre-shipment inspection certificate for import of scrap mandatory.

FIEO seeks govt help to resolve tax disputes: The Federation Of Indian Export Organisations (FIEO) has requested the Finance Ministry to take into consideration the fact that profit has been defined in different ways in the recent judicial pronouncements. 

Wipro net up 79 p.c. at Rs. 412 crores: Wipro, the country's third largest software services exporter, matched rival Infosys so far as hiring went, adding some 5,546 staff during the September quarter. 

Samir Arora cleared of all charges: The Securities Appellate Tribunal (SAT) today exonerated Samir Arora, former Fund Manager of Alliance Capital Asset Management (India) Ltd (ACAML), of all charges of conflict of interest, market manipulation and insider trading.

India gives loan to IMF: India is shining, if one goes by the central bank's latest statement on the forex reserves. After having been a debtor for so long India has turned around to become a creditor with the Interntional Monetary Fund (IMF). 

ADB fund inflow to continue: The Asian Development Bank (ADB) chief Tadao Chino told Prime Minister Manmohan Singh today that his institution\92s goals were closely linked to those set by India\92s National Common Minimum Programme.

Ranbaxy bullish on Q4 performance: With a slew of new drugs set to be launched by year-end, pharma major Ranbaxy Laboratories is bullish on the fourth quarter performance even as the company registered a modest 7 per cent growth in the third quarter, its chief executive officer Brian Tempest said while announcing the financial performance here on Friday
. 


Overall:

Maran said FDI in telecom would happen soon: The communications minister is working out the modalities. 

Wipro profits zoomed: The software major is also on a hiring spree.

India gave a loan to IMF: The country is no longer just a debtor.