The WTO is expected to adopt on September 22 its appellate body report recommending at least 15 month time-frame for dismantling of India's quantitative import restrictions against United States. The WTO's appellate body had given its ruling on August 23 rejecting India's appeal on maintenance of quantitative restrictions.

Aid sought to rein in oil rates

Government has asked leading branded edible oil manufacturers including HLL and ITC-Agrotech to explore possibilities of bringing down the retail prices as part of efforts to control the price line.

Date for filing returns extended

The government on Wednesday extended the last date for filing returns for non-corporate tax-payers having income from business or profession to September 30. Earlier the last date for filing returns for the assessment year 1999-2000 for non-corporate tax payers earning income from business or profession but do not have to file audit report was August31.

150 firms wound up during 1998-99

The Government on Wednesday said 150 companies were wound up and over 52 companies passed into liquidation during 1998-99. With this, the number of companies that applied for winding up during the period declined to 5,037 at the end of 1998-99 as against 5,145 during 1997-98, an official release said.

Court order on Talcher contract

The Calcutta high court has ordered that status quo be maintained in respect of National Thermal Power Corp's boiler contract awarded to Bharat Heavy Electricals Ltd. The case will come up for hearing on September 3, according to the ACC Vickers solicitor firm Singhania & Co.

Maruti sales surge 20%

Maruti Udyog achieved another landmark by recording highest ever passenger car sales of 35,978 units during August 1999 as against 35,407 units in July. In addition, the company has recorded an about 20 per cent growth during the first five months of the current fiscal, a statement on Wednesday said.

IOC tofloat Paradip refinery alone

The Indian Oil Corporation will go it alone for the Rs 8,000 crore east coast refinery and not wait any longer for Kuwait Petroleum Corporation (KPC) to confirm its participation in the project. The decision was taken recently by the IOC board in New Delhi.

Telco unveils new Sumo model

Telco, in a bid to regain its losing grip on the utility vehicles segment, has come out with a stripped-down version of the Sumo last week to take on economy models of prime rival Mahindra & Mahindra.

Ranbaxy to get payment from Bayer

Ranbaxy Laboratories is expected to receive $10 million as upfront payment under the deal with Bayer AG for the new drug delivery system for ciprofloxacin developed by the Indian company.

Deepak Fertilisers posts Rs 54 cr net

After announcing dividend for the second consecutive year, Deepak Fertilisers and Petrochemicals Corporation has further improved its performance in the current year. Net profit rose to Rs 54 crore in 1998-99from Rs 51 crore in the previous year.

McDowell eyes whisky brand

The UB group spirits division flagship firm McDowell & Co Ltd has zeroed in on a brand acquisition in the premium whisky segment. McDowell is believed to be in an advanced stage of discussions with a domestic firm to acquire one of its brands on a lease-basis with an option for acquisition at a later stage.

HPCL objects to IOC presence

HPCL has objected to any proposed move by IOC or another oil company to take a stake in the Mangalore-Bangalore pipeline being commissioned towards the end of 2002. Reports doing the rounds in New Delhi indicate that IOC is keen on picking up 26 per cent in the Rs 1,100 crore pipeline.

Intel shows off Merced microprocessor

Intel Corp demonstrated the first working prototype of its next-generation microprocessor at a technical conference, seeking to reassure the industry about its chip-design capability. Merced is Intel's first chip that processes 64 bits of data at a time, ratherthan 32 bits, which should greatly boost its power when using specially designed software.

Rollatainers expansion plan

With ITC set to acquire a 51 per cent stake in Rollatainers, the Delhi-based company plans to go in for a major expansion and technological upgradation programme. Rollatainers is also looking at acquisition of smaller packaging companies. The company has plans to double the capacity in the next three-four years.

ITC arm's conversion capacity to rise

The management takeover of Rollattainers by ITC Ltd will increase ITC packaging division's conversion capacity by over 50 per cent and the revenues from the business of the combined entity would exceed Rs 500 crore, say company sources.

Sensex down 73 points

The markets went in for the expected correction on Wednesday, as the fears about the new margins took its toll. The BSE Sensex was down by 73.21 points and closed at 4824.44.

UTI Bank to retail UTI, LIC products

UTI Bank has drawn up plans toleverage its branch network and IT infrastructure to generate fee-based income. It is presently in discussions with UTI to use the bank's delivery channels to promote and sell UTI's retail products.

Petro products price hike

One of the first tasks for the Government that emerges from this month's elections in the country would be to hike petroleum product prices to reflect a sharp rise in world prices, analysts said on Wednesday.

Compiled by Mukund Sharma