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Forward dollar rises, Re dips
The forward premium on dollar shot up on Friday as importers rushed to cover on Union finance secretary Montek Singh Ahluwalia's statement that a 10% cap had been fixed on the Reserve Bank of India's forward liabilities. The spot rupee also remained under pressure and weakened to Rs 38.93 against the dollar.
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Nicholas board okays restructuring
The board of the Rs 525-crore Nicholas Piramal has decided to spin off its glass and bulk drugs businesses into separate subsidiaries effective April 1, 1998. As a first step, 40% stake of the new glass company, Gujarat Glass Ltd, will be shared between three new partners, while the balance will be held by Nicholas Piramal.
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ONGC may give up Neelam
The Oil and Natural Gas Corporation is weighing the option of giving up the Neelam oilfields, after having drawn a blank in its efforts to upgrade the output of the "difficult" offshore property on Bombay High. "Our last opinion" said ONGC chairman and Managing Director Bikash Chandra Bora, "will be divestment of the property," adding that the company was still awaiting a nod from the Centre for enlisting an overseas partner.
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Max to sell Hutchison stake
Max India, belonging to Bhai Analjit Singh, is negotiating with some leading financial investor groups and private equity firms for selling off part of its equity stake in Hutchison Max Telecom, which operates cellular services in Mumbai. Max India currently holds 100% of Max Telecom Ventures (MTVL), which in turn holds a 51% stake in Hutchison Max and another 51% in Comsat Max India, a provider of VSAT services.
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Dunlop submits plan for revival
The Dunlop India board submitted its revival plan to the Union ministry of finance on Friday. However, the company has not submitted the same to the West Bengal government. Moreover, the company's management failed to attend a tripartite meeting, scheduled on Friday, with the unions and the West Bengal government.
Variava pulls up CBI, Stanchart
Justice S N Variava, adjudicating the securities scam, came down heavily on the Central Bureau of Investigation (CBI) and the Standard Chartered Bank (SCB) while hearing Bhupen C Dalal's application, a notified party in the scam. The case, which seeks the court's direction to force the CBI to further investigate certain transactions, has been adjourned till March 5.
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 Bizbits
EU aflatoxin norms to hit g'nut exporters
Downtrend on BSE again
Govt forms panel on basmati rice case
Ficci chief for asset recycling
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