Disinvestment commission member DM Nanjundappa resigned from the panel on Friday, protesting against the government's `apathy' towards the commission. Nanjundappa said that there `was no point' in working for the commission as the centre had slighted it on several occasions. Commission chairman GV Ramakrishna said that he had forwarded the resignation to the centre. Ramakrishna said the commission would go ahead with its last report, slated to be submitted some time next month.

Tatas haven't pulled out, says Patel: Karnataka chief minister JH Patel said on Friday that the Tata-led consortium, promoter of the Bangalore international airport project, had made it clear that it was not pulling out of the project, but wanted to take a fresh look at its economic viability. Patel, who earlier had a talk with J N Ratan Tata in Bangalore, said "the Tatas are quite clear" that there was no question of their withdrawing from the project.

Sun Pharma netrises 31%: Net profit at Sun Pharmaceuticals Industries has risen 31 per cent to Rs 11.82 crore for the first quarter ended June 30, 1998, as against Rs 9 crore in the corresponding period last year. Domestic sales rose 21 per cent to Rs 57.78 crore.

Ipca Labs net up: Ipca Laboratories has registered a 33 per cent jump in net profit at Rs 6.82 crore for the first quarter ended June 30, 1998 as against Rs 5.14 crore in the previous year. Total income jumped 16 per cent to touch Rs 76.01 crore as against Rs 65.38 crore.

Govt to hold majority in Nalco: The government will retain majority holding in Nalco, Union minster for steel and mines Naveen Patnaik said in Delhi on Friday. The government had diluted its stake from 100 per cent to 87 per cent in 1991-92 and the disinvestment panel had also mooted more dilution.

RIB road show from tomorrow: The SBI will kick off the road show for the Resurgent India Bond issue on July 26 at Dubai. Over the next 10 days, seven SBI teams willhawk the five-year deposit product to NRIs and OCBs. The issue will open on August 5. SBI targets a mop-up of $2 billion through this.

On denominating export deals: The Exim Bank has sought the government permission to denominate export contracts in rupees to help exporters regain competitive advantage in exports to countries of weaker currencies.

Sensex down by 56 points: Equities drifted further downwards showing a fresh loss of 56 points in the Sensex on the BSE on Friday as operators continued to unload their positions on reports of possible downgrade of Malaysian foreign currency-denominated debt ratings by Moody's. The Sensex gradually moved downwards to the intra-day low of 31,57.30 before closing at 3,171.30.

HC notice for Sebi: The Delhi High Court on Friday issued notices to the Sebi, its chairman DR Mehta, secretaries of finance, law and company affairs and agriculture and the Registrar of Companies for their alleged failure to check illegal activities of plantationcompanies.

Cogentrix hearing on Aug 18: The Supreme Court on Friday fixed August 18 for final disposal of appeals filed by Karnataka government against a high court order directing a CBI inquiry into alleged bunglings and bribery in the award of the Rs 900-crore Cogentrix power project to an American company.

BK Modi to represent VHP in UN: Industrialist and newly elected working president (external) of the Vishwa Hindu Parishad BK Modi will represent the VHP in the United Nations. Modi said the organisation would urge the United Nations to intervene to stop conversions all over the world as it was only conversions that invited reactions.

New fertiliser policy: The government will announce the fertiliser policy after discussing the recommendations of the fertilisers pricing policy review committee, chemical and fertiliser minister Surjit Singh Barnala said on Friday. Inter-ministerial consultations and dialogue with the industry have been undertaken and a new fertiliser policy willbe announced after that.

HC issues notices in cell phone case: The Delhi high court on Friday issued notices to the Centre, former minister Sukh Ram, and other respondents on a petition seeking CBI inquiry into alleged irregularities of Rs 1100 crore in allotment of licences to cell operators.