Manufacturing sector investments dip, says CMIE: Investments in the manufacturing sector declined by 9.6 per cent during the year ended January 1999. All other sectors, barring the chemical sector, have seen a decline in investment outstandings, according to a survey by the Centre for Monitoring Indian Economy. Maharashtra, Tamil Nadu and Gujarat lead in terms of outstanding investments, the survey says.

President's rule ratification: The Lok Sabha will take up for consideration today a resolutionto ratify President's rule in Bihar. The resolution will be put to vote on February 26. A decision to this effect was taken by the floor leaders. The house will discuss the use of article 356 in Goa and Bihar for two days from today.

Court rejects ATCs' bail plea: The anticipatory bail application of four sacked air traffic controllers of Mumbai airport was rejected by the principal sessions judge AS Aguiar in Mumbai on Tuesday.The four were sacked by the Government on February 18 and charged under various sections of IPC and the Civil Aviation Safety Act, 1982, which prescribe life imprisonment if proved guilty of offence.

Gail may pick up 29.9% in RPG Dholpur: Gas Authority of India plans to acquire a 29.9 per cent equity in RPG Dholpur Power Company, which is setting up the country's largest Rs 2,400-crore naphtha-based project in Rajasthan. Official sources said that as part of its strategic investment plans in the downstream sector, Gail has written to RPG Dholpur Power Company forpicking up this equity, which will cost it Rs 215 crore.

DCL Polyester: Financial institutions led by IDBI have worked out a package to restructure the Rajus-owned DCL Polyester's liabilities through subscription of non-convertible debentures worth Rs 39.64 crore. The debentures will carry a zero interest up to April 1, 2000, institutional sources said.

Viagra ingredient: Just Cipla among the three major drug firms has exported significant quantities of sidenafil citrate, the active ingredient that goes into Pfizer's anti-impotence wonderdrug Viagra. The Drugs Controller General of India had on June 5, 1998, cleared export licences worth 39,262 kg and 5,000 tablets of sildenafil citrate of four drug firms—Orchid Chemicals & Pharmaceuticals, Ranbaxy Laboratories, Cipla, and Hetero Drugs.

HPCL refinery: The ministry of petroleum and natural gas will have to weigh a series of options following Exxon Corporation's withdrawal from Hindustan Petroleum Corporation's (HPCL's)nine-million-tonne refinery in Bhatinda, Punjab. Sources said that Exxon's decision was "by and large expected" given the tepid interest by multinational oil companies to investments in refineries.

Lancer sales target: Given the state of the mid-size car segment, which fell over 20 per cent in 1998, Hindustan Motors has scaled down projections for its luxury sedan 'Mitsubishi Lancer' for the current and next fiscal year. Against its target of 4,600 cars for the current fiscal and over 12,000 cars in 1999-2000, the company hopes to close this fiscal with 3,000 cars, while the projection for the next fiscal is 9,000 cars.

Tidco toys with new way: In anticipation of capital account convertibility taking effect by 2002, the Tamil Nadu Industrial Development Corporation is toying with a new way to tackle the working-capital requirements of the industries to be located in the hi-tech park being planned at Nanguneri in Tirunelveli district. Tidco has mooted creation of dollar accounts for hi-techprecision and non-polluting industries.

Chhabrias petition: In a bid to checkmate Vijay Mallya's charge of mismanagement at BDA, the Kishore Chhabria camp has hit with a petition before the Company Law Board alleging asset stripping, mismanagement, and siphoning of funds at the Mallya-controlled Herbertsons. The Chhabrias, through group firm Airdale Investment Trading, have sought the appointment of a board administrator at Herbertsons. The Mallya petition is pending before the board.

Sensex down 20 points: Brokers continued to offload their outstanding positions for the second consecutive day. Reflecting the lacklustre mood in the midst of thin institutional participation the 30-share Sensex closed at 3,283.97 points, registering a net loss of 19.92 points. According to technical analysts the index seems to have validated the 3,280 support level once again.

Mutual funds: Section 54-EA tax break has come as a bonanza for mutual funds, who have attracted at least Rs 400 crore fromthis segment of investors booking capital gains. Apart from the spurt in assets under management, funds get a long-term commitment from investors opting for this tax break.

IRA Bill: The report on the Insurance Regulatory Bill will be put through a vote before the 35-member select committee for its finalisation. "The voting is necessary as the consensus has eluded the committee members on the final shape of the bill,'' said sources in Delhi.

Insurance agents: The Insurance Regulatory Authority will make both professional and educational qualifications mandatory for insurance agents in future. Delivering the valedictory address at an international seminar on "Insurance in India: prospects & perspectives" in Mumbai on Tuesday, IRA chairman R Rangachary that the non-professional approach by the present intermediaries would have to come to an end as soon as possible.

Economic survey: The Economic Survey for 1998-99 is likely to take note of the fact that the Centre during the first ninemonths of the fiscal has run a fiscal deficit of Rs 73,434 crore, revenue deficit of Rs 36,408 crore and primary deficit of Rs 28,757. The last being the most important as it is a pointer to the performance of the Centre without taking into account the interest which it had to pay on past borrowings.

Gujral's comments: Former Prime Minister IK Gujral, in his address at the 16th PC Lal memorial lecture on "Governance of India" organised in honour of the late chief of air staff, said the process of consensus building which is vital for effective running of coalitions is "fractured" in the case of the Vajpayee Government.