TRAI picks holes in satcom fee structure
The Telecom Regulatory Authority of India has asked the Department of Telecommunications (DoT) to clarify the basis of fixing a different licence fee structure for the Subhash Chandra-promoted Afro Asian Satellite Communications Ltd and Iridium India Telecom Ltd (IITL).

Tata Tea Q1 net dips 33% to Rs 26 cr
Tata Tea has reported a 33.27% decline in net profit to Rs 26.09 crore for the first quarter ended June 30, 1999, against Rs 39.10 crore in the corresponding period last year. Income from operations has dropped 4.9% to Rs 213.56 crore from Rs 224.71 crore last year.

M&M to put M-Seal on block; divest Schenectady Beck
Mahindra & Mahindra, which has kicked off a major restructuring exercise to stay focussed on its core business of automobiles, is now planning to divest its stake in the electrical insulations company Schenectady Beck India (formerly Dr Beck & Co).

CORPORATE
Grasim first-quarter net jumps 22% to Rs 59 cr
NDDB's pulse beats for the poor

ECONOMY
Haryana speaker resigns before trust vote
Basle Committee issues credit risk guidelines

EXPRESSIONS
Globalisation offers great opportunities, but needs human face
Excessive delegation of legislative powers

MARKETS
Sensex sheds 32 points in range-bound trade
ICICI drops GDR issue; opts for NYSE listing

LEISURE
Ganguly -- Use R&D to drive business
In India's war, foreign firms hear a loud call to advertising