Indian Oil Corporation (IOC) has sought to acquire 26 per cent stake in another state-owned company Engineers India limited (EIL) as part of its efforts to acquire greater technological muscles.

The move comes close on the heels of IOC's decision to acquire 10 per cent equity in Oil and Natural Gas Corporation (ONGC) and another five per cent shares of Gas Authority of India Limited (Gail). IOC chairman MA pathan said the corporation had submitted a proposal to the petroleum ministry for picking up 26 per cent stake as a strategic partner in eil.

Symantec Corp, TCS tie up

US-based Symantec Corporation, a leading utilities software and personal computing company, on Tuesday announced its partnership with Tata Consultancy Services (TCS) for conducting research and development (R&D) Activities in India. Symantec will invest $1 million in the first phase of the R&D project based in New Delhi and Chennai, Symantec Asia Pacific vice president GarrySexton said.

Indo-Jordan Chemicals posts Rs 55cr net:

Indo-Jordan Chemicals Company Ltd (IJC), a joint venture between Southern Petrochemicals Corporation Ltd (Spic), Jordan Phosphate Mines Company Ltd (JPMC) and the Arab Investment Co (AIC) has recorded a net profit of Rs 55.65 crore in its first full year of operation. Sales and other income of the $170-million company for the year ended December 31, 1998 stood at Rs 351.60 crore, IJC said in a release.

LML to slash scooter prices:

LML Scooters on Tuesday said it decided to pass to its buyers the 50 per cent sales tax concession granted by the Delhi Government after it achieved the prescribed emission norms, an LML release said. The company also got a certificate from Vehicle Research and Development Establishment (VRDE) for meeting the emission norms for the year 2000, the release added.

Fena asks MRTPC for removal of lemon reference from wheel

Detergent manufacturer Fena Ltd on Tuesday asked Monopolies and RestrictiveTrade Practices Commission (MRTPC) to restrain Hindustan Lever Ltd (HLL) from referring to lemon to promote its detergent "Wheel". Submitting before a two-member bench of the commission, Fena counsel a N haksar said HLL should be asked to remove all reference to lemon as a cleaning power in the advertisement and packaging of "Wheel" as the detergent did not contain any lemon. Fena had moved MRTPC challenging HLL's wheel campaign that the detergent had the cleansing power of lemon.

Autocad 2000 to be launched soon:

Autodesk, the world's fourth largest PC software company, would soon launch Autocad 2000, its next-generation design software that sets new standards in productivity, flexibility and connectivity for design professionals in all markets, the company said on Tuesday. Top company officials told reporters that Autocad 2000 would connect users to their colleagues, their work and to global design resources, and had powerful new features that would foster productivity, teamwork, informationaccess and vertical solutions.

Gillette unveils deodrant:

Gillette has entered the deodrants and after shave market in the country with the launch of its `cool wave series' on Tuesday. This is in line with Gillette subsidiary Indian Shaving Product Limited's (ISPL) offering of Gillette series shaving preparations, being imported now, and includes Gillette Sensor Excel Razor among others. The first phase of the launch would involve promotional campaigns in 23 cities which would be extended to other cities subsequently.

Swiss firm bags Nalco contract

Public-sector National Aluminium Company (Nalco) has awarded the prestigious turn-key contract for the aluminate liquor concentration unit to CT Environment Ltd, Switzerland. The contract for expansion of Nalco's alumina facility at Damanjodi in Orissa is expected to boost production of alumina from eight lakh to 15.75 lakh tonnes per annum, a company release said.

Adani Exports CEO granted bail:

Gujarat High Court on Monday grantedbail to Adani Exports Ltd (AEL) executive director (finance) Rajesh Adani, on furnishing a personal bond. Adani was arrested by the directorate of revenue intelligence (DRI) on February 12 on charges of evading Rs 1.40 crore duty in an import transaction and was lodged in Bhuj jail. His bail application was earlier rejected by a lower court. DRI insisted judicial custody for Adani for further interrogation in a case of importing coal worth about Rs 7 crore at Kandla port recently. Adani being CEO of the company had owned up responsibility for the lapses committed by company officials in charge of the trading desk.