The industrial sector continues to reel under a severe demand recession with a sharp deceleration in the growth rate of imports of all machinery items and project goods in the first quarter of the current fiscal over the same period last year. While machinery import growth rate fell by 22.5 per cent, that of project goods fell by 45.97 per cent.

TRAI puts spokes into MTNL cell foray

TRAI on Monday virtually threw a spanner on MTNL's plans to foray into cellular service by seeking more details, a day after the Government granted a modified licence to the company enabling it to offer cellphone service using any digital technology. TRAI has sought more details on the cost profile of the service when launched using the code division multiple access technology.

Peugeot to write off PAL-Peugeot dues

Automobiles Peugeot, the French auto giant which burnt its fingers in the Indian misadventure, will write off claims aggregating Rs 85 crorefrom the ill-fated joint-venture PAL-Peugeot. The move comes as a breather for PAL-Peugeot, which is facing liquidation proceedings.

Rolls-Royce buys Vickers for $933m

Rolls-Royce Plc on Monday announced a $933 million agreed cash offer for Vickers Plc in a move it said would create a global leader in marine power systems. The offer values each Vickers share at 250 pence and accepting shareholders would also be entitled to a 2.85 pence per share interim dividend from Vickers.

New European Trade Commissioner

Pascal Lamy on Monday took charge as the new European Trade Commissioner. He forms part of the newly-appointed European Commission team headed by EC president Romano Prodi.

FIPB clears proposals worth Rs 236 cr

The FIPB on Monday allowed AB Moller Finance of Switzerland and the US-based Indigo International to buy out Maersk India and SSI Ltd. These were among 49 proposals worth Rs 236 crore cleared by the board.

PGHH net up 31.6%

Procter & Gamble Hygiene andHealth Care India on Monday announced a 31.6 per cent rise in its net to Rs 56.86 crore for the year ended June 30, 1999, against Rs 43.19 crore recorded last year. The board has recommended a final dividend of Rs 5 per share.

Indian Rayon book-building

Indian Rayon has decided to adopt the book-building route to arrive at the final price for share buyback. The company said that this will be within the Rs 75-85 a share range. Post-buyback, the Birlas' stake in Indian Rayon will rise to 28.7 per cent from 21.5 per cent.

M&M FCCBs converted into GDRs

M&M's foreign currency convertible bonds aggregating $52.017 million were converted into global depository receipts during the special conversion offer period from September 7 to 17. The conversion has resulted in M&M'S share capital rising from Rs 103.4 crore to Rs 108.6 crore.

Dabhol Power Company board meet

Dabhol Power Company will hold its board meeting at Houston next month to review the progress made it. The company is ajoint venture between three US power companies--Enron, Bechtel and GE--and MSEB.

Gold deposits lock-in period

Finance minister Yashwant Sinha's brain child, the Gold Deposit Scheme, which is likely to be kicked off by commercial banks next month once the RBI issues the guidelines, will have a lock-in period between six months and one year.

Compiled by S Hariharan