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drug companies have moved court because both the Drugs (Prices Control) Order, 1979, and the DPEA, in particular, stand repealed.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 1,000cr 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 in 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.

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.

Jindal to pick stake in power project

Jindal Vijaynagar Steel has decided to pick up51 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 23 per 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 subsidiary, Pfizer Ltd, post 2005.

Sony targets Rs 1,000cr sales

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

GE Capital picks stake in Birlasoft

GE Capital has picked up an unspecified stake in CK Birla group software company Birlasoft through private placement. As a result, the board of the company has been reconstituted with the induction of a GE Cap representative on the board.

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.

Telstra's mobile proposal rejected

The Australian Competition and Consumer Commission 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.

BSES TeleCom to launch Net services

BSES TeleCom, a wholly-owned subsidiary of BSES, will launch Internet services in Mumbai city in the last quarter of 1999, the firm said on Monday. BSES TeleCom wants to be a key player in the value-added Internet services. It plans to cater to a customer base of over 100,000 in Mumbai.

Sensex rockets 84 points

Equities on the BSE rallied smartly pushing the Sensex up by 84 points on Monday. The upsurge was attributed to boost in SE Asian markets. The index closed at 4729.78.

SQL Star lists on DSE

SQL Star International has been listed on the DSE 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.

Compiled by Mukund Sharma