Kotak Mahindra rights issue
Kotak Mahindra Finance has announced a rights issue of 1:4 at a premium of Rs 90. The Kotak Mahindra scrip had witnessed a dramatic rise in recent months. It had seen a steady rise from Rs 53 on November 19, 1999 to Rs 307 on December 23. This translates into a rise of 479 per cent in about a month. From its peak of Rs 307, the scrip has come down to Rs 206.55 on Friday. The announcement has pulled down the scrip from Rs 225 to Rs 206.55 on Friday.

IPCL CMD's term extended
Indian Petrochemicals Corporation chairman and managing director KG Ramanathan, who was due to retire on January 25, has been granted extension. The company informed the Bombay Stock Exchange that the Union Government has granted his extension in services "till further order."

Centre to divest stake in 24 sick units
The Centre would go for disinvestment and restructuring of 24 sick units, which were identified following consultations with the chambers of commerce and big industrial houses, union minister of public sector enterprises and heavy industries, Manohar joshi said on Friday.

State stand on Sri Krishna report
The Maharashtra government on Friday informed the Supreme Court that it was ready to refer the recommendations of the Sri Krishna Commission report to investigating agencies for further probe and possible prosecution.

Protest against uniform sales tax
The business and industrial community in Maharashtra has decided to observe a one-day token bandh on January 12 to protest against uniform sales tax rates on all items introduced recently by the Centre and implemented by Maharashtra from January 1 this year.

Frenkel tipped for top IMF job
With just a month to go until Michel Camdessus steps down as head of the International Monetary Fund, some European diplomats are tipping outgoing Israeli Central Bank governor Jacob Frenkel as his successor.

Indica gets 0.75% discount on octroi
Telco's Indica project has been granted a concession of 0.75 per cent on the octroi duty paid on raw materials for a period of five years with effect from January 7, 2000 and will save Rs 45 crore for Telco over a five-year period. Telco has been paying octroi duty to the Pimpri Chinchwad Municipal Corporation at the rate of 1.25 per cent.

RIL's net worth up by Rs 900 cr
Reliance Industries Ltd on Friday said investors in its 14 per cent non-convertible debentures have fully exercised the equity warrants issued along with the NCDs, resulting in its net worth rising by Rs 900 crore to Rs 13,269 crore. RIL said NCDs of the face value of Rs 300 crore will be redeemed on schedule at par on January 11, 2000.

HLL to book orders online
A pilot project initiated by FMCG-major Hindustan Lever Ltd in Delhi, providing sales representatives with hand-held terminals to stock data, may well be the igniting point for the multinational's move towards e-commerce.

Timken bags bearing shop contract
Timken India has bagged Tata Steel's rolling and bearing shop contract at the latter's new Rs 1,600-crore cold rolling mill due to be commissioned here in May this year.

Bombay Dyeing's new MD
Adhiraj Sarin will be taking over as MD of Bombay Dyeing & Manufacturing Company. The company informed the Bombay Stock Exchange that Sarin will be joining it "not after" April 1, 2000.

Delhi to have 100-acre IT park
The Delhi government is planning a joint venture with a private company to set up a Rs 300-crore information technology park, a top official said. The state government will pick up 26 per cent stake in the JV to be floated with a paid-up capital of Rs 60 crore.

Daewoo to launch Millennium Matiz
Daewoo Motors India Limited is launching a special limited edition version of its popular 796-cc small car Matiz -- `Millennium Matiz' - and the CNG-powered version of its mid-size offering Cielo next week at the forthcoming Auto Expo 2000.

Baleno station wagon on cards
MUL is contemplating launching its recently introduced luxury car Baleno in station wagon and diesel versions, a senior company official said. The company would be testing waters for these versions along with the CNG-powered avatar of Wagon-R at the forthcoming Auto Expo 2000.

BoB may tap capital market
Bank of Baroda may tap the capital market in March-April this year in case the Centre incorporates legislation in the Union budget to reduce its stake in public sector banks below 51 per cent.

RBI non-SLR investment norms
RBI will soon come out with prudential guidelines on banks' investments in non-SLR securities and credit substitutes like CPs and non-convertible debentures.

-- Compiled by Samuel Bodapaty