The Telegraph
Since 1st March, 1999
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Business Briefs

Axe hangs on two Zee units

Mumbai, Sept. 26: Zee Telefilms Ltd is planning to divest its loss-making subsidiaries, Zee Interactive Ltd and E-connect, although it is planning to invest Rs 400 crore for conditional access system and direct-to-home services in India. “We believe that these two businesses no longer fit into the long-term strategic plans of the company and have decided to write off Rs 61.2 crore from our investments,” Zee group chairman Subash Chandra told shareholders at the company’s annual general meeting today.

WiLL ruling

New Delhi, Sept. 26: The Telecom Dispute Settlement Appellate Tribunal is likely to announce tomorrow its ruling on whether limited mobility operators can provide telephone services which extend beyond the short distance charging area.

Telecom meet

New Delhi, Sept. 26: Minister for communications and information technology, Arun Shourie, will soon convene a meeting of Telecom Equipment Manufacturers Association, BSNL and MTNL to review the progress on issues related to procurement and payment.

Oriental Bank

New Delhi, Sept. 26: Oriental Bank of Commerce today tied-up with MasterCard International to launch the country’s first pre-paid card which will be available in pre-denominated currencies between Rs 1,000 and Rs 50,000.

Hudco rates

New Delhi, Sept. 26: The government has asked Housing and Urban Development Corporation (Hudco) to review its interest rates on individual and project loans in line with market rates.

GDP growth

New Delhi, Sept. 26: Prime Minister’s office today said it was confident that the country would be able to record 6.5 per cent economic growth this fiscal, but expressed concern over rising fiscal deficit and sharp appreciation in the rupee.

Pfizer result

Mumbai, Sept. 26: Pfizer Ltd has restated its results for the three quarters ended February 28, May 31 and August 31, 2003, after adjustments and in compliance with the company’s accounting policies, due to its merger with Parke-Davis (India) Ltd.

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