Narayanan exults as BJP obliges
The Bharatiya Janata Party (BJP) has unanimously decided to support the candidature of Vice-President K R Narayanan in the July 14 presidential elections.

Indo-Pak talks take off, thorny issues may prove acid test
The first day of discussions in the ongoing talks between the foreign secretaries of India and Pakistan in Islamabad were devoted to identifying issues that will come up for discussion in the next few days of deliberations.

India, US to sign extradition treaty
Union minister of state Saleem Shervani will sign a treaty on extradition with Deputy Secretary of State of the United States, Strobe Talbott, during his visit to Washington next week.

Verma panel divided over carry-forward system
The final round of discussions in the J R Verma Committee on Carry-forward system saw disagreements over whether exchanges should have a twin-track model or a uniform one for trading in the cash and forward segments.

Glaxo-Wellcome sets Rs 400 crore for domestic acquisition
Glaxo-Wellcome is looking at "suitable" acquisitions in India as part of its strategy to widen its product range and increase its marketshare. The British drug multinational's two Indian subsidiaries, Glaxo India and Burroughs Wellcome India, have together put up a warchest of Rs 400 crore to play the takeover game.

Badla panel favours single-track trading
The final round of discussions in the J R Verma Committee on carryforwards saw disagreements over whether exchanges should have a twin-track model or a uniform one for trading in the cash and forward segments.

Corporates, state-run undertakings raise Rs 4,000 cr
Corporate giants like Reliance, Grasim and Larsen & Toubro have began taking advantage of the new credit policy announced this April. Most of them alongwith PSUs have already tapped the private debt market and raised around Rs 4,000 crore during the first quarter of the current financial year ending June 30, 1997.

Reliance Jute to transfer business to new firm
PK Kanoria's Reliance Jute Ltd has decided to transfer its Rs 90-crore jute business to a new company with a paid-up capital of Rs 700 and focus on the real estate business.