INDIA INTELLIGENCE REPORT

 

Economy & Business   

Unprecedented gains for
India at WTO talks 

What is India News Service, July 30, 2004, 1700 hrs IST

In a battle that lasted well over 24 hours with heavyweights from United States and the European Union, Commerce Minister Kamal Nath emerged triumphant on Thursday, scoring unprecedented gains for India in WTO agriculture negotiations.

He ensured that there is freedom for government to protect its key farm products from import penetration. He said that India needs special attention on special products because of survival of over 600 million subsistence-level farmers.


Reduce internet charges, says Maran
: The information technology minister said the increased use of broadband would accelerate the penetration of the internet usage in the country.

IDBI Bank merger discussed: In meetings in Hyderabad and Mumbai, the board of directors of IDBI and IDBI Bank decided to accord in-principle approval for merger. 

Net video phone lets you see as you speak
: Six months from now, Rs 15,000 may buy you a video telephone that allows you to call anywhere in the world \97 at cheap Internet rates \97 and see the person you are speaking to, in sharp, CD-quality video. 

BPCL to expand Mumbai refinery: In a bid to take its place among the leading oil companies, the public sector Bharat Petroleum Corporation Limited (BPCL), which has already reached the Fortune 500 list, is set to expand its flagship Mumbai refinery.

Equities forge ahead
: After a brief two-day pause, the market on Thursday rallied smartly, ending up by 50 points at close.

Rupee sheds 15 paise: Breaching the crucial 46.40-dollar barrier, the rupee today slumped to a 13-month closing low of 46.46/47 a dollar, pulled down by sustained hectic month-end dollar demand.


Crude prices at new high
: Crude oil shot to new highs on Wednesday, hitting $43 a barrel in New York, as markets reacted to a threat by Russian authorities to shut down most of the production from that country's largest oil company. 

UTI plans offshore fund: Mutual Fund plans to launch an offshore fund worth $50 million, which would offer equity and debt schemes. 

Satyam partners OATSystems
: Satyam Computer Services has partnered with OATSystems to provide comprehensive radio frequency identification devices based solutions to its customers. 

Rs.20 notes to be issued: The Reserve Bank of India will be issuing Rs. 20 denomination bank notes with inset letter 'A' in both numbering panels in the Mahatma Gandhi series. These notes will bear the signature of Y. V. Reddy, Governor. 

LG gets BSI certification
: LG Electronics India has received the occupational health and safety management system 18001:1999 certification from the British Standard Institution (BSI), India. 

Leyland to target defence forces overseas: Ashok Leyland Ltd hopes to tap defence forces in other countries to sell its vehicles. 

Price cuts lead to dip in HLLs profits: Deep price cuts on key products such as detergents and shampoos, not quite made up by volume growth, has had a hand in the 43 per cent drop in Hindustan Lever's profits for the June quarter.

Flying on JRD\92s dream, A-I to expand: Air-India intends to have a 70-plus fleet in the next couple of years to place the national carrier among the top international airlines of the world.

Teledensity rises by 7.02%
: The increasing share of mobile phones as also higher contribution of private sector to incremental growth have been cited as reasons for this rise in teledensity. 

GTB withdrawal limit to be raised: Union Finance Minister P Chidambaram said the Rs 10,000 withdrawal limit fixed on depositors of Global Trust Bank (GTB) is likely to be enhanced soon.

Reliance plans to do a Wal-Mart in India: India's Rs 22,500 crore retailing industry is set to witness a tectonic shift \97 Reliance Industries is leaping into the industry with a vengeance. If all goes well, the group\92s retail venture could one day wind up being India\92s equivalent of Wal-Mart.

Sensex up 50 pts at close: Buoyed by yesterday's strong close, the Sensex today resumed with a positive gap of 15 points at 5,135. Strong gains in most of the counters saw the market remain firm in the opening session. Buying gained momentum in mid-noon trades as a sharp rally in select heavyweight, auto, cement and other old economy stocks lifted the index to an intra-day high of 5,201.

Overall:

India triumphed at WTO meet: The commerce minister ensured that there is freedom for government to protect its key farm products from import penetration. 

Slash internet prices, said  Maran: IT and Communications Minister Dayanidhi Maran stressed the need to bring down internet charges in the country, through acceleration of broadband penetration.

RBI said it would introduce new Rs 20 note: They will have the letter `A' in both numbering panels and will be released in the Mahatma Gandhi series.