Business & Economy

Indian Airlines soars
into profit zone 

What is India News Service, Friday, 4 December 2004, 1700 hrs IST

Four years since it last clocked a profit, state-owned carrier Indian Airlines (IA) returned to the black with a net post-tax profit of Rs 44.17 crore in 2003-04 against a net loss of Rs 196.6 crore the previous year.

Despite the surge in fuel prices, the airline has registered an operating profit of Rs 125.1 crore compared with an operating loss of Rs 134.72 crore in 2002-03, Chairman and Managing Director Sunil Arora told newspersons.

Ownership issue adds fuel to fire:  The ownership of Reliance Info is also a strong trigger for the discord between Mukesh and Anil Ambani.

Ministry to prosecute Daewoo Motors: Daewoo Motors India Ltd's (DMIL) troubles seem to be far from over. Based on the recommendations of a high-powered team, the Ministry of Company Affairs is initiating prosecution against DMIL. Daewoo Motors India Ltd had cheated Indian financial institutions by transferring $36.89 million to its parent, Daewoo Corporation of Korea. The transfer of money to DwC was done between April 1996 and March 1997, by \93backdating\94 the agreement, according to the SFIO. 

SAT sets aside SEBI order, allows First Global to trade: The Securities Appellate Tribunal (SAT) has set aside SEBI's order that cancelled the registration of First Global Stockbroking Ltd, the securities trading firm owned by Mr Shankar Sharma.

SC tells Reliance Info to pay up entire demand made by BSNL: The Supreme Court on Friday referred the dispute between Reliance Infocomm and Bharat Sanchar Nigam Ltd to the Delhi High Court even as it directed the former to pay the full amount of Rs 182.7 crore as demanded by BSNL for illegally routing of international calls.

Organised sector to grow by 3.19%: The first Ma Foi employment survey predicts 3.19% growth in the organised sector.


France Telecom exits BPL Mobile: France Telecom has sold its 26% stake in BPL Mobile to a consortium of investors.

SEBI probe reveals no insider trading in GTB shares before merger': Finance Minister P. Chidambaram has said a probe by the Securities Exchange Board of India has found that there was no insider trading in shares of the erstwhile Global Trust Bank during the process of its merger with Oriental Bank of Commerce.

Wipro plans sponsored ADS issue: Wipro has confirmed that it may come out with sponsored ADS issue in three to four months.

Banks fail to meet farm credit target: Two thirds of the public sector banks in the country have not been able to meet the agriculture-lending
target fixed by the Reserve Bank of India. Loans to farmers are considered a priority sector item.