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FM in Mumbai to lift sagging Sensex, investors’ morale
49 pc FDI cap for airport upgradation
Intra-SAARC trade increase sought
Revival of Alliance Air on the cards |
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Union Minister of Science and Technology and Ocean Development Kapil Sibal today announced to relax regulations regulating the bio-technological sector and set up a seed capital fund with public-private partnership to encourage new companies and entrepreneurs to come into that sector.
GAIL may hit New York exchange GAIL (India) may list on the New York Stock Exchange or the Nasdaq by converting its global depository receipts into American depository receipts.
Hero, Honda renew pact for 10 years Japan’s Honda Motor Company today renewed its technical collaboration agreement with Hero Honda Motors for 10 years. The agreement was signed between Honda Motor Company’s Managing Director and Chief Operating Officer for regional operations (Asia and Oceania) S. Toshida and Hero Honda Motors Managing Director Pawan Munjal.
IT round-up Hughes Escorts VIA Technologies Logitech UTStarcom GRAPHIC: SAUDI ARABIAN OIL
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FM in Mumbai to lift sagging Sensex, investors’ morale Mumbai, June 2 Mr Chidambaram, who arrived by a Jet Airways flight, refused to speak to the waiting reporters at the Chatrapati Shivaji International Airport. He immediately left for a hotel in downtown Mumbai for a meeting with Securities and Exchange Board of India (SEBI) chairman G N Bajpai and IDBI chairman and managing director M Damodaran. According to information available here, Mr Chidambaram is slated to interact with foreign institutional investors, heads of the Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC), and Unit Trust of India (UTI) on Thursday. Others who will meet the Finance Minister on Thursday include Mukesh Ambani, Anil Ambani, Kumaramangalam Birla, Adi Godrej, Rahul Bajaj, Ratan Tata and others. The UPA government has been concerned with the stock markets falling more than a thousand points in the past several weeks. The decline was accelerated when the National Democratic Alliance government suffered a shock defeat. Statements by the Left parties that are part of the government resulted in the loss of confidence among the investing community. Before coming to Mumbai, Chidambaram told reporters in Delhi that the government was committed to reforms. The investing community welcomed the Finance Minister to Mumbai by pushing up the Sensex in a big way Wednesday. The BSE sensitive index closed with a gain of 89 points at 4,924. However the Sensex is still way below the 6100-point mark it touched in April. On Wednesday the Nifty moved up 27 points to end at 1,535.
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49 pc FDI cap for airport upgradation
New Delhi, June 2 The minister, addressing his first press conference at the Rajiv Gandhi Bhavan said his ministry had decided to review the policy of the earlier government in regard to modernisation of airports at Delhi and Mumbai. Now while 26 per cent equity in the special purpose vehicle (SPV) would remain with the Airports Authority of India (AAI), a minimum of 25 per cent of the equity would be reserved for Indian companies or financial institutions. The rest of the 49 per cent would be available for the foreign investment. The minister, while denying that the issue of airport modernisation had come up during his recent meetings with the Mittals of the Bharti group and the Ambanis of Reliance, said the only clause would be that they must have a foreign technical collaboration. July 20 will be the last date for inviting expressions of interest from developers across the globe.
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Intra-SAARC trade increase sought New Delhi, June 2 Addressing captains of Indian industry at meeting organised by the Confederation of Indian Industry (CII) here, Mr Khan said there was the need for formation of a time-bound task force, in addition to the existing joint economic task force, to increase intra-regional trade. At the same time, he expressed unhappiness about the Indian government ordering anti-dumping investigations against import of dry batteries and said that this sent a wrong signal to the business world. He said the Mr P Chidambaram, who was the Commerce Minister in 1995, had assured during that time that the concerned circular to this effect would be issued soon. “In fact, in 1995 the then Commerce Minister P Chidambaram had promised me that the circular granting the concession will be issued by the time you return to Dhaka. But there is no sign of that circular,” Mr Khan said. On the disappointing pace of the SAFTA framework agreement, Mr Khan said that the reason for the slow development was the “suffering from the legacy of mutual mistrust and fear of the unknown”. He said that bigger steps were needed to be taken towards confidence building measures between India and Bangladesh, as Bangladesh and India cannot “divorce each other.”
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Revival of Alliance Air on the cards New Delhi, June 2 The new government would also re-examine plans by Air-India (A-I) and Indian Airlines (IA) to buy new aircraft, Civil Aviation Minister Praful Patel said here. However, there were indications that the new minister may take a fresh look at the proposals of the IA and A-I boards as regards the acquisition plans. “We want to have a fresh look at the exercise. The global scenario has changed. The prices have changed but no decision has been taken yet,” the minister said. As regards the Alliance Air revival plans the minister said all Boeing 737-200 aircraft with the airlines would be phased out as they were more than 20 years old. The ministry plans to lease 11 A-319 aircrafts for the airlines by the turn of the year for them to be place for flying by the first quarter of the next year.
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New biotech policy soon New Delhi, June 2 Speaking to media persons here today, he said, “We will soon announce a comprehensive new bio-technology policy to enable drug manufacturers to develop new products and market them in the world. It will also give due importance to the demands of the industry to relax regulations for clinical trials and certification of drugs,” he said. Mr Sibal said the department would emphasise developing India as a leader in the clinical trial facilities.
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GAIL may hit New York exchange
New Delhi, June 2 “During the course of the government’s recent offer for sale of 10 per cent equity in GAIL, international investors raised concern over low liquidity and tradability of GDRs and suggested that GAIL should consider converting GDRs into ADRs,” company sources said. At present, GDRs constitute about 6.5 per cent of the company’s capital. “We felt that to improve liquidity and have international presence, GDRs should be converted into ADRs as in the case of MTNL and VSNL,” they said.
— PTI
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Hero, Honda renew pact for 10 years
New Delhi, June 2 Hero Honda Motors had inked an equity and technical collaboration agreement with Honda Motor Company in 1984, which was renewed in 1994. Today, the agreement was extended for another 10 years. The Hero group and Honda Motor Company hold 26 per cent each in Hero Honda Motors.
— PTI
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Job-seekers say Yahoo!
Mumbai, June 2 Naukri.com CEO Sanjeev Bikhchandani said through this tie-up, the company would reach out to over three crore Indian registered users of Yahoo! India and on the Yahoo! network. Hughes Escorts
Hughes Escorts Communications Ltd today announced the launch of satellite-based broadband VPN services on its DiRECWAY platform. “The service which delivers secure, true broadband connectivity across the country, is primarily targeted at connecting the remote sites of the enterprise, which include sales offices, branch and remote sites as well as distributors,” a Hughes release said here. The company said DiRECWAY Broadband satellite VPN is positioned to offer connectivity at broadband speeds of 256 kbps and 512 kbps.
VIA Technologies
VIA Technologies today launched a new chipset K8T800 for improving performance in Personal Computers besides delivering the ultimate PC gaming and entertainment experience. The new chip provides support to new Advanced Micro Devices (AMD) Athlon 64 processors for improving performance in Personal Computers.
Logitech
Computer hardware company Logitech today announced the launch of a complete range of black products like mouse, keyboard and other IT products as well as a new ‘Go Optical’ exchange programme across India. The two-pronged strategy adopted by the company is aimed at upgrading the ball mouse market in India to optical mouse at affordable prices, a company statement said here.
UTStarcom
UTStarcom Inc, a provider of IP access networking and services, today announced the opening of its technical support centre for Asia-Pacific region at Gurgaon, near here. The centre currently has 13 engineers.
— Agencies
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privatisation gets Leftists' support. (
