The Industrial Finance Corporation of India, despite giving an in-principle clearance for an additional Rs 74 crore to Jindal Vijaynagar Steel, has refused to disburse money in view of the institution's rising non-performing assets.

Fiat ups stake in Ind Auto

Italian automaker Fiat Auto SPA has enhanced its stake in Ind Auto, its joint venture with Premier Automobiles, by 25 per cent to 76 per cent as part of its plans to consolidate all its car manufacturing activities in India.

DPEA claims

Claims in excess of Rs 300 crore under the Drug Prices Equalisation Account continue to cast a shadow on the balance-sheets of top-notch pharmaceutical companies in India. While both industry and Government lock horns over these dues, several drug companies have moved court because both the Drugs (Prices Control) Order, 1979, and the DPEA, in particular, stand repealed.

Daewoo targets Rs 1,000-cr turnover

After a four-year long haul over therough roads of the price-finicky market, auto major Daewoo Motors India is finally getting its marketing and communication act together. With sales accelarating, the company hopes to turn the corner in 18 months doubling its turnover to Rs 1,000 cr this year.

Car sales July

Passenger car sales witnessed a major spurt in July, led particularly by the small car manufacturers Telco, Daewoo, Fiat, Hyundai and Maruti, even as Bajaj Auto and Escorts Yamaha saw their sales hitting a major stonewall during the month.

Corporate Monitor

Jindal to pick stake in power project

Jindal Vijaynagar Steel has decided to pick up 51 per cent stake in the Rs 1,180-crore captive power project following the exit of Tractebel, its Belgian partner. The Jindals are in the process of selecting an international power major to replace Tractebel which will pick up the balance stake.

Century Textiles sales up

FI holding in the BK Birla flagship Century Textiles has come down to 17 per cent from 23per cent, said SK Birla, director of Century Textiles. Addressing the shareholders at the company's AGM on Monday, Birla said that gross sales of the company had grown by 6 per cent during the four-month period from April to July.

Pfizer stock may weaken

The approval given by the FIPB to US multinational Pfizer Inc's proposal to set up a 100 per cent subsidiary in India comes laced with apprehension on the role of its existing 40 per cent owned Indian subsubsidiary, Pfizer Ltd, post 2005.

Sony targets Rs 1,000-cr sales

Sony India, a 100 per cent subsidiary of Sony Corporation, Japan has targeted a turnover of Rs 1,000 crore by 2001. Sony India regional manager (north) Rohit Sathe said that the turnover of Sony India during 1998-99 had clocked at Rs 500 crore.

SAIL gets price discount

SAIL has achieved an overall price reduction of 16 per cent-18 per cent for purchase of coal through long-term agreements. SAIL signed these agreements recently both with Coal India and foreignsuppliers, according to sources in the government-owned steel major.

SSI net zooms to Rs 18.07 cr

SSI, a leading high-end specialised IT-education company, has recorded an 80 per cent increase in its net profit for the year ended June 30, 1999, to Rs 18.07 crore. The turnover more than doubled from Rs 42.65 crore to Rs 87.60 crore during the period.

ABB's subsidiary questions NTPC

ABB's Indian arm has asked National Thermal Power Corporation to explain why it has been denied the Rs 1,300-crore contract for the 2,000 mw Talcher project in Orissa and instead awarded to the `highest bidder' BHEL.

Market Pulse

Sensex rockets 84 points

Equities on Bombay Stock Exchange rallied smartly pushing the Sensex up by 84 points on the opening day of the new account on Monday. The fresh upsurge was attributed to sustained boost in SE Asian stock markets. The index opened with a wide gap at 4713.34 from last Friday's close of 4645.81 and later moved in a range of 4766.79 and 4713.34before closing at 4729.78.

SQL Star lists on DSE

SQL Star International has been listed on the Delhi Stock Exchange at a 98 per cent premium to the IPO offer price. While the shares were offered at Rs 55, the stock closed at Rs 109 on Monday.

World Corporate

Bank of New York faces probe

Law-enforcement authorities are investigating whether Bank of New York Co was one of a chain of banks that were conduits for about $200 million that may have been diverted from loans to Russia made by the International Monetary Fund, people familiar with the matter said. The money was part of more than $20 billion that the IMF has lent to Russia since 1992.

Telstra's mobile proposal rejected

The Australian Competition and Consumer Commission, or ACCC, has rejected the terms and conditions proposed by Telstra Corp for competing carriers to interconnect with its analog and digital mobile networks. This follows a decision in July by the ACCC to reject Telstra's proposed terms forinterconnection with its fixed telephony network.