Reversing a two-week upward movement, the annual rate of inflation declined marginally by 0.12 percentage points to 4.58 per cent for week-ended January 30. The annual rate of inflation based on Wholesale Price Index, which stood at 4.70 per cent (provisional) in the previous week, fell to 4.58 per cent, mainly on account of fall in prices of non-food items and food products.

Adani Exports officials bail plea rejected: The chief judicial magistrate, Bhuj, on Sunday rejected bail applications of executive director and deputy general manager of Ahmedabad-based Adani Exports Ltd, who were arrested by the Directorate of Revenue Intelligence, for evading customs duty of Rs 1.4 crore. The executive director Rajesh Adani and deputy general manager Harish Kumar Gupta were remanded in judicial custody till February 24 by the magistrate on Saturday.

Indian Airlines to lobby for equity infusion: Indian Airlines is lobbying strongly for a reversal of thefinance ministry's decision to give only Rs 5 crore to the airline as against an equity infusion of Rs 125 crore promised in the last budget. Sources in the airline said that IA managing director Anil Baijal has taken the reigns of negotiations with the finance ministry in his hands to ensure that the airline gets the promised funds.

Intel to launch Pentium-III chip: Intel would launch its latest Pentium-III microprocessor chip in Mumbai on February 26 at a function to coincide with the worldwide launch. Intel has modified the user-identification features in the chip to make it Internet secure. The idea is to bolster security for E-commerce.

Sony aims to double sales turnover: Japanese consumer electronics giant, Sony, unveiled plans to launch more products in India, aimed at doubling the sales turnover in next two years. "We have plans to expand our product range as much as possible and we hope to double our sales turnover by 2001," Sony India managing director Hiromi Matsumoto told newsmenafter inaugurating the first exclusive Sony Digital World showroom in the country.

Strong profit growth seen for HLL: Consumer products firm Hindustan Lever Ltd is expected to deliver a strong performance for 1998, driven by growth in some product lines and exports, according to analysts. Analysts' estimates for net profit range from Rs 7.764 billion to Rs 8.39 billion ($183 million to $197.6 million), including the net profit for Pond's India Ltd which is being merged with HLL.

ONGC, IOC talks: ONGC and IOC begin formal discussions this month to cement the bond, inevitable because of the swap of 10 per cent equity. ONGC chairman and managing director Bikash Chandra Bora said the elements of the synergy between the companies would be worked out over the next two months.

VSNL appeal to income-tax commissioner: State-owned VSNL may have to cough up close to Rs 1,000 crore if it loses its appeal before the Commissioner of Income Tax (appeals) on whether to treat the licence fee itpays to DoT as a deductible expenditure or not. The tax authorities have refused to accept VSNL's contention that the licence fee it pays to DoT should be treated as a revenue expenditure and should, therefore, be treated as a pre-tax charge. VSNL went into appeal before the CIT (appeals) in October last year and is now pressing for an early hearing in the case.

Nabard technical staff move court: Officers under the technical category in Nabard have moved a petition in the Lucknow bench of the Allahabad high court against alleged discrimination meted out to them by the bank's top management. The officers have accused, P Kotiah, who till recently was the chairman of Nabard, of sabotaging the scheme of integration between the general service and the technical service categories. According to the technical officers, Kotiah did this as he himself belonged to the general service category.

RBI norms prove burden for Shriram: Shriram group is finding it increasingly difficult to comply with variousnorms announced by the Reserve Bank. In 1996-97, both Shriram Investments Ltd and Shriram Transport Finance Company Ltd did not comply with prudential norms on the basis of a legal opinion that the norms were not mandatory. The companies, in their annual report for 1997-98, have blamed the `drastic changes in the NBFC regulations' for their failure to maintain the mandatory liquid assets.

FM may levy 2 per cent tax on banking services: In a move which is expected to garner almost Rs 200 crore for the exchequer, the budget is likely to introduce a 2 per cent tax on services rendered by banks. A senior official from the Indian Banks' Association feels that banks will pass on this additional tax to the end-users, making services like demand drafts, guarantees, telegraphic transfers, commissions more expensive.

Cold-rolled steel makers threaten action: Cold-rolled steel manufacturers association has threatened legal action against steel majors for allegedly forming a cartel to "fix" prices afterthe government had announced the floor price for imported HR coils. "All steel majors have increased prices identically. We are planning to file a complaint with the Monopoly and Restrictive Trade Practices Commission," chairman SP Jain said.

FIs call to cement producers: Financial institutions, especially those with huge exposure to the cement industry, have asked the manufacturers to keep a watch on their realisations and sell at a remunerative prices. In a meeting with some of the leading cement manufacturers recently, the FIs have made it clear that the existing scenario is hurting their interests as many companies are failing to keep up their commitments with respect to payment of interest and repayment of term loans.

ATCOs threaten to retaliate if victimised: With the Airports Authority of India deciding to crack down on air traffic control officers whose "go-slow" has been delaying flights for over two weeks now, the agitating ATCOs on Sunday said they would "react" in case of anyvictimisation.

Taj Mahal conservation: The Centre has decided to sanction Rs 50 crore to protect the marble wonder, Taj Mahal, in Agra and would soon set up a joint authority with Uttar Pradesh for overall conservation of the monument. This was stated by union forest and environment minister Suresh Prabhu while talking to state Chief Minister Kalyan Singh in Lucknow on Sunday, an official release said.

Japan keen on restoring bilateral ties: Japan on Sunday gave clear indications of getting ties with India, derailed since the Pokhran nuclear tests, quickly back on track and suggested a twin-pronged approach to resolve the nuclear issue and restore suspended economic cooperation.