Indian Oil, ONGC may join forces for domestic, overseas operations
The Indian Oil Corporation and the Oil and Natural Gas Corporation are exploring the options of working together in all petro-related activities both here and abroad. This would translate into a formidable duo operating in vital areas like exploration, production, refining, petrochemicals, power and marketing.

State Bank to free TNEB receivables charge
State Bank of India has agreed to release the bank's lien on the receivables of the Tamil Nadu State Electricity Board (TNEB) and has given its consent to the board for signing escrow agreements with four independent power producers' (IPP) projects. The consent is, however, subject to stiff conditions.

Indian Airlines, Air India boards reconstituted
The government today reconstituted the boards of Air India and Indian Airlines by making the basic nomenclature of the board. For the first time functional directors find a place on the board. They would however, have to be appointees of the Public Enterprise Selection Board.

CORPORATE
Apollo shelves radial plan with Continental
Philips India tightens working-capital flow

ECONOMY
Cabinet nod for IT hardware report may be delayed despite PM's assurance
Income for R & D is deductible only if diverted at source

EXPRESSIONS
Should unlawful expenses be deductible?
Bank of India's remedial action

MARKETS
FMC mulls possible merger of 8 commexes
Copper prices may rise moderately

LEISURE
NMIMS has a tete-a-tete with consuls
Income-tax department's stand on Section 80I remains unchang