Markets regulator SEBI has decided to review a loophole in the takeover code which allows a corporate to revise its open-offer price through a negotiated deal once the deadline for revising the offer lapses. Chairman D R Mehta said on Tuesday that the move follows plaints from investors that the takeover code was silent on the matter. Scores of small investors burnt their fingers recently when Candian firm Alcan pulled off a last-minute coup in the much-touted open-offer saga for Indal shares by buying out the financial institutions' stake through a negotiated deal.

Canada puts ties back on track: Canada has decided to ensure `normal' diplomatic relations with both New Delhi and Islamabad, high commissioner Peter F Walker said on Tuesday. Canada, which was among the first countries to pull back its envoy after New Delhi announced the conduct of nuclear tests, now says that it is committed to the `process of dialogue in resolving outstandingdifferences'.

Lupin in venture with Russian firm: Drugs firm Lupin Laboratories has teamed up with a Russian distributor to float a joint venture. The venture, in which Lupin will hold a majority stake, will essentially market anti-tuberculosis and cephalosporin formulations. To be based in St Petersburg, Lupin Pragati will gradually get into the manufacture of Lupin's anti-TB range.

Eicher net slips: The Delhi-based Eicher said on Tuesday that its net profit in the year to March 1998 had fallen nearly 7 per cent to about Rs 26 crore. Officials attributed the fall to a rise in interest costs and depreciation. The company, however, recorded a marginally higher turnover of Rs 590 crore, compared with Rs 558 crore a year ago.

Hindalco not to up prices: Aluminium-producers Hindalco and Nalco are unlikely to effect any hike in the price of their ware despite the 8 per cent countervailing duty mooted in the budget. The primary-aluminium giants have decided against an immediate rise inprices primarily owing to the slower-than-expected growth in demand for the metal and the nearly 25 per cent fall in prices on the London Metals Exchange.

Lukewarm repsonse for Burroughs Wellcome VRS: A mere handful of employees at Burroughs Wellcome's Mulund unit have decided to avail themselves of voluntary retirement scheme on offer, people familiar with the matter say. Just about 35 of the 600-and-odd employees, for whom the offer was open, have vowed to sign on the dotted line, resulting in an expenditure of nearly Rs 2 crore for the company.

Reliance move may impinge on smaller players: Reliance Industries' decision to step up the price of its polyester staple fibre stock by as much as 7 per cent is likely to prompt blended textile producers to cut down their output, analysts say. Small-time yarn-makers, smitten by the move, fear that they may have to close shop as their production costs are likely to zoom.

FIs to seek foreign banks' guarantee for loans: Financial institutionsare looking at funding infrastructure projects backed by guarantees from foreign banks, people familiar with the matter say. The move comes in the wake of United States' decision to invoke the Glenn Amendment, which bars the American Exim Bank from standing guarantee to any Indian loan. The Reserve Bank is likely to permit corporates to remit guarantee fee in foreign currency to banks abroad to ensure the success of the fallback credit derivative plan.

PFC forex loan hits roadblock: ANZ Investment Bank, arranger and underwriter to Power Finance Corporation's seven-year $100-million foreign currency loan, is hard put to clinch the deal, people familiar with the matter say. Analysts say they expect a shortfall in investor response ranging between $15 million and $50 million. The heigtened risk-perception following the conduct of the Pokharan nuclear tests seems to have crippled the transacation, it is learnt.

Sensex up 52 points: The benchmark 30-scrip Sensex made a mild recovery on Tuesday,gaining almost 52 points to close the day at 3468 points. Analysts said that the fall in the value of the rupee offered an attractive valuation on several stocks, prompting dealers to run for cover. Foreign institutional investors stayed away for much of the day, in sharp contrast to Monday's trading.

Silver prices zoom: Silver prices rose sharply by Rs 260 a kg in the Mumbai bullion market on Monday, while gold firmed up Rs 70 per gram. Dealers said the rise in prices was inevitable following the fall in the value of the rupee against the dollar. Analysts say that prices are expected to inch up over the next few days, but would stabilise after that.

`China not enemy No 1': Prime minister AB Vajpayee says that New Delhi is committed to stable and long-term relations with Beijing. Vajpayee told the Egyptian Gazette on Tuesday that he did not subscribe to the view that China was the country's greatest potential enemy. New Delhi's security concerns, he said, encompassed a much wider range thanjust China.

Antitrust suit against Intel: The US Federal Trade Commission on Monday voted to file an antitrust suit against Intel Corporation, accusing the semiconductor giant of abusing its monopoly power in the microprocessor market by withholding key information from certain customers and competitors. The commission said the complaint -- which cites Digital Equipment, Compaq Computer and Intergraph as those companies that Intel sought to harm -- seeks to stop the monopoly firm from using its market dominance to withhold information from companies that have legal disputes with Intel.

Strike hits GM output: General Motors Corporation's car and sport-utility assembly plants in the United States fell silent on Monday following an ongoing strike at a Michigan metal-stamping plant. Officials said the walkout by 3,400 United Auto Workers' members at the Flint Metal Centre had so far affected 13,100 hourly workers at five assembly plants in the United States and Canada. The car-maker's assemblyoperations rely on stamped steel parts such as hoods, doors, fenders and engine cradles, sourced from the Flint Metal Centre.

Volkswagen, Renault tipped to tie up: German car-maker Volkswagen plans to tie up with the Paris-based Renault, people familiar with the matter say. Sources say that Volkswagen sought to add commercial vehicles to its Audi, Skoda and SEAT mass-market car range through a tie-up with Europe's third biggest commercial vehicles company.