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Business Briefs

Export norms relaxed

New Delhi, Jan. 10: The government today relaxed export obligation norms and extended the facility of letter of credit to duty free replenishment certificate holders. The Directorate General of Foreign Trade also extended the facility of back-to-back inland letter of credit to DFRC (duty free replenishment certificate) holders. Until now, this facility was available only to advance licence holders.

Sorabjee view

New Delhi, Jan. 10: Attorney general Soli Sorabjee has sought more information from disinvestment secretary Pradeep Baijal for framing opinion on the privatisation of HPCL and BPCL and is likely to give his opinion next week.

Hero Honda net

New Delhi, Jan. 10: Hero Honda has posted a 15 per cent growth in net profit to Rs 153 crore for the third quarter ended December 31, 2002 against Rs 133 crore a year ago. During the same period, the company’s net sales increased 13 per cent to Rs 1,376 crore against Rs 1,219 crore year-on-year.

Trai tariff

Indore, Jan. 10: The Telecom Regulatory Authority of India (Trai) will announce new tariff for long distance calls and also fix interconnection charges between two points for basic telephone services this month, chairman M. S. Verma said.

Oil prices up

London, Jan. 10: The price of oil edged higher at $ 29.88 per barrel as Opec energy chiefs prepared to gather in Vienna to discuss a possible output hike, though reports of a US diplomatic push in crisis-torn Venezuela pared gains, traders said.

Sebi list

Mumbai, Jan. 10: A day after releasing a list of 31 stocks for trading in the derivative segment, Sebi today informed the stock exchanges that the list has been shrunk to 26. Aftek Infosys, Global Tele, HFCL, Zee Telefilms and Software Solutions have been deleted from the list of 31 stocks.

Reliance move

New Delhi, Jan. 10: Reliance Industries Limited has rejected Gail India’s offer to build pipeline grid to transport and market the company’s recent gas find in the Krishna-Godavari basin.


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