The Mumbai-based Forex brokers' body is contemplating legal action against Reuters' decision to unveil electronic broking. The wire agency, which plans to install the system within the next 15 days, enjoys the full backing of bankers. The body, however, feels that Reuters has violated RBI and Fedai-set guidelines. Analysts say the wire agency will undercut brokers by a wide margin once its system begins to hum.

Mansingh is new high commissioner to UK:

Fifty-seven-year-old career diplomat Lalit Mansingh will be the country's new high commissioner to the United Kingdom. Mansingh, who is at present secretary (west) in the external affairs ministry, will step into the shoes of former foreign secretary Salman Haidar.

Zenith promoters to hike stake:

Zenith Ltd's promoters will hike their stake in the firm from 30 per cent to 40 per cent through the conversion of 75 per cent of cumulative convertible preference shares (CCPS) into equity and therest into redeemable preference shares. Financial institutions' stake, however, will remain unchanged as 70 per cent of CCPS will be converted into redeemable preference shares and the rest into equity. The cut-off date for conversion will be September 30.

SBI may keep Resurgent Bond issue open beyond Aug 17:

The State Bank may keep its Resurgent India Bond issue open beyond August 17, the earliest closing date. Chairman MS Verma said on Thursday that part of the RIB proceeds might be used to fulfil financial institutions' forex commitments to domestic firms.

Akali Dal threat:

The BJP-led government on Thursday once again found itself in a crisis after the Shiromoni Akali Dal threatened to pull out of the shaky coalition. The party demanded Udham Singh Nagar's exclusion from the planned Uttaranchal state. BJP spokesman Venkaiah Naidu, however, took the threat on his chin and said prime minister Atal Bihari Vajpayee would soon take up the issue with the Akali Dal leadership.

L&Tplan:

L&T intends to become one of the major players in cement, director SS Marathe told the firm's 53rd annual general meeting on Thursday. He said L&T enjoyed intrinsic advantages in its cement operations over its rivals as its main plants were located in the shortage-prone western, northern parts of the country and around 70 per cent of the project costs was met by in-house supplies. The per capita cement consumption in the country is a piddling 80 kg, compared with China's 500 kg and Sri Lanka's 240 kg.

Divestment may net Voltas around Rs 215 cr:

Voltas Ltd, a Tata group company, will pocket Rs 160 crore from the transfer of its white-goods' wing to the planned 80:20 venture with AB Electrolux. The firm may be richer by another Rs 55 crore from the sale of its agrochemicals division to Ralchem Pesticides, a wholly owned subsidiary of Rallis India. The divestment will help Voltas beef up its air-conditioning and engineering businesses and exit from agrochemicals and white-goodsoperations.

VSNL feat:

The state-run VSNL has become the second largest stake holder in ICO Global, a consortium of international telecom firms that will offer satellite-based global hand-held personal mobile communication services, after it subscribed to a rights issue by investing $46 million. VSNL's 8 per cent stake is next only to Inmarsat's 15 per cent. It has a pact with ICO Global to set up, operate and maintain the consortium's international gateway in the country.

Court stays health department vaccine purchase:

The Mumbai high court on Thursday stayed the department of health and family welfare's purchase of 2,000-lakh doses of oral-polio vaccine from the Delhi-based Radicura and state-run Bibcol till August 19. Haffkine Bio-Pharmaceutical, a state government-run firm, had moved the court alleging the department had committed irregularities in its deal with the two companies.

Court adjourns Hoechst union plea:

A city court has adjourned Hoechst Employees Union'sapplication challenging the amalgamation of Roussel India with Hoechst Marion Roussel to August 27. The union alleged that Hoechst Marion has violated the Companies Act by not placing before the court its audited results.

Usha International's Q1 profit jumps 66% to Rs 1.35 cr:

Usha International, part of the Shriram group, said on Thursday that its profit for the first quarter of 1998-99 had jumped 66 per cent to Rs 1.35 crore. Sales spurted 25 per cent to Rs 96.74 crore.

Sun Microsystems wholly owned subsidiary:

Sun Microsystems on Thursday announced that it had set up its wholly owned subsidiary from July 1. It will enjoy a category A status. Managing director Bhaskar Pramanik said Sun Microsystems had recorded a growth of 26 per cent.

Sensex slips 37 points:

Shares on the Bombay Stock Exchange closed lower on Thursday on late afternoon selling after the Shiromani Akali Dal threatened to withdraw support from the BJP-led government. Wednesday's export-boosting packagewhich commerce minister Ramakrishna Hegde hoped would help achieve the year's 20 per cent growth target, did not impress the market, dealers said. The benchmark BSE 30-Share Sensitive Index closed its Thursday's innings at 3096.33 points, down 37.09 points.

OBC net jumps 40% to Rs 66 cr:

Oriental Bank of Commerce said on Thursday that its net profit for the first quarter of 1998-99 had jumped 40 per cent to Rs 65.97 crore, versus the year-ago period's Rs 47.23 crore. Total income grew 31 per cent to Rs 463.70 crore against Rs 354.92 crore, while interest income was Rs 431.72 crore against Rs 327.83 crore.

Bankers mixed on possibility of a rate cut:

Bankers and analysts were mixed on the possibility of a cut in the Reserve Bank's bank rate after the government announced cuts in export credit rates on Wednesday. Forex dealers said on Thursday they expected a cut in the bank rate, which at present stands at 9 per cent, as there was now no difference between it and the export creditrates.

Rupee ends weaker:

The rupee on Thursday ended weaker against the greenback on corporate dollar purchases, dealers said. The rupee ended at 42.48/50 a dollar against the previous close of 42.45/48. Dealers said a strong demand for the dollar from major foreign banks kept the rupee under pressure.

Kashmiri militants abduct 9; 6 killed in J&K:

Suspected Hizb militants, who killed 35 labourers in the Chamba district of Himachal Pradesh on Monday, have taken six people hostage, official sources said on Thursday. Six persons, including a BSF jawan, were killed and 21 wounded in the strife-torn Kashmir valley.