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Call rates may declineMUMBAI: Call money rates hovered around 9 per cent last week. Saturday saw the bulk of the week's inflows through t...

Call rates may decline

MUMBAI: Call money rates hovered around 9 per cent last week. Saturday saw the bulk of the week8217;s inflows through the maturity of the 13.65 per cent 1999 security. Post this inflow, liquidity is expected to improve, and call rates are expected to move towards 8.5 per cent this week. However, sales through open market operations OMO are continuing at a fast pace, with last week8217;s estimated sales about Rs 1,519 crore, including over Rs 1,000 crore of 12.60 per cent 2018 security.

Muthiah awarded CHENNAI:

AC Muthiah, vice-chairman and president, SPIC received the Rotary International District Vocational Service Award for outstanding efforts in business ethics on Sunday. Speaking on the occasion, Muthiah said that corporate houses must evolve a value system that demands and enforces the highest ethical standards in their dealings with employees, associates, customers, suppliers and others.

8220;They should be committed to the well-being of their employees and theirfamilies, providing quality products and beneficial services to customers, and strongly support social causes in promoting education, health, sports, arts and community development,8221; he said.

Neyveli Lignite

MUMBAI: Neyveli Lignite Corporation Ltd, a public sector company, has worked out a major project at an estimated cost of Rs 6,200 crore to double its power generation capacity besides modernising and expanding its fertiliser, briquetting and carbonisation plants. After the expansion, the company8217;s lignite mining capacity is expected to treble from the present 11.2 million tonnes to 33 million tonnes per annum. Similarly, the power generation capacity is targeted at 3,990 mw from the present level of 2070 mw. Speaking to newsmen in Neyveli, NLC CMDPV Bhupati said that with the materialisation of the entire expansion and modernisation programme, the company8217;s turnover was expected to go up to Rs 2,500 cr.

ICICI bonds

MUMBAI: Maharashtra Governement has notified ICICI Safety BondsJanuary 1999 as eligible for investment by trusts in the state. The government has declared the bonds offered for public subscription by ICICI, in its January 1999 issue, as public security8217; under the Bombay Public Trusts Act 1950. All charitable or religious trusts in the state are eligible to invest in the bonds without obtaining prior permission of the charity commissioner, ICICI said in a statement in Mumbai on Saturday.

Delhi power pact

NEW DELHI: Delhi has entered into an agreement with Himachal Pradesh to buy between 105 mw to 225 mw electricity during the coming summer to augment the short supply, State Power Minister Narendra Nath said in New Delhi on Saturday. The power from the hill state would be purchased at Rs 2.15 per unit, which also include 5 per cent taxes being charged by Himachal government and the monthly burden on the Capital would be between Rs 10 to Rs 20 crore depending on the quantum of electricity consumed during the particular month.

Neem products

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NEWDELHI: The Neem Mission has called for exemption of excise and sales tax for neem-based insecticides to make them competitive and attract more players to manufacturing such insecticides and other neem-based products. Chandrashekar M Ketkar of Neem Mission points out that the total turnover of neem-based pesticides is under Rs five crore and is less than 0.5 per cent of the entire pesticide industry. The central and state tax burden puts a dampener on fresh investments into commercialisation of the neem business.