The Financial Express Front Page

The Indian Express

The Financial Express

Latest News

World News

EIW

Market Indicators

Screen

Celebrity Chat

Express Computers

Advertisers Forum

Career India

Business Forum

Match Maker

Express Properties

Travel & Tourism

Information Technology

Astrosurf

Eco-India

Dr Know

Graffiti

Crossword

Drumbeat: Ad Buzzaar

Thursday, May 14, 1998

	Philips India may shift registered office Philips India will consider shifting its registered office out of Calcutta chairman DN Ghosh said on Wednesday. Ghosh's comment came in response to remarks by some shareholders at the company's 68th annual general meeting here.		Benninger alleges RPG group mismanagement in venture The RPG group's spat with equal joint venture partner Benninger AG, with which it is locked in a battle over terms of its own exit from the venture, has assumed bigger proportions with the Swiss multinational alleging that financial irregularities occurred in Benninger India at a time when the RPG group had sole responsibility for management supervision.
	Ministry to form panel to lay down norms for Petro Fed The Union ministry of petroleum and natural gas has set up a sub-group consisting of representatives from upstream, natural gas and downstream sectors to finalise the articles of association for Petro Fed, a voluntary organisation to be formed with the membership of important players. This is part of a revamp exercise to monitor deregulation of the oil sector which will see the gradual phaseout of the Oil Coordination Committee (OCC).		Pond's shareholders okay merger plan with HLL Pond's India finally got the go-ahead for its merger with Hindustan Lever (HLL) as a poll held to get shareholder approval ended up with a massive vote for the merger and the swap ratio. The merger had stymied at the May 11 extraordinary general meeting (EGM) held to clear the swap ratio of three HLL shares for every four held in Pond's, as some shareholders expressed their disappointment over the ratio.

Bajaj Auto net up 5.4% to Rs 464 crore
Bajaj Auto has posted a net profit of Rs 464.15 crore for the year ended March 31, 1998, a 5.4 per cent jump from Rs 440.57 crore recorded last year. Sales and other income totalled Rs 3,513.21 crore, a mere 1.7 per cent increase from Rs 3,454 crore in the previous year.

Round II sends Sensex crashing 161 points
Equities were battered for the second day in a row on Wednesday as the second phase of nuclear tests played havoc with market sentiment. The 30-share BSE Sensitive Index buckled under relentless selling pressure, plunging 161.37 points, or 4.11 per cent, to close below the psychological barrier of 3,822 at 3,782.76 points.

CORPORATE
HPCL kicks off trial runs for pipeline project
2 German firms to pick up stake in Maheshwar project

ECONOMY
Textile firms gear up to present view before EU
Gridco fails to attract bidders for power zones

EXPRESSIONS
Pokharan II: What the recoil could mean
A test of nerves

MARKETS
Finance ministry move to boost GDR, ADR market
Sanctions likely to drive local interest rates up

LEISURE
To grow the IIM way, or get on with market
Colonial art hardly a competition for modernism