Birla factions in talks for joint marketing of cement brands
The various Birla factions have begun discussing the feasibility of jointly marketing cement made by the group companies, probably under a "mega" brand. The factions together account for nearly 25% of the country's installed capacity of 90 million tonnes. Senior Birla officials, however, claimed that such a move would only be a short-term arrangement as it would not prove viable in the long run.
ONGC affirms commitment on picking up stake in Bharat Oman Refinery
The Oil and Natural Gas Corporation (ONGC) has reiterated its willingness to pick up a stake in the 6 million tonne Bharat Oman Refinery being jointly promoted by Bharat Petroleum Corporation and the Oman Oil Company. The Rs 7,513 crore facility is scheduled to be commissioned in Bina, Madhya Pradesh by 2001-02. BPCL and the Oman Oil Company will both hold a 26% stake in the project. A decision on ONGC's final stake will be taken by the two promoters shortly.
SEBI outlines new disclosure norms for funds
The Securities and Exchange Board of India (SEBI) has finally come out with a draft of its standard offer document for mutual funds. The draft, prepared in consultation with the Association of Mutual Funds in India (AMFI) and Price Waterhouse under the aegis of the FIRE project, lays down the minimum disclosure requirements to be contained in the offer document of any scheme that is launched by a mutual fund.
Gujarat Ambuja registers 70% surge in exports
Even as ACC faced a major reversal on the export front, Gujarat Ambuja clocked a 70% growth in exports year-on-year to emerge as the largest cement exporter during the first nine months of the current fiscal. The company's total cement exports almost doubled during the period with sales doubling to over 2 million tonnes, from 1.16 tonnes last year.
Banks will lower their prime rates soon, says Verma
The prime-lending rates (PLR) of commercial banks will come down within the next six weeks, State Bank of India chairman MS Verma said on Tuesday. Verma also hinted that the rupee may settle at the Rs 40 mark against the dollar. Verma further asserted that the lowering of the interest rates would not lead to a fall in the rupee to 50 per dollar.
Celltel body flays bid to clip regulator wings
The Cellular Operators Association of India (COAI) has expressed shock and dismay over Department of Telecommunications' (DOT) move to curb the powers of Telecom Regulatory Authority of India (TRAI). According to COAI, the move, coming in a time of problematic phase for the telecom industry, could derail the liberalisation process in the telecom sector.
