Foreign Direct Investment hike proposed for
the insurance sector
What is India News
Service, July 23, 2004, 1700 hrs IST
The proposal to hike
foreign direct investment (FDI) cap for the insurance sector
could be the first casualty in the ongoing political battle over FDI
with the Government understood to have expressed its willingness to
the Left parties to put the move on the backburner.
opt for out-of-court settlement:The Birlas have finally broken
their silence and appear to have extended the olive branch by
announcing that they are willing to go ahead with an out-of-court
settlement with Mr R.S. Lodha.
norms: The Securities and Exchange Board of India (SEBI) has
amended the Employee Stock Option Scheme (ESOS) and Employee Stock
Purchase Scheme (ESPS) guidelines to include provisions of mandatory
disclosures of employee compensation cost using fair value of
employee stock option and purchase schemes.
prefer bank deposits: Anticipating
a hardening of interest rates, corporates have begun unwinding their
Government securities holdings in a bid to avert losses. Sources
said most of these corporates had bought into these securities last
year as part of their treasury management
firms pin hopes on exports:
If domestic sales get affected on poor rains, the companies could
look at the overseas markets.Officials of agro-chemical companies
say that the prospects for the current kharif sowing season appear
far from bright. Sowing has been affected in states of Maharashtra,
Andhra Pradesh, Madhya Pradesh, Rajasthan and other northern states
due to lack of adequate monsoons.
Steel makes profit:In spite
of experiencing what was a very difficult period for the steel
industry, given the spiraling input prices, Tata Iron & Steel
Company Ltd. (Tata Steel), has announced a significantly improved
performance for the quarter ended June 30, 2004 with a net profit of
Rs. 745.49 crores.
offers additional service:
Effective November 2, Delta Airlines will be offering an additional
daily flight between Mumbai and Atlanta via Frankfurt. The
additional service will be available till March next year.
Reliance in Business Week list: Eight Indian companies including
the Oil and Natural Gas Corporation Limited (ONGC) and Reliance
Industries Limited (RIL) have found place for the first time in `The
Global 1000 List' of BusinessWeek in terms of market value.
perks up: The
infrastructure sector perked up in the first quarter of the current
fiscal at 5.4 per cent against 4.7 per cent over the same period
last year despite poor growth in the cement and steel sectors. The
improved performance was largely due to a steep 12.6 per cent rise
in the oil refinery sector.
stock option norms: The
Securities and Exchange Board of India has amended its guidelines on
Employee Stock Option and Purchase Schemes (ESOP and ESPS) to
provide for mandatory disclosures, pricing and appointment of
as priority sector advances:
The Reserve Bank of India today said banks can classify investments
in mortgage backed securities (MBS) under housing loans as priority
sector advances subject to certain conditions.
beefs up corporate relations:
Amid reports of squeezing margins due to price wars, FMCG behemoth
Hindustan Lever Ltd. (HLL) has decided to focus on strengthening
corporate relations in Delhi for which it has given the charge to
aims high: Hyundai Motor India Ltd. (HMIL) is confident of
achieving a production level of 2.5 lakh units a year in its
manufacturing facility in Tamil Nadu in the current year. The
company is bullish on its growth and aims to become the top revenue
earner in the car segment by the end of the current calendar year.
India cautioned about employment generation: With 200 million
people being added to the ranks of its unemployed every year, the
United Nations Industrial Development Organisation (UNIDO) warned
that India would not be able to sustain its economic growth and
achieve its objective of generating employment unless
measures to initiate significant labour market reforms.
to be acquired: The race to acquire the US-based Tyco Global Network is gaining
speed. While the Tata run-Videsh Sanchar Nigam Ltd (VSNL) has
completed the valuation of assets and has also looked at the books of Tyco, Reliance Infocomm executives are understood to have winged their way to the US recently.
Sensex up by 8 points: The
indices have bounced back into the green after briefly venturing
into the negative territory. The Sensex is now up 8 points at 5,062.
Nifty is up 3 points at 1,601.