Telco has effected a five-day week for a restricted two-week period in its Pune auto division in order to conserve resources. According to a company release, the move was prompted by a downturn in the automobile sector. The cost-cutting measure will also help it manufacture vehicles strictly in tune with market demand.

Custodian seeks sale of notified parties' shares: The custodian appointed under the provisions of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, has filed a petition in the Special Court seeking approval of the scheme for sale of notified parties' shares.

India Cements' payment strategy: India Cements, faced with a Rs 77-crore liability for buying out the institutional stake in Raasi Cement, has evolved a twin-track strategy for repayment - it will pay off three institutions with smaller holdings first, and make a single large payment to UTI later.

VSNL posts Rs 6,436cr turnover:VSNL has posted a record turnover of Rs 6,436 crore in 1997-98, up 22 per cent from the previous year. Acting chairman-cum-managing director Amitabh Kumar said that profits touched Rs 968 crore, a robust 92 per cent growth. The company exhibited a volume growth of 21.63 per cent over the previous year.

BPL gets nod for global roaming services: BPL Mobile has received necessary clearances from RBI, DoT and VSNL to launch international roaming in 13 countries. The services, launched in the UK, Germany, Singapore, South Africa, Hong Kong, UAE and Australia besides other countries, would enable the subscriber to retain the same number anywhere in the world, CEO AP Parigi said on Monday.

Tata Sons enters real-estate market: The Tata group has burst into real estate action marked by a purchase by chairman Ratan Tata and one by group holding company, Tata Sons. Expensive properties have also been purchased by the group's hotel and power subsidiaries. The total value of the Tata group's realestate purchases in Mumbai in the last two months alone is around Rs 15 crore.

Corn Products plans equity dilution: Corn Products Company (India) Ltd is likely to go in for equity dilution to fund the `Captain Cook' acquisition. The company is in the process of tying up funds through a mix of debt and equity, chairman and managing director Salil Punoose said on Monday.

TVS Suzuki to unveil scooter brand: TVS Suzuki on Monday announced that it will launch a 150cc four-stroke premium scooter `Spectra' on October 1. Company chairman and managing director Venu Srinivasan said that the company has plans to capture 6 per cent to 7 per cent of the scooter market initially, and sales of 15,000 units to 20,000 units during October to March.

India Steamship sinks deeper into losses: India Steamship Co Ltd sank deeper into losses even after selling four of its vessels during 1997-98. Expenditure rose on account of surveys and repairs, while income fell because most of its ships were laid upfor long periods. It reported an operating loss of Rs 6.44 crore for the year to March 31, 1998, against a loss of Rs 5.63 crore in 1996-97.

Cushman & Wakefield, Healey & Baker to merge: International property consultants Cushman & Wakefield on Monday announced a global merger with Europe-based Healey & Baker. The merger, valued at $112 million, will culminate their eight-year joint initiative and fully integrate their capabilities in the US, Asia, Europe, Africa and the Middle East.

Atul sells 1 lakh Novartis shares: Atul Ltd has informed the Bombay Stock Exchange that it has sold one lakh equity shares of Novartis India held as investments at a net price of Rs 575 per share on September 21.Vigilance chief to meet Jalan: Chief vigilance commissioner N Vittal will kick off the first round of discussions with RBI governor Bimal Jalan and SBI chief MS Verma on September 23 to overhaul the vigilance mechanism in the banking sector. The meeting assumes significance in the light of financeminister Yashwant Sinha's recent declaration that a new mechanism would be put in place to end the era of witch-hunting.

RIB inflows push M3 to 45-month high: The broad money supply growth touched a 45-month high of 20.1 per cent on August 26 on account of inflows of Rs 17,945 crore from resurgent bonds. Analysts said the rise will not have an impact on the inflation immediately. Inflation was pegged at 8.09 per cent on September 9 after touching a 148-week high of 8.48 per cent in the previous week.

New banks devising ways to stay afloat: Stung by the economic downturn, new private banks are resorting to novel ways to protect their bottomlines. While some banks have been launching newer products, others have been resorting to stringent cost-control measures. TimesBank has introduced a medium-term prime-lending rate for loans between 3 and 5 years. The bank's MTPLR is pegged at 14 per cent - 200 basis points below its PLR.

Crisil on municipal bodies' rating: A methodology for creditrating of municipal entities has been prepared by Crisil after an in-depth study of such entities in India and abroad. The methodology was used by Crisil to award a rating to the first municipal bond in the country floated by the Ahmedabad Municipal Corporation.

British industry keen on investments: The British business community looks forward to working with their Indian counterparts towards assisting them in the development of the country's infrastructure, said British Overseas Trade Board chairman Martin Laing.

Siti Cable founder shot dead: P Ramakrishna, the founder of Siti Cable and resident director of Zee TV, south India, was shot dead at his residence in Vijaywada on Monday by unidentified assailants, the police said.

Petition against Samadhan scheme adjourned: The petition filed by the All India Federation of Tax Practitioners' against the Kar Vivadh Samadhan scheme has been adjourned to September 25. At Monday's hearing, the federation filed a rejoinder to the reply filedby the finance ministry justifying the scope of the scheme.

Five leading airlines form `Oneworld': British Airways, American Airlines and three other leading carriers on Monday announced a loose alliance to be called "Oneworld" to integrate some of their customer services.