Nortel may sell optical parts unit for $100 bn
Nortel Networks Corp and Corning Inc are in serious talks about a possible combination that would involve selling Nortel's optical-parts business to Corning in a deal that could be valued at more than $100 billion. While the two companies have had discussions for some time, a deal isn't imminent and the talks could break down at any time.Rupee recovers
The rupee recovered by almost 30 paise on Monday even as bond prices fell by nearly 100 paise in response to the Reserve Bank's tough measure announced on Friday. The rupee opened stronger right at start of trades at 44.70/72 from its last close at 45.01/02, and closed at 44.74/75.
Centre may relax uplinking policy
The government on Tuesday is likely to review its policy on allowing uplinking from within the country. At the cabinet meeting to be held here, a decision is expected to be taken to relax uplinking terms by permitting India-managed news agencies to uplink directly to foreign satellites.
DoD clears HLL stake sale
The Department of Disinvestment has cleared the sale of 51 per cent government equity in Hindustan Latex Ltd. Decision on the company is expected to be taken at the next cabinet committee on disinvestment meet which will be held after the monsoon session of Parliament. At present, the government owns all shares of Hindustan Latex, which makes condoms, copper-T, oral pills and blood bags.
Petronet rules out 26% for MRPL
The board of Petronet India has virtually ruled out giving Mangalore Refinery and Petrochemicals (MRPL) a 26 per cent stake in the proposed Rs 650 crore Mangalore-Bangalore pipeline (MBPL). Hindustan Petroleum Corporation, the lead company, has already expressed its intention to hold 26 per cent in the project.
Turner in talks with Sri Adhikari
Turner International India is in advanced talks with Sri Adhikari Brothers Television Network to distribute the Hindi entertainment channel SABe TV in the country. This will be the first local channel in the Turner distribution bouquet.
GAIL net up 107 per cent to Rs 280cr
GAS Authority of India Ltd has reported a jump of 107 per cent in its net profit at Rs 280 crore on a turnover of Rs 2,400 crore for the first quarter ended June 2000. The company's net profit during April to June 1999 in the previous year stood at Rs 135 crore on a turnover of Rs 1,600 crore.
Indian Bank to get Rs 1,750 cr funds
THE Union government has finally agreed to recapitalise Indian Bank to the tune of Rs 1,750 crore. The bank, according to its chairperson and managing director Ranjana Kumar, will get the funds by December this year. This desperately needed infusion will shore-up the beleaguered bank's capital adequacy ratio to just over nine per cent. which is mandatory.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.