DGFT expands EPCG scope: The Directorate General of Foreign Trade has expanded the scope of the Export Promotion Capital Goods (EPCG) scheme in a bid to boost agricultural exports. According to the commerce ministry, import of irrigation equipments has been allowed provided the ownership of the equipment rests with EPCG licence holders.

Bezbaruah's transfer challenged: The repatriation of enforcement director MK Bezbaruah to the Delhi government as transport secretary was challenged in the Supreme Court on Monday by way of a writ petition. The petitioner -- Centre for Public Interest Litigations -- has sought a stayon both the centre's order to repatriate Bezbaruah as well as a consequent order which appointed MC Joshi as the acting director of the enforcement.

Tata Airline proposal deferred again: The Tata Airline proposal continues to be jinxed with the FIPB postponing its meeting on Monday in the wake of the bureaucratic reshuffle at the centre. The proposal is likely to be taken up by the board at its next meeting on August 22.

Centre shifts 148 items to SIL list: The government has moved 148 items to the special import licence list, the commerce ministry said on Monday. This follows the commerce minister's assurance to the industry that the items will be shifted to SIL in view of the government's commitment to gradually remove quantitative restrictions.

Cegat defers verdict in ITC case: The Customs Excise and Gold (Control) Apellate Tribunal has postponed its final verdict in the case involving the alleged excise evasion by ITC till September 4. The final judgment of the Cegat wasearlier slated to be delivered on Monday.

Bisleri loss may hurt Coca-Cola: Ramesh Chauhan's decision to keep the Bisleri brand while selling out his bottling operations to Coca-Cola India last week may see the coke major lose more than three per cent of its market share in the carbonated soft drinks market. This is approximately the share Coke enjoyed through the Bisleri brand.

Sona Steering to alter name: Sona Steering Systems Ltd has approached the government to change its name to Sona Koyo Steering Systems following an increase in the foreign partner's stake in the joint venture company. Koyo Seiko Co' stake in the company now stands at 21 per cent following a preferential issue.

IOC restores LPG facility at Kandla: Indian Oil Corporation on Monday said that it has restored its LPG import facility at Kandla in Gujarat which was damaged in the June 9 cyclonic storm at a cost of Rs 9 crore. The company added that the tank truck and tank wagon facilities had been fullyrestored.

Sensex sheds 52 points: Falling Asian markets once again prompted local punters and foreign funds to liquidate a considerable chunk of their holdings on Monday. The Sensex fell by 51.68 points to close at a new 52-week low of 2,917.07 points. The S&P CNX Nifty index closed at 854.55 points to register a loss of 9.55 points.

Rupee falls to 43.17: SBI's decision to extend the closure date of the Resurgent India Bonds by a week hit market sentiment on Monday, with the rupee losing 6-7 paise against the dollar. The rupee opened at 43.13/15 and touched an intra-day low of 43.24 before recovering marginally to close at 43.16/17. The one-month forward premia closed at 8.2 per cent, up by 50 basis points from Friday's level. The three-month, six-month and yearly annualised premiums quoted higher at 8.37 per cent (7.88 per cent), 8.47 per cent (8.15 per cent) and 9.32 (9.00 per cent), respectively.

Forex reserves rise to $27.12 bn: India's foreign exchange reserves went up by $39million to touch $27.12 billion in the week to August 7. The reserves went up on account of an identical rise in foreign currency assets to $24.04 billion. The gold and SDR reserves remained unchanged. The Ways and Means Advances went up to Rs 5,560 crore on July 31, up from Rs 3,679 crore in the previous year. Bank credit fell by 0.1 per cent in the fortnight ended July 31 to Rs 322,566 crore while aggregate deposits increased by 1.1 per cent to Rs 612,375 crore during the same period.

`UBI inflated net profit figure': The statutory auditors of United Bank of India have charged the bank of inflating its 1997-98 net profit figure by Rs 135 crore. The Calcutta-based bank posted a net profit of Rs 9.62 crore for the year ended March 31, 1998, compared with a net loss of Rs 113.64 crore in the previous year.

`Pare government holding in PSU banks': Bank of Baroda chairman K Kannan has made a strong pitch for the dilution of government stake in public-sector banks below 51 per cent. Kannancalled for the reduction during a presentation before the Standing Committee of Parliament on Finance last week. This is perhaps the first instance of a nationalised bank chairman favouring the dilution of government stake in the banking sector.

SC approves revised Cauvery water scheme: The seven-year-old row over the implementation of the contentious interim award in the Cauvery water case came to an end on Monday when the Supreme Court put its seal of approval on the scheme framed and notified by the centre in this regard.