Executive Briefing
FE NEWS SERVICE
Cabinet clears Nalco expansion plan: The cabinet on Tuesday approved a proposal by the National Aluminium Company to expand the capacity of its smelter to 345,000 tonnes a year from 230,000 tonnes. The expansion plan has been pending for more than two years now.Marico eyes Mediker brand: People familiar with the matter say Marico Industries has evinced interest in acquiring Procter & Gamble's Mediker shampoo brand. The purported move comes in the wake of reports saying that Reckitt & Colman and Godrej had spurned offers to buy the brand. Analysts say Marico's interest in Mediker could be an indication that it could be thinking of extending its hair-care range to cover medicated shampoos. ONGC-BPCL venture shelved: A planned joint venture between the state-run Oil and Natural Gas Corporation and Bharat Petroleum to set up an aromatic plant at Hazira in Gujarat has been deferred for now. People familiar with the matter say that Bharat Petroleum had decided against immediate
implementation of the project as ICICI had projected a low internal rate of return. RBI decision on TMB share transfer not now: The Reserve Bank will not take a decision on the takeover of Tamilnad Mercantile Bank by non-resident industrialist C Sivasankaran till such time as the matter is under the purview of the courts. An official said on Tuesday that the central bank would announce its decision after the Chennai high court, which is hearing the case, disposes of the matter. Russian bank plan shelved: The Centre has put on hold a joint move by State Bank of India, Exim Bank and Minerals and Metals Trading Corporation to set up a bank in Moscow. The proposal, which aimed at strengthening banking and financial links between the two countries, ran into several problems after Russian citizens insisted that jobs be provided only to local passport-holders. Nikkei, Hang Seng record gains: Asian stock markets on Tuesday went their separate ways after weeks of moving in unison as local
traders began concentrating on the problems facing individual countries rather than the region as a whole. While Tokyo's Nikkei 225 Average gained 110.39 points in mid-afternoon to 16,372.43, Hong Kong's benchmark Hang Seng Index added 4.08 points to end the morning at 9,404.50. Futures bourse pins hope on spice meet: Traders at the Cochin pepper futures exchange say that a forthcoming international meet on spices will come as a shot in the arm for the fledgling exchange. Traders say the World Spice Congress, which is scheduled to begin later this week in Chennai, will attract no fewer than 400 dealers from around the world, providing a platform for the nascent futures' exchange. The bourse has no foreign traders on its rolls now. Setback for Karnataka Janata Dal: The ruling Janata Dal in Karnataka led by chief minister JH Patel suffered a setback on Tuesday after three ministers announced their decision to quit the party. Industries minister RV Deshpande, revenue minister Ramesh Jigajinagi,minister of state for sports Ajayakumar Sarnayak quit the ministry to join the Rashtreeya Nava Nirmana Vedike, a non-political forum floated by former chief minister Ramakrishna Hegde.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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