MUMBAI, September 21: The small car, to be priced between Rs 2.5 lakh for a petrol engined version to 3.5 lakh for a diesel version would be launched by December. Tata Indica would be the last to penetrate the small car segment after Daewoo's Matiz and Hyundai's Santro.

Our Pune Bureau adds: Telco has effected a five day week for a restricted, two-week period, in its auto division, in order to conserve resources and cut its losses. According to a company statement, this has been done keeping in view the continuing downturn in the country, which has hit the automobile sector.

ICL to pay FIs after rights issue

MUMBAI: India Cements Ltd (ICL) has communicated to financial institutions (FIs) that the payment towards Raasi Cement Ltd (RCL) shares acquired under an open offer would be made soon after completion of ICL's delayed rights issue.

ICL in a statement here today said the rights issue has been delayed because of ``near collapse'' in the secondary marketand sluggishness in the primary market.

Despite having obtained clearance on July 13, 1998, for the issue, ICL on the advice of managers to the issue revised the structure of the proposed issue and filed a fresh offer document on August 27 with the Securities and Exchange Board of India (SEBI). ``In view of this there has been delay in the opening of the rights issue,'' the company said.

Banks to keep branches open on Sept 30

MUMBAI: The Reserve Bank of India has directed all commercial banks, including regional rural banks to keep their branches open to public and customers for two hours on September 30. Banks are closed for public dealings on Septmber 30 for their half-yearly closing of accounts.

Accoring to an RBI, release, this year, the half-yearly closing of accounts falls on different dates between September 26 and 30 due to holidays declared by different states under the negotiable instruments act, 1881.

The RBI said this had been done to obviate the inconvience caused to public andcustomers on account of a number of consecutive holidays in September-October under the act.