KARIAN: Union power minister PR Kumaramanglam on Saturday laid the foundation stone of the 300mw Chamera stage II power project at Karian in Chamba district. The project will be constructed by NHPC at an estimated Rs 1,700 crore and is expected to be completed within five years. The project will generate 1500 million units of power annually. Himachal Pradesh will get 12 per cent free power from the project.

No CLB interim relief in LML case

NEW DELHI: The Company Law Board on Friday decided not to grant interim relief in a case filed by Piaggio Vespa and Piaggio & CSpA against LML and its estranged partner and managing director Deepak Singhania. The bench has directed LML, Singhania and others to file their replies to the Piaggio petition by July 10. The petitions will be finally heard on September 8.

Dundee MF plans new scheme

NEW DELHI: Dundee Mutual Funds, sponsored by Dundee Bancorp Inc, Canada, has announced the launch of DundeeSovereign Trust - a dedicated gilt fund. This the second scheme from Dundee. The scheme has received RBI approval for investments by NRIs, overseas corporate bodies and FIIs.

HUDCO okays Rs 1,034 cr loan

NEW DELHI: Buoyed by its impressive performance last year, state-owned Hudco has okayed Rs 1,034-crore projects in the first two months of the current fiscal. The projects cover both housing and urban infrastructure, CMD V Suresh said. Sanctions had crossed Rs 6,666.67 crore in 1998-99, he said. The projects include the Worli-Bandra sea-link project at Mumbai at Rs 412.37 crore.

US stocks up, bonds dip after job data

NEW YORK: US stocks roared back yesterday, while bonds fell and the dollar ended mixed as the latest US jobs data failed to send any clear signals on the FED's next interest rate move. The government reported that only 11,000 new non-farm jobs were created in May, when most economists had expected a gain of 2,16,000. The data hinting that the economy was notgrowing as fast as expected brought a measure of relief to a stock market fretting over a possible rate increase.