Rupee recovers to 42.67
The rupee recovered to an intra-day high of 42.6450 before closing a shade weaker at 42.6769. Opening the day at 42.66/68, slightly lower from its overnight close at 42.65/67, corporate demand for dollars in early trades saw the rupee at an intra-day low of 42.7570, but good dollar supplies and profit-taking saw the rupee recover.

RBI closes tap for 14-year paper
The Reserve Bank on Wednesday closed the tap for the 12.40 per cent 14-year bond after mopping up the targeted Rs 3,000 crore. The 12.40 per cent 2013 Government stock was privately placed with the RBI and simultaneously put on salethrough the open market window.

DRI to investigate car imports
The finance ministry is taking a fresh look at policy guidelines relating to import of cars above 1600 cc by Indians returning to the country after working abroad. The re-look at the policy follows detection by the directorate of revenue intelligence of the large-scale misuse of the scheme.

ICICI gets part of Uniworth House
Uniworth House, the three-storeyed corporate headquarters of the AP Lohia group in the posh Gurusaday Road area of Calcutta, has been partly transferred to ICICI as part of a debt-restructuring deal. Income-tax clearance is yet to be obtained, and hence conveyancing remains to be executed in favour of ICICI.

BHEL bags Rs 895cr orders
BHEL power sector southern region fared well in 1998-99 by closing the year with orders worth Rs 890 crore, against Rs 350 crore in the beginning of the year. The turnover stood at an all-time high of Rs 330 crore and is likely to touch Rs 400 crore in thecurrent fiscal.

JCT Electronics recast
Thapar group company JCT Electronics will infuse fresh equity worth Rs 50 crore within the next two months as part of a major financial restructuring exercise.

Morepen Labs gets nod
Morepen Laboratories has received the USFDA approval for its bulk drugs plant at Parwanoo in Himachal Pradesh for manufacturing loratadine, a non-sedative, anti-allergic drug. The development is expected to have a positive impact on Morepen's bottomline.

Sterlite's Australia copper mine
Ownership of the century old Mount Lyell copper mine in the island state of Tasmania passed to copper producer Sterlite Industries on Wednesday. Sterlite rescued the mine from closure with the purchase. Tasmanian premier Jim Bacon and Sterlite group chairman Anil Agarwal signed the agreement at the mine's headquarters in Queenstown, bringing an end to months of negotiations.

VMC Software bonus issue
VMC Software will issue bonus shares to its shareholders inthe ratio of 1:2. The company had declared an interim dividend of 50 per cent for the 1998-99 fiscal along with the second-quarter results published in October 1998.

Archies announces 1:1 bonus
Archies Greetings & Gifts on Wednesday announced a 1:1 bonus for its shareholders on an equity base of Rs 3.25 crore. After shareholder approval, the company's equity capital will increase to Rs 6.5 crore, according to the decision taken by the company board.

Sensex up 17 points
Equities turned weak but moderate gains in a select few index heavyweights lifted the Sensex marginally on Wednesday. The Sensex closed at 3586.80 points, as against Tuesday's close of 3569.47 points, netting a gain of 17.33 points.

StanChart golden handshake
Standard Chartered Bank has extended a "golden handshake" to 1,130 employees through the latest round of voluntary retirement scheme despite stiff resistance put up by trade unions. The Rs 190-crore scheme attracted over 40 per cent of the bank'semployee strength.

SBI executives in race for DMD posts
Seventeen chief general managers of State Bank of India will battle it out for seven slots of deputy managing directors on April 14 in New Delhi. According to SBI insiders, this is one of the rare instances when so many vacancies have been created at the top tier of the bank.

FDI inflows
Concentration of foreign direct investment in a few large-sized projects has been noted, Assocham has said. Expressing concern at inconsistencies in policy arising out of political compulsions, the chamber said there was a sizeable investment flow in infrastructure industries with high-gestation periods.

New principal secretary
Awadhesh Prasad Sinha, vice-chairman and managing director of Cidco, has been promoted as principal secretary since April 1, 1999. After his promotion also, he will continue to look after the charge of vice-chairman and managing director, Cidco.

`Mitsubishi, Mazda in tie-up talks'
Japaneseauto-makers Mitsubishi Motors Corp and Mazda Motor Corp have begun talks on a business and technology tie-up, a report said on Wednesday. As a first step, Mazda, controlled by US auto giant Ford Motor Co, has agreed to supply small commercial vehicles to Mitsubishi on an original equipment manufacturer's basis, the Nihon Keizai Shimbun said.