SC asks Quattrocchi to appear in court: The Supreme Court on Monday directed Italian businessman Ottavio Quattrocchi, alleged to have received over $7 million as kickbacks from the deal, to appear in the trial court on March 15. A division bench comprising justices GT Nanavati and SN Phukan also directed Quattrocchi to remain in India for two weeks after March 15 to facilitate his interrogation by the CBI.

India Cements Q3 profit rises: India Cements announced a marginal profit of Rs 3.06 crore for the three-month period ended December 31, 1998. Non-cement revenues lent respectability to itsperformance. The company has been hit by poor realisations on one hand and adverse performance of its shipping business on the other.

Raasi Cement posts Rs 2cr profit: Raasi Cement said it posted a marginal profit of Rs 1.60 crore for the third quarter ended December 31, 1998, on a turnover of Rs 92.10 crore. The profit for the quarter was sharply lower than the aggregate profit of Rs 12.55 crore in the first two quarters, the company said.

Lupin Chemicals net up 20%: Lupin Chemicals, the country's largest manufacturer of the anti-TB drug Rifampicin, said on Monday it posted a 20 per cent jump in net profit to Rs 6.97 crore for the first half of the current fiscal, against Rs 5.79 crore registered in the year-ago period. The company said that the improvement in performance was a result of sustained research and development and cost-reduction efforts.

VSNL command: The state-owned VSNL has urged its over 3,000 employees to help change an "arm-chair" organisation to one of "action andactivity". In a communique to its employees, VSNL acting CMD Amitabh Kumar described 1999 as a "watershed year in the history of communications in India". According to Kumar, VSNL supports the reduction in international tariffs proposed by Trai, as the calling rates from India are too high.

Bharat Hotel sees less turnover: Bharat Hotels, which owns the Inter-continental Hotel in the capital, expects around 20 per cent drop in turnover to Rs 85-88 crore for the year ending March 1999, from Rs 107.73 crore in the previous year. Operating profit is also likely to drop from Rs 43.61 crore in 1997-98 to about Rs 35-36 crore in 1998-99, the company said.

Sensex down 51 points: Rumours of imposition of a fresh tax on software exports saw bears tighten their grip on infotech stocks. As a result, the bellwether 30-share Sensex closed its Monday innings 51.03 points lower at 3,303.89 points. The S&P CNX Nifty index, which has a large exposure to information-technology stocks, fell by 22.45 points toclose at 976.30 points.

GDR market: Investor interest in the GDR market for domestic offerings is expected to dwindle substantially within the next six months owing to a significant amount of dematerialisation, feels National Securities Depository chief CB Bhave. He feels that high levels of dematerialisation will bring about a higher settlement efficiency.

Sri Lanka Insurance: Sri Lanka Insurance Corporation, a state-owned unit undertaking the life-insurance business, is actively considering entering India. The $36-billion Mitsui Marine & Insurance, Japan's third-largest insurance company, and the UK-based Royal & Sunalliance Insurance are also looking for local partners to undertake general-insurance activities.

State Bank strategy: State Bank of India has drawn up a strategy for millennium banking. At a recent conference of the bank's chief general managers, chairman GG Vaidya hinted at radical changes in SBI's products profile and personal policies. The State Bank brass alsofocused on SBI's corporate perception.

Urea scam: The Delhi high court on Monday issued show-cause notices to the CBI on the review petition of Prakash Chandra Yadav, son of former Union chemicals and fertilisers minister Ram Lakhan Singh Yadav and accused in the Rs 133-crore urea scam case. Justice NG Nandi directed the bureau to file its reply by March 9, when the matter will come up for hearing.