HCL Technologies will buy out the entire 40 per cent equity stake held by James Martin & Co in its joint venture HCL-James Martin Inc. The sell off is part of a strategic move by the US-based $150-million James Martin to re-align itself as a global corporation. Under its present policy, James Martin will no longer share its brand name in any joint venture. HCL-James Martin Inc was set up in 1996 to tap Year 2000 projects in United States and to give systems redevelopment solutions world-wide.

Reserve Bank cuts T-bill yields

The Reserve Bank on Friday slashed the yields of 14-day T-bills by 105 basis points to 8.36 per cent and 91-day T-bills by 76 basis points to 8.81 per cent. The objective is to align the already skewed yield curve with the yields in the secondary market and to signal a lower interest rate regime. The market was expecting the "balancing act" by RBI to bring in an alignment in short-term T-bills' yields after the slash in CRR,bank and repo rates on Herberts sell-out

The DM 3.13-billion sell-out of Hoechst group company, Herberts, to US chemicals giant DuPont, is expected to mark the exit of the German multinational from domestic paints sector. In India, Herberts Paints operated as a 100 per cent subsidiary of the Hoechst group and held a controlling stake in a joint venture with Jenson & Nicholson for automotive refinishes. The global deal was closed at the end of February.

Amul targets Rs 10,000cr sales

The Gujarat Cooperative Milk Marketing Federation Ltd is aiming at an annual turnover of Rs 10,000 crore in four years time, chairman V Kurien said. The turnover for the current financial year is likely to be Rs 2,500 crore. He told reporters in Culcutta that most of the growth in sales will come from milk and milk products.

FIs put Tayals in spot

Financial institutions (FIs) put stringent conditions for the approval of a merger plan proposed by the Tayals-controlled Sree Krishna group. FIsexpressed reservations over the share-exchange ratio worked out by the promoters. They demanded a fresh valuation for the merger of group companies Sree Krishna Polyester and Sree Krishna Petro Yarns into Krishna Texport Industries.

GIC Mutual to invest in FMCG shares

The proceeds from GIC Mutual Fund's demat scheme will be invested in a host of multinational consumer goods companies such as Cadbury, Colgate Palmolive and Hindustan Lever, whose scrips figure in the dematerialised format in the National Stock Exchange (NSE). The scheme aims at investing in the shares of 11 FMCG companies including Cadbury, Colgate Palmolive and Hindustan Lever These firms together have a total market capitalisation of Rs 31,000 crore.

Sensex rebounds 47 points

Equities recovered Thursday's losses in restricted activity lifting the sensex by over 47 points on the stock market on Friday on fresh purchases by bulls as well as foreign institutional investors (FIIs) and financial institutions (FIs).

Bankfrauds board dismantled

The Reserve Bank of India (RBI) has dismantled the advisory board on bank frauds headed by former deputy governor SS Tarapore. The dismantling follows the central vigilance commisioner's (CVC) move to set up a central advisory board on bank frauds. The board was set up in 1997.

Indo-Israel trade touches $670m

Balance of Trade (BoT) between India and Israel is for the first time in India's favour with exports touching $343 million in 1998, Israel's counseller for economic affairs Amiram Halevy said in New Delhi on Friday. Chemicals and textiles led the spurt in exports at 28 and 23 per cent growth respectively, even as diamond imports from Israel fell by 25 per cent, he said.

Private firms criteria revised

Government has revised the criterion for deeming a private company as a "deemed public company" on the basis of its average annual turnover from Rs 10 crore to Rs 25 crore.