Central Team To Assess Drought In TN

Updated: Jan 28 2003, 05:30am hrs
A four-member Central team of officials will arrive here on Tuesday for an on-the-spot assessment of the drought situation in Tamil Nadu, where all 28 districts, other than Chennai, had been declared as drought-hit by the state government, official sources said. The team, the second in the past five months, will be headed by joint secretary in the Union agriculture ministry, Ajit Bahuguna.

Talks Continue To End SSCL Stalemate
An indefinite strike by about one lakh workers of Sigareni Collieries Company Limited (SSCL) in the coal belts of Andhra Pradesh entered the sixth day Monday even as negotiations continued between the management and the employees union. Talks were resumed in a bid to end the stalemate, staff officer to SSCL chairman-cum-managing director, Chandra Shekhara, said.

CPCL Net Declines To Rs 32.38 Cr
Chennai Petroleum Corporation Ltd (CPCL) has reported a marginal decline in net profit to Rs 32.38 crore (Rs 34.95 crore) for the third quarter ended December 2002. Net sales stood at Rs 2257.58 crore (Rs 1604.33 crore). Total expenditure stood at Rs 2163.79 crore (Rs 1519.22 crore). Paid-up share capital remained unchanged at Rs 149 crore.

SBLL Posts Rs 2.28 Cr Net
Chennai-based Sundaram Brake Linings Ltd has posted a net profit of Rs 2.28 crore during the quarter ended December 2002 as against Rs 1.81 crore in the corresponding period of the previous year. Net sales has gone up by about 20 per cent from 22.06 crore to Rs 26.52 crore. Interest and depreciation charges were Rs 0.59 crore (Rs 0.88 crore) and Rs 0.89 crore (Rs 0.88 crore) respectively.

Lakshmi Mills Q3 Net At Rs 37 Lakhs
The Lakshmi Mills Company Ltd has reported a net profit of Rs 37 lakhs for the third quarter ended December 2002, as against a loss of Rs 2.08 crore during the corresponding period last. Net sales stood at Rs 44.36 crore (Rs 43.20 crore). Paid-up share capital remained unchanged at Rs 6.95 crore.

IDBI Bank Launches Preferred Banking Services
IDBI Bank has launched `preferred banking' services in Chennai. The initiative is aimed at providing value added services to a select set of customers who are high networth individuals. Some of the exclusive privileges for a preferred customer are preferential rates on loans, locker facilities at discounted rates and waiver of charges on select banking transactions. Besides, they also enjoy the benefit of a dedicated preferred customer manager who would advice them on profitable aspects of banking and investment. Eligibility criteria for a preferred customer is to maintain balance of Rs 1 lakh in savings account or Rs 50,000 in current account or to have a fixed deposit of Rs 10 lakh. The bank has nearly 15,000 eligible preferred customers across the country including 1,000 in Chennai city, said Mr Ajay Bimbhet, country head, retail banking.

Coca-Cola Cuts Prices In TN
Coca-Cola on Monday announced its decision to slash prices of its carbonated softdrinks in Tamil Nadu by over 15 per cent. The company has now priced its 200 ml bottle at Rs 5 and Rs 8 for its 300 ml bottle. The company has dropped the prices to enhance its market share in the state, according to a company statement.

Gold Prices Soar To New High
In a trend not witnessed before for several years in the Chennai bullion market, the price of 22ct gold on Monday went upto a record high of Rs 549 per gram (Rs 4392 per soverign). The heightened tension in Iraq following the possibility of a US-led war and the tendency of the investors to go for gold has pushed up the price, Madras Bullion and Diamond Merchants Association president C K Pandurangan said.

SC Admits Stalin Petition
The Supreme Court on Monday admitted a petition filed by DMK chief Karunanidhi's son M K Stalin challenging a Madras High Court order ousting him from the post of Chennai mayor on the ground that no person can occupy the post for two consecutive terms. A bench comprising Justice R C lahoti and Justice B P Singh admitted the petition and directed its listing along with another petition on the same issue pending before the apex court.