Goa came under central rule on Wednesday with President KR Narayanan issuing a proclamation under article 356 dissolving the state assembly and ending political uncertainty following the resignation of the Luizinho Faleiro government ahead of a confidence vote on Monday. Narayanan signed the proclamation after the cabinet decision was sent to Prime Minister AB Vajpayee, who is in Jamaica for the G-15 summit, and then forwarded to Rashtrapati Bhavan. Official sources said that the President has approved the imposition of central rule in Goa and also the dissolution of the state assembly.

Dabhol financial closure by March, says Mark:

Enron will achieve financial closure for the Dabhol power project's phase II (1,444 mw) in the next 30 days, said Enron Corp's vice-chairman Rebecca Mark on Wednesday, shortly after her meeting with Maharashtra chief minister Narayan Rane. Mark described press reports charging the company of human rights violations during theerection of Dabhol project as "most disappointing". The company had not indulged in such activities, she added.

Excise rules amended:

The government has amended the central excise rules, 1944, in view of its decision to present the annual budget for 1999-2000 at 11 hours on February 27. A notification to this effect has been issued amending rules 100 G and 224 of the central excise rules, 1944. This will henceforth be called as the Central Excise Rules (fourth amendment) 1999. The amendment will have limited implications to the extent that restrictions which were applied from 1700 hours will now apply from 11 hours. All other procedures relating to declaration of stock and clearances on pre-budget and budget days will remain the same, as per an official release.

Cement output registers 9% increase:

The cement sector has recorded a 9 per cent rise in production and a 7 per cent growth in despatches last month, spurring optimism that the rate of growth for the current financial year mayexceed the 6 per cent level. Cement output in January increased to 7.57 million tonnes from 6.94 million tonnes in the corresponding month last year. Despatches were also higher at 7.58 million tonnes up from 7.06 million tonnes in January last year.

Dr Reddy's set to repeat revenue feat:

The Hyderabad-based Dr Reddy's Laboratories created business history when it raked in milestone revenues from Danish multinational Novo Nordisk for its own insulin sensitizer molecule, DRF 2593. Few summers later, the research-based pharma powerhouse appears poised to repeat its feat-this time round in the area of Cox2 inhibitors. These developments on the R&D front come even as DRL is expected to close in on a merger with group company, Cheminor Drugs, shortly.

UTI move on Rossell tea garden:

UTI, which holds 7 per cent stake in YK Modi's Rossell Industries Ltd, forced a poll on a resolution at an EGM held on Wednesday, after its plea for modification was turned down by chairman PK Kaul. Theresolution which UTI opposed concerned the sale of one/two tea gardens of the company in Assam.

SAIL chairman for lower excise:

SAIL chairman Arvind Pande has urged lowering excise duty on steel from the existing 15 per cent and hiking of import tariffs by an average of 5 per cent in the 1999-2000 budget. Expressing his views on the forthcoming budget, Pande said: "Considering the government's resource constraints, our tax structure needs to be rationalised to improve revenues and reduce non-plan expenditure and subsidies. Simplification of the central excise structure should be given priority." For the steel sector per se, he said, "excise needs to be lowered from the existing level of 15 per cent which will lead to greater consumption."

Kudremukh snaps ties with US firm:

Kudremukh Iron Ore Company Ltd has snapped its ties with the US-based Globtrotters Engineering Corporation. The US firm had an agreement with KIOCL for setting up the 60 mw power plant at Kudremukh in Karnataka on abuild-own-operate-maintain basis. The US company apparently did not fulfill the contract obligations and also did not try to achieve the financial closure within the stipulated time.

FIPB to consider GM offer:

The Foreign Investment Promotion Board will take up the proposal of General Motors to buy out the 50 per cent stake of CK Birla group in their joint venture General Motors India, on Saturday. After the buy-out, General Motors India Ltd will become a 100 per cent subsidiary of the US-based auto major.

Goa development loan:

The sale of the on-tap 12.50 per cent Goa State development loan, 2009, which opened for subscription on Wednesday, closed at 12 pm. The Reserve Bank did not give any details of the amount raised. The sale of other two on-tap state papers, that of Andhra Pradesh and Uttar Pradesh, will remain open till February 12.

Renegotiated pact to be signed with Austria:

Austria and India will soon enter into a renegotiated agreement to step up economic,industrial, technical and technological cooperation, Austrian federal minister of economic affairs H Farnleitner said on Thursday. The agreement, to be initialled in Delhi on February 13, envisages setting up of joint ventures, transfer of technology and automation of existing plants and industries, Farnleitner told newsmen in Bangalore.