Three-, five-year papers devolve on RBI
The Reserve Bank of India (RBI) has signalled a steep hike in the short- and medium-term interest rates by stepping up the coupon on three- and five-year government stocks at its triple-bond auction.

Tisco places Rs 100-crore debentures with LIC
Tata Iron and Steel Co has made a private placement of non-convertible debentures worth Rs 100 crore with Life Insurance Corporation of India. The debentures carry a coupon rate of 14% per annum payable half-yearly. The debentures are redeemable in three years and have a face value of Rs 100 each.

Jindal Strips board clears non-core wings' hive-off
The board of directors of Jindal Strips has approved hiving off the non-core businesses of the largest stainless steel producer in the country, splitting its equity capital and spinning off a new company. The proposal will now have to be approved by the company's shareholders and subsequently by the high court.

CORPORATE
Central budgetary cut forces AAI to go it alone
German cosmetics giant plans to double volume

ECONOMY
Maharashtra awards Worli hospital project to ILFS
Cotton yarn exports to non-quota countries dip

EXPRESSIONS
Hindustan Oil Exploration moves pay off
Texmaco morphs its role, reaps booty

MARKETS
`Repurchase hopes lure bargain-hunters to Canbonus
OTCEI's revival package finds few takers

LEISURE
Raj art up for sale at reasonable prices
Navy to theology: The top career man had a go at it all