Bank of India has revised interest rates on domestic term deposits with effect from January 25. The new interest rates would be 5 per cent for 15 to 45 days, 7 per cent for 46 to 90 days, 7.50 per cent for 91 to 179 days, 8 per cent for 180 days to one year, 10.50 per cent for over one year and upto two years, 11 per cent for over two years and upto three years and 11.50 per cent for over three years.

FCAs increase by $350m: The foreign currency assets increased by $ 350 million to $ 27,436 million during the week ended January 15, 1999. The increase in FCA since end-march 1998 amounts to $ 1,461 million, according to RBI weekly statistical supplement. Total foreign exchange reserves as on January 15 stood at $ 30,458 million. Gold and SDRs remained unchanged at $ 3,015 million and $ 7 million respectively. During the week ended January 8, the government borrowed Rs 4,381 crore from RBI under the W and M advances facility taking the total WMA outstandingto Rs 5,025 crore.

FIIs barred from buying of Pentafour shares: The RBI has barred all FIIs from making additional purchases of shares of Pentafour Software, as the overall ceiling at 24 per cent of equity for FII holding has been reached. No further secondary market purchases in the shares of Pentafour Software should be made on behalf of FIIs, RBI said in a statement in Mumbai on Saturday. The central bank has also advised FIIs to purchaseequity shares and convertible debentures upto 30 per cent of the paid up capital of niit, as permitted by a board resolution of the company.

Godrej Soaps gets shareholders' nod: Shareholders of Godrej Soaps on Saturday approved the company's proposal to hike stake in associate firms - Godrej Pillsbury, Godrej Foods and Godrej Properties & Investments. The company, at its extraordinary meeting in Mumbai, received the shareholders' approval to pump in Rs 57 crore in associate companies. Currently, Godrej Soaps holds 20 per cent in Godrej Pillsbury, 81.95per cent in Godrej Properties & Investments, 41.16 per cent in Godrej Foods and 39.46 per cent in Godrej HIcare.

UB Engg revenues up 42%: UB Engineering has recorded a 42 per cent increase in revenues for the quarter ended December 31, 1998, at Rs 78.01 crore as against Rs 55.21 crore in the previous corresponding period. Net profits grew almost three times from Rs 42 lakh in the third quarter of last year to Rs 1.66 crore in the corresponding quarter of this year. During the period under review, non-operating income amounted to Rs. 1.03 crore as aganist Rs. 0.13 crore in the corresponding period of last year.

Rs 400 cr needed to revive ECL mines: The sick and uneconomic coal mines of Eastern Coalfields Ltd could be revived economically provided the government decides to do so, M Qaseem, president, Indian Mine Managers' Association, said on Saturday. He said with a total investment of around Rs 400 crore all the 64 mines belonging to ECL could be revived as profitable ventures. He said forvarious reasons neither the Left Front-ruled West Bengal government nor the Centre was keen to revive these mines.

Revival plan for Tinplate: The Tinplate Co of India Ltd's only recognised trade union, Golmuri Tinplate Workers' Union, is working with the company's management in its bid to engineer a turnaround of the near-sick Tata company. The union has played a very constructive role in convincing the Union government that an anti-dumping duty on tinplates was a must if the largest tinplate maker of the country were to be kept out of the Board for Industrial & Financial Reconstruction's sicklist.

IIIT-B ties up with CMG: Indian Institute of Information Technology Bangalore (IIIT-B) has entered into an alliance with Component Management Group (CMG) for promoting component based development and technology adoption process among infotech industries. The MoU between the companies envisages establishing a Component Academy at IIIT-B. This will be first centre of excellence to be set up underthe aegis of the infotech institution among many other such initiatives.

Icra ratings for SQL, SFSL schemes: ICRA has assisgned an MA rating to the fixed deposit programme of Sika Qualcrete Limited. The rating factors in SQL's favourable competitive position in the speciality construction chemical segment, strong technical capabilities and support derived from Sika AG, Switzerland. Meanwhile, ICRA has downgraded the fixed deposit programme rating of Siel Financial Services Limited (SFSL) from MB" (on rating watch) to MB. The revised rating indicates inadequate safety.

Infosys notches high backwardation rate: Carryforward rates on the BSE stabilised at 22.7 per cent annualised for the week ended January 22. According to brokers stray trades were registered at the high of 28 per cent during mid session however in the final countdown it stabilised in the range of 20-23 per cent. The total outstanding carry forward positions continued to be notched at a high of Rs 1,259.80 crore, with the valueof the open purchase positions marked at Rs 1,213.05 crore.

Haldia-Barauni pipeline project completed: The Rs 950-crore project to set up the Haldia-Barauni crude pipeline has been completed, according to a press release. The crude oil was taken into the tanks at Haldia on December 28, 1998. The project was approved in January 1995 and by the end of this month the Barauni refinery is expected to receive the crude oil. With the setting up of the pipeline, the refinery has also increased its capacity from 3.3mtpa to to 4.2mtpa.

Finance panel report by Dec: Khusro The Eleventh Finance Commission will submit its report by December this year. Chairman of the Commission AM Khusro told UNI that the work of the Commision was in full swing and he was receiving full cooperation from the states. While opening up of 42nd branch of the Development Credit Bank in New Delhi, he said the Commission has started beginning with Goa, visiting various states to discuss the question of resource allocation amongthem.

Rs 261cr set aside for child labour projects: The government has approved an allocation of Rs 261 crore for national child labour projects (NCLPs) during the Ninth Plan period. An expenditure of Rs 72.90 crore under the scheme during the Eighth Plan as against an outlay of Rs 15 crore has also been approved ex-post facto. NCLPs have been set up in different areas to rehabilitate child labour.

PM advocates disqualifying floor-crossers: Prime Minister Atal Behari Vajpayee on Saturday strongly favoured summary disqualification of members of Parliament and state legislators in the event of defections and expressed serious reservation over frequent elections at the Centre and in states.

Samata to review relations with BJP: The Samata Party will review its relations with the BJP at its next executive meeting in the wake of the BJP's reluctance to condemn the Shiv Sena stand on cricket and taking action against the Maharashtra government. The chairman of the party's campaigncommittee Shivanand Tiwary appealed to all the allies of the BJP government to break off the alliance in protest against dual standards of the BJP leadership.

Express staffer murdered: Shivani, a special correspondent with the The Indian Express, was murdered at her East Delhi residence on Saturday, with her three-month old child a mute witness to the ghastly crime. Shivani, in her 30s, was found lying in a pool of blood at her in Patparganj by her brother-in-law this evening, police and family sources said. They said the killers, whose number was not known, seemed to have made a "friendly" entry into the apartment, since two coffee cups and some snacks were found served apparently to the visitors.