Bizbits

British Telecom

MUMBAI: British Telecom, which has invested 1 billion in the Asia Pacific region during the last six months, has decided to freeze all investment plans in the country. BT managing director India amp; Saarc Arun Seth said that until there was certainty over the shape of the final telecom policy, investment decisions for India could not be made.

BPCL stake

MUMBAI: The Centre is examining a proposal for the oil sector, which will involve BPCLpicking up about 10 per cent Government holding in Oil India. In turn, the upstream company will be given the option of taking up to 3 per cent of the Centre8217;s stake in BPCL, which stands at 66 .

Floatglass India

MUMBAI: Floatglass India Ltd is headed for the BIFR. The company has informed the BSE that it has been quot;running through a bad phasequot;, and is, therefore, a potentially sick company under Section 23 of the Sick Industrial Companies Act. The company8217;s accumulated losses as on March 1998, stood at Rs 191.15 crore.

NSE securities lending

MUMBAI: The National Stock Exchange NSE and the National Securities Clearing Corporation NSCCL will go live with the inaugural session for automated lending and borrowing mechanism ALMB for lending and borrowing of securities on Wednesday. This will be the first time any institution, approved by SEBI, will be conducting the securities lending and borrowing transaction based on international practices.

A mock trading session for proposedlending and borrowing system was conducted successfully on February 6. To begin with 20 securities, eligible for compulsory trading in dematerialised modes, would be eligible for automated lending and borrowing mechanism more securities will be added to this list as and when they become eligible for trading in compulsory demat mode.

Shivamrut launches Tetra Fino pack

MUMBAI: Shivamrut Dudh Utpadak Sahakari Sangh Ltd, engaged in procuring 1.60 lakh ltrs of milk every day from 36,000 farmers belonging to 330 village level milk co-operatives operating out of Akluj in Solapur, has adopted the international Tetra Fino packaging to provide superior quality milk with lasting freshness. The Tetra Fino process only accepts raw milk of very high international standard, which is procured and processed by Shivamrut Milk Union.

UTI relaunches Rajlakshmi scheme

MUMBAI: Unit Trust of India UTI is relaunching its most popular children segment scheme for the girl child, Rajlakshmi Unit Plan II fromFebruary 8, 1999. This is an exclusive plan for the benefit of a girl child, not exceeding five year of age.

The minimum amout of Rs 1,500 invested in the name of a girl child upto and including one year of age would become Rs 15,000 after a lock-in-period of 20 years ie. 10 times in 20 years. Being an irrevocable gift, the maturity proceeds will be given only to the beneficiary.

State bonds

MUMBAI: The cash-strapped Maharashtra government today received good response for the different bonds it floated for the four corporations of the Irrigation department. On the first day of the sale of bonds, a whopping Rs 105 crore were deposited in the state exchequer. Chief minister Narayan Rane in presence of his deputy Gopinath Munde, Irrigation minister Khadse, chief secretary P Subramanyam, CM secretary Johny Joseph and finance secretary formally inaugurated the sale of bonds.

Thomas Cook

MUMBAI: The board of directors of Thomas Cook India Ltd will meet on February 24 to consider theaccounts and dividend for the year ended December 1998.