FIs concerned over HLL insider-trading issue: The FIs have expressed serious concern over Sebi's indictment of HLL on charge of insider trading of BBLIL shares. "This is a serious matter," said an FI chief, adding that the institutions will take a view on this shortly. The institutions are awaiting the detailed copy of the Sebi's judgement.ONGC to delve into Krishna-Godavari basin: The ONGC has changed priorities and will start work on deep water exploration in the Krishna-Godavari basin instead of the Kerala-Konkan region as planned earlier. The corporation's ship, Sagar Vijay, is on its way to the east coast and work here is expected to begin shorty. The change in plans has come about following a suggestion from the exploration division of the ONGC team.
Keshubhai retains home: Gujarat chief minister Keshubhai Patel has retained charge of home, ports and general administration and allotted the important portfolios of industries, parliamentary affairs and tourism to Suresh Mehta.Patel announced the list of portfolios on Friday after expanding his 10-day-old one-member BJP ministry.
Sun Paper Mills plans cogeneration unit: Newsprint manufacturer Sun Paper Mills is coming out with a public issue on March 23 this year to set up a cogeneration plant. The issue is for 82,50,000 equity shares of Rs 10 each for cash at par aggregating Rs 8.25 crore. The total project cost is estimated at Rs 23.50 crore, according to company estimates.
How Sebi demolished HLL defences: The Sebi pronouncement of guilt in the HLL insider-trading case is a landmark verdict. Not only because it is the first such case in Indian corporate history, but also because of the extraordinary lengths Sebi has gone to use HLL's own arguments to pierce its armour.
SBI Caps bail-out plan for NGEF: SBI Caps, which was recently told to prepare a valuation report on the state-owned NGEF Ltd's revival plan, will initially try for a bail-out programme acceptable to the state government.
`Whiteknight will rescue Malar': Chennai-based corporate Malar Hospitals Ltd has apparently found an overseas white knight to bail it out of the Rs 40-crore-plus hole in which it has been mired for quite some time now. S Ramamurthy, Malar's chairman and managing director, said negotiations were in the ``initial stages'' and modalities of capital infusion were being worked out.
Pivotals recover on kerb: Share prices of key pivotals recovered on the kerb on rumours that AIADMK chief Jayalalitha may relent on her stand of not supporting a BJP-led government at the centre. Reliance was trading at Rs 171.50 as against its previous close of Rs 169.20 on the BSE. The SBI was trading at Rs 273.50 as against its previous close of Rs 272.40 and ITC was at Rs 728 about the same levels as its previous close on the NSE. Tata Tea was ruling at Rs 418-19 from its previous close of Rs 416 on the BSE.
Citibank to float securitised debt issues: In an attempt to create an active secondary market for securitiseddebt, Citibank has firmed up plans to float two such issues during the first quarter of the next financial year. Both the issues with auto loans as the underlying assets will be listed on the NSE.
United India Insurance new policies: The United India Insurance Company, a subsidiary of GIC, will introduce new schemes like ``Cradle Care,'' ``Nathlahari'' and ``Marga Bandho'' from March 15.
I-Credit plans 60 branches: I-Credit, a 100 per cent subsidiary of ICICI, seeks to create a retail presence in resource rating and retail credit dissolution. To this end, I-Credit will open 60 branches in the country by the Year 2000.
SBT finally trades on BSE: After keeping everyone guessing for more than two weeks since its listing on the BSE on February 23, State Bank of Travancore has finally been traded for the first time on the BSE on March 11. SBT's maiden performance on BSE is indeed a lackadaisical one.
Deadlock at centre a breather for TDP: The political impasse at the centre,following differences between BJP and its ally AIADMK, has come as a breather for Telugu Desam which has been asked by the UF to reconsider its stand of maintaining ``equi-distance'' from both Congress and BJP.
AIADMK govt censured: The Madras high court has censured the former AIADMK government in Tamil Nadu led by Jayalalitha for causing the state a loss of Rs 80 crore in the grant of lease for black granite quarrying by violating tender norms.
Police smash ISI network in Jammu: The police have smashed a network of Pakistan's ISI and seized a huge quantity of arms and ammunition with the arrest of two active members of the gang operating in border districts of Poonch and Rajouri in the Jammu region.
`SS-BJP govt survival is an achievement': Maharashtra chief minister Manohar Joshi said the most important achievement of the Shiv Sena-BJP alliance government "is that it has survived so long" and blamed the bureaucracy for the state government's failure to deliver thegoods.
Clinton may visit India in Sept: US president Bill Clinton is likely to visit India in September, US officials said. "President Clinton is likely to make three trips to Asia this year -- to China in June, to India and Pakistan in September and the Asia Pacific Economic Cooperation Summit in late November," they said.
Naidu hopes McKinsey will do the trick: Andhra Pradesh chief minister N Chandrababu Naidu has set about in right earnest to carry out a balancing exercise of a different kind, which could prove more difficult than the political brinkmanship he has exhibited over the past few days. With the state assembly's budget session slated to begin on Monday, he has his task cut out given the difficult financial position of the government, on the brink of disaster many times in the past. Naidu is also looking forward to help from international consultants McKinsey & Co in him bailing out.
Spices Board to counter patent threat: A row over patent rights over piperine, anextract from black pepper fruits, has virtually shaken up the Spices Board and the country's spices exporters, leading to an emergent decision to launch a global offensive to pre-empt such attempts by the western countries.
Price Waterhouse, Coopers & Lybrand merger: The US justice department on Friday cleared the way for Coopers and Lybrand and Price Waterhouse to go ahead with a $13-billion merger into the world's largest accounting and consultancy firm.
Cathay Pacific may seek alliance: Cathay Pacific Airways Ltd may seek support in an alliance as it battles strong headwinds in 1998, analysts said. Cathay has previously been reluctant to tie the knot with other carriers, but may find it is getting increasingly isolated, they said.
Japan Inc faces record bankruptcies: Japan Inc is set to suffer a record level of bankruptcies in the business year ending this month and the situation may only get worse, a leading credit research firm said on Friday. Total debts held by Japanese firmsgoing bust will rise to 13.5 trillion yen ($104 bn) in 1997-98 to March 31.
South Korea recovery gets boost: South Korea's recovery prospects got a double boost on Friday as global creditors agreed to extend maturities on $21.37 billion in short-term debt held by Korean banks.
