Inter-corporate investment norms soon: Finance minister Yashwant Sinha on Tuesday said new guidelines on inter-corporate investments would be issued soon and its focus would be on transparency in operations. The Companies Act now permits inter-corporate loans and investments up to 30 per cent. These limits will be raised and the guiding principle will be transparency in operations. On norms governing non-banking financial companies, he said it would have to be `revisited' and new prudential norms evolved to protect the interests of investors.

FIIs turnnet buyers on stock markets: Foreign institutional investors turned net buyers on the bourses to the extent of Rs 48.2 crore during the week-ended October 23, after being net sellers in the previous weeks of the current month. FIIs purchased equities worth Rs 198.1 crore and sold equities amounting to Rs 149.9 crore during the week, according to the Securities and Exchange Board of India.

Laloo to surrender today: Former Bihar chief ministers Laloo Prasad Yadav and Jagannath Mishra and former ministers Bholaram Toofani and Vidya Sagar Nishad (both RJD MLAs) would surrender before designated CBI judge SK Lal on Wednesday in connection with a conspiracy angle case of the fodder scam.

Glaxo net profit rises sharply: Glaxo India's net profit has risen sharply to Rs 21.51 crore for the third quarter of 1997-98. This is compared to the Rs 26.48 crore earned for the first half of the current year. The good performance comes despite the sharp decline in other income which stood at Rs 5.84 crorefor the third quarter compared to Rs 16.44 crore for the first half.

Subhash Chandra resigns as Essel Packaging chief: Subhash Chandra has resigned as the chairman of Essel Packaging and is replaced by the current managing director, Ashok Kumar Goel. Executive director Cyrus Bagwadia has been appointed as the managing director of the company. Subject to the shareholders approval and in accordance with Sebi guidelines, warrants not exceeding 5 per cent of the paid-up capital will be issued to employees under the stock option scheme.

Nicholas Piramal net jumps 20%: Nicholas Piramal has notched up a 20 per cent increase in net profit to Rs 20.87 crore in the first half of the current financial year, up from Rs 17.37 crore for the corresponding period last year.

NTPC, Petronet talks fail: National Thermal Power Corporation has called off its talks with Petronet LNG for picking up a stake as the fifth joint venture partner. The negotiations have fallen through after Petronet LNG refusedto accommodate NTPC's plea of a 26 per cent stake in the consortium.

TNEB, SBI row over `lien on receivables' issue: After the escrow row with the Industrial Development Bank of India, the Tamil Nadu Electricity Board has another battle on its hand. This time it involves the `lien on receivables' issue with the State Bank of India. Sources said the Tamil Nadu government and TNEB have urged the State Bank to release the lien on board's receivables.

Move to save Kar Vivadh Samadhan plan: A division bench of the Delhi High Court has asked the All India Federation of Tax Practitioners to give its suggestions so that the Kar Vivadh Samadhan Scheme survives. The bench, consisting of justice AS Lahoty and justice CK Mahajan, heard on Tuesday the public interest petition filed by the tax practitioners body.

Maharashtra Krishna Valley bond issue: The cash-strapped Maharashtra Krishna Valley Development Corporations's Rs 350 crore bond issue (with a greenshoe option of Rs 150 crore) with anSLR status has raked in a mere Rs 130 crore. In view of the poor response from the investors, the state government has decided to extend the closure date for another 15 days beginning Wednesday.

Institutions to shun unviable steel projects: At the inter-institutional meeting held in Mumbai on Tuesday it was decided that term-lending institutions will dump the unviable steel projects in the cold. However, larger projects will get institutional funds provided the promoters come forward with fresh equity.

DRI officer's transfer issue: The Mumbai Zonal Unit of the Directorate of Revenue Intelligence (DRI-MZU) is embroiled in a controversy over the transfer of its additional director general (ADG) as the incumbent commissioner, V Shridhar, has refused to relinquish his post while the newly transferred commissioner, SD Khare, has assumed charge on Monday.