Zee group adds 2 more FM stations to its kitty
The Zee group's FM broadcasting arm New Media Pvt Ltd has increased its sway to eight cities by adding Chandigarh and Chennai to its kitty, with a licence fee of Rs 6.65 crore and Rs 3.30 crore respectively. In open auctions held in the capital on Monday, the Government also accepted the bids of 10 other companies in Chennai.MSEB plans 15 per cent hike in tariffs
The cash-strapped MSEB on Monday proposed a 15 per cent hike in power tariff for 2000-01. The rise in tariff is expected to reduce the cross-subsidisation amount to Rs 3,900 crore, from Rs 4,700 crore.
1:12 swap for Dr Reddy's-ARL merger
The board of directors of both American Remedies and Dr Reddy's Laboratories, in separate meetings held here on Monday, finalised the scheme of amalgamation of American Remedies with Dr Reddy's Labs. According to an intimation sent to the Hyderabad Stock Exchange, the directors of both the companies have fixed a swap ratio of 1:12.
`Income under DA, CCA, HRA taxable'
In a ruling affecting millions of employees, the Supreme Court has held that income under the heads of Dearness Allowance, City Compensatory Allowance, and House Rent Allowance is taxable under the Income-Tax Act.
Datta is chairman of Tata Trustee
Susim M Datta was appointed as the chairman of the Tata Trustee Company Ltd at its board meeting held on Monday. Datta, who has been a director of the company since its inception, succeeds Ratan Tata.
Nocil plans novel VRS
Nocil has launched an innovative VRS, under which, retiring workmen will not get any cash, but will, instead, be assured of future payments. This is the fourth round of VRS initiated by Nocil at its petrochemicals unit.
Lazard Brothers merge
Lazard Freres New York, Lazard Freres Paris, and Lazard Brothers London announced on Monday that they had completed their merger, and have become a world-wide partnership called Lazard. Lazard is one of the leading investment banks present in 15 countries.
Wockhardt files for product patent
Wockhardt has filed for product patent for two new chemical entities, even as it has launched its hepatitis B vaccine, Biovac, in India. The company told analysts that it will be ready with four novel drug delivery systems in fiscal 2000, including depot preparations.
Cadila Healthcare IPO
The fixed price portion of Cadila Healthcare's initial public offering is estimated to have been oversubscribed by around two to 2.5 times.
PSE membership of BSE, NSE
The Pune SE has passed a resolution to set up a subsidiary the Pune Stock Exchange Securities Ltd. This is to enable the bourse to acquire membership of BSE and NSE.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.