Centre expands group on telecom: The Centre expanded the group on telecommunication on Wednesday by including three senior ministers. The group was constituted on November 20 last year to submit a report on issues plaguing the sector. The expansion follows a directive from Prime Minister Vajpayee, who, it seems, was keen to evolve a broadbased telecom policy at the earliest.

Gail defers buyback decision: Gail on Wednesday deferred a decision on share buyback, intended to help theGovernment bridge the likely gap in realising the Rs 5,000-crore disinvestment target. With this, Gail becomes the third oil PSU to defer a decision on share buyback after ONGC and IOC.

pUlcra repeal ordinance: The Centre will promulgate an ordinance to repeal the Urban Land Ceiling and Regulation Act after it failed to pilot the bill in the winter session of parliament. The PMO sent the proposal for repealing the controversial act to the President KR Narayanan on Tuesday. Narayanan is expected to promulgate the ordinance this week.

Task force on restructuring: To remove hurdles in the path of restructuring of businesses, the PMO-constituted task force on administrative and legal simplifications has recommended that the exercise be exempt from stamp duty. Alternatively, the committee has suggested rationalisation of the stamp-duty structure.

Interest rate on PF: The Government on Wednesday ruled out any interest-rate cut on provident fund on the lines of the recent 1 per cent cut insmall postal savings. The central provident fund commissioner RS Kaushik said in the capital that interest rate on the fund is fixed every year by the employees provident fund board during the new financial year.

Union budget presentation: Departing from tradition, the Government may present this year's union budget at noon instead of 5 pm, official sources hinted in the capital on Wednesday. Finance minister Yashwant Sinha is seriously considering the change in the timings to move away from the British colonial hangover, the sources said.

Hindustan Copper's plan: The Rs 1,000-crore primary copper producer Hindustan Copper recently imported copper concentrates of about 20,000 tonnes to supplement its primary copper shortage. The company plans to float global tenders to increase the supply of concentrates in line with its restructuring policy.

Dhanuka group firms' raids: The recent income-tax raids on the Calcutta-based SL Dhanuka/CK Dhanuka-managed Dhunseri group of companies hasled to a seizure of valuables worth over Rs 1 crore besides books of account, incriminating documents and papers relating to undisclosed investment in shares. The major listed companies of the group are Dhunseri Tea and Tezpore Tea.

Setback for Philips: Philips India's proposed sale of its Salt Lake unit received a setback on Wednesday with a Calcutta high court division bench refusing to stay the single bench judge's order of staying the sale to Videocon. The division bench said that the case would be heard if the single bench stayed the sale at the next hearing scheduled for January 18. If the case is again adjourned after January 18, then the division bench will hear it on January 25.

Sensex up 57 points: Rumours about a bonus issue from Hindustan Lever and a price rise on cigarettes from ITC buoyed sentiments as the bellwether Sensex closed 56.62 points up at 3,205.68 points. The advances-decline ratio on the BSE was in the bulls' favour, with the advances outbeating the declines on theexchange with a ratio of 924:525.

Dave panel's suggestion: The SA Dave committee has favoured investment of pension funds in equity to maximise returns. Justifying the need to invest a portion of the funds in equity, chairman SA Dave said that the world over, the long-term return on equity was always found to be good despite volatility in the short run.

Canara Bank debt issue: The Rs 500-crore subordinated debt issue of Canara Bank was sold out within hours of opening on Wednesday. The issue comprised a 63-month paper offering an annualised yield of 13.85 per cent, and another 87-month paper carrying a 14.2 per cent coupon. According to sources in I-Sec, the lead book-runner, there was an overwhelming response for the 87-month paper. The Rs 300-crore issue carried a greenshoe option of Rs 200 crore. "We have received commitments over Rs 650 crore," the sources said.

ANZ Grindlays employees: About 60 employees have been given marching orders at ANZ Grindlays. The orders were servedlate last month on junior and middle-management staff. Businesses which saw staff-trimming covered retail and corporate banking, as also back office and support services. More heads, sources say, may roll before March-end.

Chidambaram's concern: Former finance minister P Chidambaram has called for a cut in central and state Government borrowings through legislations as he feel they have become unsustainable. A legislation limiting the Government's borrowing powers will ensure that no frequent changes are made in the budget, he added.

Gold holds steady: Poor trading activity lulled gold prices on Wednesday after they had a buoyant run on Tuesday following the hike in import duty on the yellow metal by Rs 150. Dealers said that gold prices resumed slightly weak on Wednesday, but towards the end recovered to close at the previous close, indicating poor activity.

Auction of properties: The I-T department's properties' auctions in Mumbai received poor response as public-sector units whohad committed to make purchases stayed away. The chief commissioner of income tax(II) KVM Pai said that the department would either hold another auction, or float tenders.

Steel-sector sops: The recession-hit steel sector is set to get assistance from financial institutions, who have an exposure of over Rs 20,000 crore in the industry. People in the know of the matter said that institutions are likely to advance more funds to most steel companies.

Thackeray hospitalised: Shiv Sena chief Bal Thackeray on Wednesday was admitted to the intensive-care unit of Lilavati Hospital in Mumbai with signs of exhaustion. Hospital sources said Thackeray would be discharged today.