Godrej Foods has recorded a loss of Rs 17.89 crore during 1997-98, wiping out more than half its net worth. The company will intimate the BIFR after it places a report prepared by the board of directors giving reasons for the erosion in net worth before the shareholders.

Pal-Peugeot case:

The fate of PAL-Peugeot will be decided in the next fortnight when the Mumbai high court takes up the case filed by Standard Chartered Bank for recovery of its dues amounting to nearly Rs 40 crore. A court-appointed receiver has done a valuation of the company's inventories and book debts which will be liquidated, if necessary, to square Stanchart's outstandings.

IBA to kick off wage talks today:

The finance ministry is likely to dilute its stand on dismantling the industry-wide wage pact in the banking sector by focussing only on basic and dearness allowance at the Indian Banks' Association-brokered wage deal. The IBA will kick off a fresh round of wagenegotiations with trade unions and officers' bodies on Wednesday.

Tisco not to buy Kalyani Seamless Tubes:

Tisco has dropped plans to acquire a controlling stake in the ailing Kalyani Seamless Tubes and decided to limit its relationship with the firm to its existing marketing arrangement. According to Tisco officials, the board has made a conscious decision to get out of the seamless tubes business altogether.

Hazira woes hit Indo Gulf plant:

Indo Gulf Corporation, the AV Birla group company, has informed the BSE that its fertiliser plant stopped on September 17 along with seven other plants on the HBJ gas pipeline. This is due to the non-supply of natural gas by Gail on account of the floods in the Tapti region. The company has informed the exchange that the plant will restart within a couple of days as soon as gas is available.

Escorts Finance drops preferential issue:

Escorts Finance Ltd has dropped plans to go in for a preferential issue of shares and replaced it with arights issue in the face of stiff opposition from its shareholders. The decision to float a 1:1 rights issue will be considered at the company's board meeting on Wednesday.

ECL may be referred to BIFR:

Eastern Coalfields Ltd is likely to be referred to the BIFR for the second time in 1999-2000. It came out of the BIFR net only this fiscal after its parent Coal India Ltd made financial adjustments. ECL registered losses of Rs 547 crore in 1997-98.

SRG Infotech okays acquisition:

The board of SRG Infotech (India) Ltd has approved the proposed acquisition of Silicon Valley Information Technology Corporation. The company's board has also decided to appoint chartered accountants to carry out the necessary due diligence and decide the mode of payment and consideration within three weeks. Silicon Valley Information Technology is engaged in providing integrated and Internet solutions.

Sebi reserves order on Sterlite offer case:

Sebi on Tuesday concluded its hearing on the Sterliteopen offer case, and decided to reserve its order on the same. The meeting was attended by Sterlite officials, their senior counsel CR Sundaram and the aggrieved parties including Templeton. Sebi chairman DR Mehta said the order will be delivered after putting the views of the various parties to legal scrutiny. Sterlite had earlier aborted its open offer to Indal shareholders.

Sharp fall in silver prices:

Silver prices declined sharply on Tuesday due to a steep fall in the international prices. Ready silver of .999 fineness dropped by Rs 100 to end at Rs 7,450. In London, the white metal was fixed lower at $4.89 per troy ounce against the previous close of $5.00.

JP Morgan to unveil T-bills index:

JP Morgan proposes to launch an Indian treasury bills index on Thursday. The index will form part of JP Morgan's global family of indices, the Emerging Market Bond Index and Emerging Local Market Index, which are the most widely used benchmarks for portfolio managers. The index will become areal-time indicator for the short-term interest rate markets as and when screen-based trading develops.

Raj Travels offer:

Raj Travels has announced a special discount offer for the festival season. The scheme offers a 50 per cent concession on the spouse's travel cost. This discount includes charges for airticket, airport, hotel, airport transfers, city tour, sightseeing, daily American breakfast and Indian dinner. The offer is open only on selected tours.