Trai to announce new tariffs by August 31
Telecom Regulatory Authority of India has said that a new telephone tariff would be announced by August 31. The revised tariff was to have been announced by Monday, but it is being put off by a month because of the delay in receipt of the required data for undertaking a review, TRAI said in statement. The new regulatory body after assuming office in March had decided to postpone the review by four months.MRPL, Kuwait Petro to sign pact
Mangalore Refinery and Petrochemicals (MRPL), the joint venture between Hindustan Petroleum Corporation and the AV Birla group of companies, is all set to sign a memorandum of understanding (MoU) with Kuwait Petroleum Corporation (KPC) for joint efforts in the downstream sector. The MoU is expected to be signed in London during the next few weeks.
IOC, BPCL results show slide in net
Both Indian Oil Corporation and Bharat Petroleum Corporation Ltd have reported first quarter losses. Inspite of a 37.3 per cent increase in its gross turnover for the first quarter, IOC has registered a 21 per cent decline in its net profit at Rs 509 crore for the current quarter compared to Rs 646 crore during the same period last fiscal.
Dabur net up 35% to Rs 7.16 crore
Dabur India Limited has recorded an increase of 35 per cent in its net profit to Rs 7.16 crore for the first quarter ended June 2000 up from Rs 5.27 crore during the same quarter in 1999. The net profit excludes a non-recurring income of Rs 21.17 crore.
Settlement scheme to defaulting firms
The Department of Company Affairs has appealed to firms which have defaulted in filing their balance sheet and profit and loss account as well as annual returns and other documents for various reasons in the past to come forward and avail the one-time offer of declaration and settlement which expires on August 31. Companies would be offered immunity from prosecution under the scheme.
Pharma, FMCG in focus in dull market
The Sensex closed marginally higher in Monday's lacklustre market. Against its previous close of 4277, the index was up 3 points to 4280 at the final count. According to dealers, while the pharma and FMCG counters were in the limelight, attracting some buying from funds and retail investors, infotech counters were at the receiving end.
Exim Bank joins hands with West LB
The Exim Bank has joined hands with German bank West Deutsche Landesbank Girozentrale for floating a new company in the country, which will provide factoring and forfeiting services to exporters. International Finance Corporation is expected to pick up a significant stake in the joint venture.
Rupee slips to 45 a dollar
The Indian rupee breached the 45 per dollar level again on Monday, a little over a week after the central bank's support package rescued it from its first dip through the psychologically key level.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.