IPCL is exploring the option of teaming up with Indian Oil Corporation to set up a petrochemicals complex in Panipat. An expert team from IPCL is believed to be evaluating the proposal which would mark a unique partnership between the two navratna companies.

SC adjourns Hiten Dalal petition:

The Supreme Court on Monday adjourned the petition of scam-tainted broker Hiten P Dalal and former assistant vice-president of Canara Bank Financial Services, S Mohan, to September 18. The petition is against an order of justice SN Variava of the special court which sentenced both the accused to seven years' rigorous imprisonment in a case involving siphoning off of around Rs 33 crore from Canfina, a wholly-owned subsidiary of Canara Bank.

Sinha promises relief package:

Finance minister Yashwant Sinha will shortly unveil a package of measures that is expected to bring back the small investor to the stock markets and revive businessconfidence in the country. The package, which will include sectoral relief, is currently being fine-tuned by the finance ministry.

Corporate Monitor

IDBI seeks audit of Dunlop accounts:

IDBI has sought an investigative audit of the books of accounts of Manu Chhabria-owned Dunlop India by an independent firm. According to a senior IDBI official, a request has already been made to the BIFR in this regard. This follows objections raised by the bankers to the company against the statutory audits of Dunlop.

VSNL to hold 20% in satellite phone firms:

VSNL will limit its equity risk to 15 per cent to 20 per cent in global satellite telephone ventures entering the country, VSNL top executive Amitabh Kumar said on Monday. The company recently made a Rs 600-crore investment in ICO Global Communications, thereby becoming the second largest shareholder in the company.

Fiat Palio plans:

Italian auto major Fiat plans to introduce its complete range of `Palio 178' vehicles in thecountry and the first car from this range will be launched next year, Fiat SpA senior vice-president Andrea Simoncelli said on Monday. According to Simoncelli, the 178 range, a family of five vehicles, will soon be manufactured in India.

HCL prepares revival plan:

Hindustan Copper Ltd has drawn up a turnaround strategy which involves the closing down of uneconomic mines and raising production capacity, chairman and managing director P Parvathisem said. The company, which reported a loss of over Rs 125 crore in 1997-98, is also planning a voluntary retirement scheme to reduce its huge wage bill.

Market Pulse

Sensex up 84 points:

The 30-share BSE Sensex recovered by 83.66 points on Monday on the back of strong buying support from operators and institutions. According to analysts, the absence of negative news and the uptrend in Asian markets propped the Sensex to a high of 3,169.55 points before ending the session at 3,167.22 points.

IDBI Bank, TimesBank postponeIPOs:

IDBI Bank, TimesBank and Centurion Bank have postponed their initial public offerings. The three private sector banks, which were supposed to tap the market this month, are now likely to float their issues in December. Sources said the banks have sought RBI's approval to extend their issues in view of the poor state of the capital markets.

Anagram Finance to prepay deposits:

Anagram Finance has initiated steps to clean up its balance sheet and convert itself into a zero-debt company ahead of its merger with ICICI. Anagram Finance plans to repay its entire debt obligation, including fixed deposits worth Rs 140 crore, ahead of schedule.

BANKING & FINANCE

Credit bureaux to get into retail lending:

Credit bureaux are finally set to change the face of retail lending in India. Credit bureaux will enable retail lending institutions like housing finance companies, credit card companies and consumer durable finance companies to check the antecedents of the borrower beforesanctioning credit to him.

B>IFC may buy stake in Ceat Finance:

Washington-based International Finance Corp is in talks with the management of Ceat Financial Services Ltd for a stake in the RPG group company, according to sources. The RPG group, which has a 62 per cent stake in Ceat Finance, is likely to reduce its holding substantially after the company's preference shares are converted into equity.

Politics & Policy

Gujarat industry minister resigns:

Gujarat's industry minister Suresh Mehta on Monday resigned from the cabinet, giving a jolt to the six-month-old Keshubhai Patel ministry and bringing to the fore the trouble brewing in the state's BJP unit over party leadership. The chief minister, however, rejected Mehta's resignation.

`Bezbaruah reinstatement temporary':

The prime minister's prinicipal secretary, Brajesh Mishra, on Monday said that the reinstatement of enforcement director MK Bezbaruah is "only temporary" and the government will select a "higher levelofficer" for the post in consultation with the Central Vigilance Commission.

Gujarat opposes WCD team visit:

The Gujarat state assembly on Friday passed a resolution opposing the proposed visit of the World Commission on Dams team to India beginning September 15 and to the Sardar Sarovar Narmada Nigam Ltd dam site on September 17. The resolution questioned the "so-called unrecognised commission's unpardonable interference in the state's sovereignty."

World Energy Council meet:

Union power minister PR Kumaramangalam will lead a 27-member delegation at the 17th Congress of the World Energy Council to be held in Houston, US, this month. Other members of the delegation include minister of state for coal Dilip Ray, power ministry secretary VK Pandit and officials from BHEL, NTPC, ONGC and Larsen & Toubro.

Rs 4,595 cr plan outlay for West Bengal:

Planning Commission deputy chairman Jaswant Singh and West Bengal chief minister Jyoti Basu on Monday finalised a plan outlay of Rs 4,595crore for West Bengal. An additional allocation for flood relief was also sanctioned.

Economy & Infrastructure

Tata body plans green rating for firms:

A voluntary eco-rating for corporates is in the offing that will double as a risk indicator. Invented by the Tata Energy Research Institute, the indicator will also help benchmark environment performance of corporates on a sectoral basis. Many developing nations use green ratings as a pressure mechanism to help raise the level of adherence to environmental standards.