The state-owned BPCL's Chembur naphtha plant was temporarily closed after a fire broke out on Monday. The fire has been extinguished and investigations are on to determine its cause, fire brigade and company officials said. There were no casualties. A BPCL spokesman said the fire started in the naphtha pump at the reformer unit. The plant, situated in north Mumbai, has an annual capacity of six million tonnes of petroleum products.

GIC chief moots output-linked wage: New General Insurance Corporation chairman D Sengupta has sought a change in the wage package of general-insurance employees, and mooted a productivity-linked pay packet for the industry. At present, the package is linked to the banking sector and Life Insurance Corporation.

Ashok Jain released on bail: Media baron Ashok Jain was released on bail on Monday by the Mumbai high court. Jain has to deposit Rs 1 lakh as surety. The Bennett Coleman and Company chairman was arrested by theenforcement directorate on July 3 for alleged Fera violations.

VSNL profit leaps 91% to Rs 968 cr: The state-owned VSNL said on Monday it has posted a sharp 91.76 per cent jump in profit after tax for 1997-98 to Rs 967.91 crore, from Rs 504.74 crore during the previous year. According to the audited financial results its turnover during the period has increased 21.77 per cent to Rs 6,436.13 crore, from Rs 5,285.30 crore. The board has recommended a dividend of Rs 4 per share.

Cipla ties up with Irish firm: The Mumbai-based Cipla has tied up with a $40-million Irish company Chanelle for marketing a range of human health and veterinary products in key European markets. The tie-up, while extending Cipla's coverage to all major international markets, may be followed up with a greenfield manufacturing facility there.

Nalco to post Rs 150cr losses: The state-run Nalco is set to post Rs 150-crore revenue losses in the current fiscal, as a technical snag at its 2,18,000-tonnes per annumsmelter in Orissa has entered the fourth month. According to chairman N Johri, the production loss till June is over 15,000 tonnes. Officials say only 231 out of 430 pots at the Angul smelter are in operation.

NTPC to appoint consultant for strategic expansions: The state-run National Thermal Power Corporation will soon start an exercise to appoint consultants who will rework the group's future financial strategy and formulate a strategic expansion programme in power and related sectors. Although Price Waterhouse had conducted a similar study three years ago, the corporation's top brass feel that in the changed scenario, it is pertinent to have a consultant's advice on how to go about these expansions.

BPL Telecom plans overseas unit: BPL Telecom plans to set up a software-development centre abroad. The operations of the unit will be handled by the US-based BPL Systems, a subsidiary of BPL Telecom. The company has identified US, among other markets, as the key area for setting up thecentre.HDFC Bank net rises 25%: HDFC Bank said on Monday that its net profit in the current fiscal's first quarter has risen 25.4 per cent to Rs 20.18 crore, from Rs 16.09 crore in the year-ago period. The bank said its total income grew 33 per cent to Rs 93.15 crore, compared with Rs 70.11 crore in first quarter of 1997-98.

Bank of Madura to set up satellite-dealer subsidiary: Bank of Madura has received an in-principle approval from the Reserve Bank to set up a subsidiary which will act as a satellite dealer for government securities. The subsidiary, to be christened Madura Securities, will have an authorised capital of Rs 10 crore and a paid-up capital of Rs 5 crore.

ICICI safety bonds: ICICI will hit the debt market with the second tranche of bonds aggregating Rs 300 crore under the "ICICI Safety Bonds July 98" series, as a part of its Rs 3,000-crore public issue for the current fiscal, with a greenshoe option of the same amount. The issue, which will open on June 18, will closeon July 28.

Rupee weakens against dollar: Dollar purchases by the Diamond Trading Corporation pushed the rupee down against the greenback on Monday, dealers said. The currency opened at 42.53/55 and finished the day at 42.58/60 to a dollar, disclosing a six paise fall from the weekend finish of rs.42.52/54, after hovering around Rs 42.55/59 for the better part of the day's trade.

Sensex down 80 points: The Bombay Stock Exchange 30-share Sensitive Index took a beating on Monday, as a reaction to the Asian market crisis and developments on the the Comprehensive Test Ban Treaty front. The Sensex finished its Monday innings on 3,322.17 points, a fall of 79.57 points over its previous close.

BSE slaps 10% margin on 7 scrips: The Bombay Stock Exchange has imposed an additional 10 per cent margin on further carryforward purchases in seven scrips. The scrips include Balrampur Chinni, BPL, Essel Packaging, Satyam Computers, Sesa Goa, Supreme Industries and Videocon International.

Edible oil to be cheaper: Edible-oil importers have agreed to slash the commodity's price, following the 10 per cent import-duty cut announcement by the centre on July 9. Edible-oil prices have been on an upswing since early this year on perceived shortage of rabi crop of oilseeds.

Cement sector posts sluggish growth in Q1: The cement industry has witnessed sluggish growth in the first quarter as major cement producers, in an effort to shore up bottomlines, consciously cut down production to improve price realisations. Production at 19.92 million tonnes was just 5 per cent more than last year's output during the same period.

Reserve Bank clarifies: This refers to the news item, `Penalty on premature withdrawal of expatriate deposits may be waived', published in Monday's issue. The story sought to give the impression that the Reserve Bank of India would soon issue a directive to the effect. The Reserve Bank has clarified that it does not propose to issue any such directive to banks.