Top investment banker Shaun Browne, the flagbearer of the HSBC group's investment banking operations in the country for the past seven years is going back to the group's headquarters in London. Browne who had virtually made India his home and had become a sort of an expert on the country, is believed to be heading back to the headquarters as the head of a global corporate finance team.

Centre's stand on mergers outlined:

The union government does not intend to stand in the way of mergers and acquisition process provided the interests of shareholders and workers are taken up by the corporate promoters. DCA secretary TS Krishnamurthy speaking at a seminar on capital markets organised by the CII in New Delhi on Monday said that domestically and internationally the change in the attitude of the corporate sector was a welcome move. He pointed out that educating the shareholders should be the foremost in the corporate sector's agenda.

Sinha assures topeg fiscal deficit at 5.6%:

The Lok Sabha on Monday approved the first batch of union government's supplementary demands for grants for 1998-99 proposing to augment the sanctioned provision by Rs 14,449.96 crore. Finance minister Yashwant Sinha assured the house that the centre would strive to peg the fiscal deficit within the targeted 5.6 per cent.

MRPL shortlists five consultants for marketing network:

Arthur D Little, Arthur Andersen and Boston Consulting Group are among the five international consultants shortlisted by Mangalore Refinery & Petrochemicals for an exercise in setting up an exclusive marketing network.

Corporate Monitor

Binani not to take over DLF Cement:

The proposed takeover of the Delhi-based DLF Cement by the Binani group has been called off due to serious differences over the deal structure. The diversified Binani group, which was all set to sign the dotted line on Sunday, withdrew at the last minute citing the deal will not be in the interest of thecompany.

Maruti brings changes in marketing team:

In a reshuffle in its marketing team, Maruti Udyog Ltd has appointed Y Yamamoto of the Suzuki Motor Corporation its new director of sales and marketing, replacing K Senga. Having put in six years in MUL, Senga will now be seriving SMC, which holds 50 per cent share in India's largest car maker, company sources said. Yamamoto was managing director of the Thailand subsidiary of SMC, sources added.

Mallya to give flagship brand a mega facelift:

Liquor baron Vijay Mallya is ploughing back the money saved from restructuring his businesses into his brands. His group company Herbertsons Ltd is in the thick of planning a mega restaging of its flagship brand Bagpiper by early next year.

Mumbai court stays proposed Tainwala merger:

A division bench of the Mumbai high court on Monday stayed the planned merger of Tainwala Polycontainers with Tainwala Chemicals & Plastics. The court caveat was in response to an appeal filed by TainwalaPolycontainers minority shareholder Dinesh V Lakhani.

DCM Shriram, Royal & Sun not to renew MoU:

DCM Shriram Consolidated Ltd and Royal & Sun Alliance Insurance plc, have mutually agreed not to renew their MoU which they had entered into in 1994 for setting up an insurance business in India.

Bajoria scores a win over hessian exchange chief:

Jute baron Arun Kumar Bajoria has scored a major victory over the president of the East India Jute & Hessian Exchange Ltd, Bhag Chand Jain, with the Calcutta high court asking Jain to refund the money Bajoria paid against pucca delivery orders.

Market Pulse

Sensex gains 98 points:

Info-tech and pharmaceutical stocks once again provided the much-needed trigger point for the markets. Taking a clue from the upsurge witnessed by heavy weight index stocks like Infosys Technologies, Tisco and Telco, the BSE-30 share Sensitive index breached the crucial barrier of 2,900 points to close at 2,973.37 points registering a net gain of 98.28points.

BoI to boost correspondent banking:

BoI has decided to get active in correspondent banking business to push profits growth from its international operations. BoI's New York, London and Tokyo branches will take the lead in offering the service. Correspondent banking offers reasonable margins with little risk, said BoI general manager for international operations, RN Buch.