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Wednesday, May 6, 1998

	Panel moots ARC to tackle mounting NPA Concerned over the rising level of non-performing assets (NPAs) -- or defaulted loans -- of commercial banks, the Narasimham Committee has recommended the setting up of an asset reconstruction company (ARC) for banks with high NPA portfolios.		CII demands import duty hike to protect local firms The Confederation of Indian Industry (CII) on Tuesday sought tariff protection against cheap imports saying competition was biased against domestic industry in terms of fiscal and other policies. It has called for a hike in customs duty to neutralise the impact of dumping of cheaper goods.
	Grasim profit declines 16% The net profit of Aditya Birla group's flagship company, Grasim Industries, has declined by 16% to Rs 230.78 crore in the fiscal 1997-98 as compared to Rs 274.56 crore recorded in the previous fiscal. The drop in net profit comes despite a 13.3% growth in net sales for the fiscal 1997-98. The company has attributed the downturn in the economy as the main reason for the sagging profits.		DoT scraps CLl for cell operators If you were the type of cellphone owner who received calls only if you recognised the number flashing on your cellphone screen, you may be in for a rude shock. Cellular operators may not be able to offer these services for very long, as the Department of Telecommunications (DoT) has withdrawn the calling line identification (CLI) facility to cellular operators.

DSP Merrill MF corpus up 233%
DSP Merrill Lynch Mutual Fund has reported a whopping rise of 233% in total funds under its management to Rs 330 crore this year from Rs 99 crore last year. DSP Merrill Lynch (ML) MF currently manages three schemes - a bond fund, an equity fund and a liquidity fund. DSP ML Bond and Equity fund were both launched in April 1997, while the DSP Liquidity Fund was launched in March 1998.

Hoechst Marion, Chiron form JV
German multinational, Hoechst Marion Roussel and the $ 1-billion Chiron Corporation of the US, on Tuesday, announced the formation of a vaccines joint venture, Chiron Behring Vaccines Pvt Ltd, in India.

Bizbits
Vatsa tops BSE complaint list
Shri Ishar Alloy downgraded to default
Sensex gains 11 points
Another term for Chidambaram as AEC chairman
L&T puts off shipping unit sale