Dollar-selling by private firms under pressure from the finance ministry and the Reserve Bank saw the rupee appreciate to 42.50 against the greenback on Thursday. But it weakened later to close at 42.70/72, against its Wednesday close of 42.68/70. People in the know of the matter say the corporates have sold $200 million in the past two days. The currency hit an all-time low of 43.06 on Tuesday.

Indal board may be recast: The composition of Indal's board is set to undergo a change once Alcan is alloted a 20 per cent additional stake in the company formally on July 2. AFter the allotment, Alcan is expected measures to increase its involvement substantially in the management and operations of Indal.

Hero Honda net up 52%: Hero Honda Motors announced on Thursday that it had posted a 52 per cent rise in its net profit for 1997-98 to Rs 76.60 crore. The board has also announced a 1:1 bonus. Hero honda, which has a market share of 36 per cent inthe motor-cycle segment, registered a sales growth of more than 51 per cent in 1997-98 over the previous year.

EIH net drops to Rs 123 cr: The Oberoi group flagship EIH Ltd reported on Thursday that its net profit fell to Rs 123.25 crore for the year ended March 1998, against the year-ago period's figure of Rs 138.12 crore. The company's net sales have dropped to Rs 431.68 crore, from Rs 440.42 crore.

Titan net drops to Rs 15 crore: Titan Industries said on Thursday it has posted a 39.5 per cent drop in its net profit for 1997-98 to Rs 14.63 crore, against Rs 24.21 crore recorded in 1996-97. A release said domestic demand for horological products was sluggish and export earnings had dropped.

Novartis net up 106%: Novartis India reported on Thursday it has posted a 106 per cent jump in its net profit for the year ended March 31, 1998, to Rs 38.3 crore, against Rs 18.6 crore recorded the previous year. The board has recommended an increased dividend of Rs 4 a share, compared with Rs3.2 per share in 1996-97.

Air-India's fund-raising plans: Air-India' fund-raising plans are likely to hit airpockets following sanctions imposed by the US. As per the sanctions, American banks are barred from extending loans to the Indian government. It is, however, unclear if public-sector units and other government agencies will also be included in the list, analysts said. The US Exim Bank will now not be involved in the purchase of Boeing aircraft by any Indian firm.

Sensex up 64 points: Market sentiment continued to improve on Thursday, and this was reflected in the Sensex going up by 64 points to close at 3208.54. News that the Unit Trust of India was set to invest Rs 600 crore in the market acted as a booster. Regulator Sebi's meeting to review its ban on short sales also had an impact.

OTCEI mulls weekly trading cycle: The Over The Counter Exchange of India plans to move to a weekly settlement cycle in the listed segment, from the current practice of a rolling settlement. Italso plans to allow delivery of physical shares in this segment. The exchange is expected to kick off the weekly settlements in August.

Central Bank net up 16%: Central Bank of India said on Thursday it has posted an over 16 per cent rise in its net profit to Rs 175 crore in 1997-98, from Rs 151 crore achieved the previous year. Chairman-cum-managing director KC Chowdhary attributed the rise in the profit to more revenue from trading in government securities, lower provisioning needs and containing fund costs by pushing up savings' deposits. But the Mumbai-based public-sector bank has sought the finance ministry's permission for not paying dividend.

Agencies yet to open exporters' accounts: The eight agencies, nominated by the Reserve Bank last year to import gold on behalf of domestic consumers and exporters, are yet to open their accounts for exporters, as they face hurdles. The first is a provision in the Mumbai Sales Tax Act, and the second is the interpretation of section 59 of theCustoms Act, 1962.

`Lok Sabha elections inevitable': Tamil Manila Congress president GK Moopanar has welcomed the formation of a new front, Rashtriya Loktantrik Morcha, by the Samajwadi Party and Rashtriya Janata Dal. But early Lok Sabha elections, though no party wants it, appear inevitable, he said.