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Business Briefs

Dip in core sector growth

New Delhi, Oct. 21: Reversing the sharp recoveries during the last two months, the six infrastructure industries posted a dismal 1.7 per cent growth rate during September. Growth rate of the six sectors comprising crude oil, refinery production, coal, electricity, cement and finished steel fell from highs of 9.3 per cent in July mainly on account of poor showing by coal, electricity and crude oil. The six infrastructure industries had posted a growth rate of 4.1 per cent in September last year. The growth rate during the first half of current fiscal (April-September) was, however, an impressive 6 per cent as opposed to a lowly 1.5 per cent in the year ago period.

Provident fund

New Delhi, Oct. 21: The board of trustees of the Employees Provident Fund (EPF) will meet here on Tuesday to consider formal acceptance of the business process re-engineering report and its financial implications. The report contains recommendations on how to make EPFO a world class organisation, delivering the best possible services.

Scam probe

Calcutta, Oct. 21: Calcutta Police today interrogated K. C. Bandopadhyay, the managing director of Stock Holding Corporation of India Ltd (SHCIL) in connection with the Rs 120-crore securities scam.

Natural gas

New Delhi, Oct. 21: The Cabinet is likely to consider a proposal on Tuesday to deregulate natural gas prices by removing the existing floor and ceiling prices. As per the proposal mooted by ministry of petroleum and natural gas, natural gas prices would be linked to 100 per cent fuel oil parity by December 2003 in three phases.

Dabhol review

Mumbai, Oct. 21: The Industrial Development Bank of India-led lenders to the troubled Dabhol Power Company today finalised its visit to the idle power plant on October 28-30 for taking stock of the current status and possible damage to the $ 3 billion facility.

IDFC fund

New Delhi, Oct. 21: The Infrastructure Development Finance Company (IDFC) today said it was awaiting clarification from the government for setting up infrastructure equity fund with a Rs 1000 crore initial corpus, as proposed in this year’s budget.


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