Mitsubishi to pull out of Eicher: Japanese auto major Mitsubishi Motor Corporation plans to pull out of Eicher Motors by selling off its 7.5 per cent stake in the company, an Mitsubishi official said. Mitsubishi's New Delhi liaison office general manager Kazuhiko Take said the company is considering selling off its shareholding in Eicher Motors as it ceased to be the technology supplier to Eicher a few years back.

EU drops move against India: The European Union has dropped for the time being its proposed move to drag India to the World TradeOrganisation on the issue of 4 per cent additional import duty introduced in the budget this year. An EU official told PTI from Brussels that it was waiting for some additional information agreed to be provided by India regarding the 4 per cent additional duty. After that, EU will analyse the situation and consider the further action to be taken.

IOC chief elected to World LPG body: Indian Oil Corporation Ltd chairman MA Pathan has been elected to the board of the World LPG Association. The 12-member board was elected by a 126-member general assembly at the 11th World LPG Forum, held in Rome from October 21-23, according to a press release issued in New Delhi on Monday. WLA, established in 1987, promotes the use of liquefied petroleum gas as a safe, versatile, clean and efficient fuel--both among international bodies and within the industry worldwide.

RBI to probe spurt in non-food credit growth: The Reserve Bank of India has decided to probe the sudden spurt in non-food credit growth overthe last one month. The non-food credit during the fortnight ended October 9, 1998, has shot up by a whopping Rs 6,512 crore. With this, bank credit to the commercial sector has shot up close to Rs 11,000 crore in just 30 days as the last fortnight of September witnessed a non-food credit growth of Rs 4,258 crore.

Ingersoll Rand clarifies on results: Ingersoll Rand India, the 74 per cent-owned subsidiary of Ingersoll Rand of the US, has told the Bombay Stock Exchange that the results it recently notified to the bourse suffer in comparison with the performance the previous year because of windfall gains last year from a one-off ONGC order. It had informed the exchange earlier that for the half year ended September 30, 1998, it reported net sales of Rs 157.53 crore against a much higher Rs 203.46 crore the previous corresponding half-year.

Century Textiles posts Rs 38.5 cr H1 loss: Century Textiles has posted a net loss of Rs 38.58 crore for the six months ended September 30, 1998 against aloss of Rs 21.18 crore during the same period last year. It reported a marginal increase in net sales at Rs 988.71 crore compared with Rs 964.56 crore for the same period last year.

Rs 32.86 cr Q2 profit for IPCL: Indian Petrochemicals Corporation Ltd has posted a net profit of Rs 32.86 crore for the second quarter ended September 30, 1998 on the back of improved polymer prices and focus on supply chain management. The company, which made a huge loss during the first quarter on account of recession in the petrochemical industry, has been able to reduce the cumulative losses for the first six months ended September 30, 1998 to Rs 23.81 crore.

Colgate-Palmolive H1 net down 59.4%: Colgate-Palmolive (India), which incurred higher marketing expenditure, has posted a significant 59.49 per cent drop in net profit in the first half of the current fiscal to Rs 17.71 crore from Rs 43.72 crore in the same period last year. Net sales dropped 9.2 per cent to Rs 460.93 crore during the period from Rs508.12 crore last year. Net profit in the quarter ended September 30, 1998, too witnessed a similar drop of 59.4 per cent to Rs 9.16 crore from Rs 22.58 crore last year.