India Briefs

In a fallout of the terror attacks in the US, Indian aluminium producers have been forced to scale down prices of their products. All the domestic majors including Hindalco, Nalco and Balco have announced an average cut of Rs 1,500 per tonne of ingots, the basic product.

Fiat India has sold 1,100 Palios in the first two das since deliveries began on September 29. Fiat dealers are having a tough time meeting the demand for the car, which is being sold on a first-come-first-serve basis.

India's largest private sector steel company, Tata Steel, says it will post lower profits for the second quarter. The company has been hit by falling prices and stagnant demand, a a common thread linking the steel sector across the world.

Growth in the software services sector has been revised downwards by most analysts to 15-18 per cent from the 30-40 per cent expected earlier, for the current year 2001-02. Top-tier companies are expected to grow 20 to 25 per cent in FY02, while smaller companies are expected to record negative or little growth.

Dena Bank has finalised a major restructuring plan in a bid to bring the loss-making bank back into the black in the next three years. The plan submitted to the finance ministry seeks to bring down non-performing assets by Rs 200 crore, while tightening recovery procedures, closing down or merging loss-making branches and mobilising low-cost deposits.

British Gas has agreed to buy the assets of Enron Oil and Gas India for $388 mn. The assets include a 30 per cent stake in the Tapti gas field and the Panna/Mukta oil and gas fields as well as a 62.24 per cent interest in a license to explore the west coast-based CB-OS/1 block.