The Maharashtra government on Tuesday received a major jolt with the Mumbai high court quashing its order to transfer Pune municipal commissioner Arun Bhatia to the state archives department as director. The court has directed the state government to reinstate Bhatia as the Pune municipal commissioner. But the state government has decided to challenge the high court order in the Supreme Court.

BSE, NSE and banks closed

The BSE, NSE and public sector banks will remain closed for trading today in view of the national holiday declared to celebrate the birth anniversary of Babasaheb Ambedkar.

ABCL, Canara Bank legal dispute

The Mumbai high court will hear on April 16 a petition filed by Amitabh Bachchan Corporation Ltd, which has sought a stay on a court order that allowed Canara Bank to take possession of ABCL properties.

Rupee falls to 42.76

Political turmoil pulled down the rupee to an intra-day low of 42.78 against the dollarbefore recovering to close at 42.74/76 -- the lowest since the August 1998 crisis. The six-month annualised forward cover went higher in tune with the weakening in spot rupee to close at 7.20 per cent, from its last close of 6.99 per cent.

Honda Siel duty evasion

The customs authorities have charged Honda Siel Cars with duty evasion on import of technical knowhow and design worth Rs 120 crore and raided the company's factory premises. The department has made a custom demand of Rs 12 crore from Honda Siel, of which the company has deposited Rs 3 crore.

Marico godown fire

Despite six hours of continued fire-fighting, the raging flames at a godown of Marico Industries at Pandra Bazar in Ranchi are yet to be extinguished. The fire broke out at godown eight of the Mumbai-based company early in the morning, fire brigade sources said.

SmithKline Beecham Q1 net up 22%

SmithKline Beecham Consumer Healthcare on Tuesday announced a 22 per cent rise in its net profit in the first quarter of1999 to Rs 19.83 crore. The company had posted a net profit of Rs 16.24 crore during January-March of 1998.

Chokseys, Goodlass Nerolac business

The Chokseys, ex-promoters of the country's largest paints company Asian Paints, have acquired the pigment business of Goodlass Nerolac Paints. The acquisition deal by Choksey group company Mazda Dye-Chem would also include the technical knowhow of Goodlass Nerolac in the field of Phthalocyanine pigments.

ITC Hotels picks 25% in Ansal Hotels

ITC Hotels, an ITC group firm, has picked up 25 per cent in Ansal Hotels through subscription to equity shares of Rs 10 each at a premium of Rs 20 each. NTPC, IOC, ONGC may join hands In a change of strategy, three navratnas -- IOC, ONGC, and NTPC -- are believed to be exploring the option of joining hands and setting up a power plant in Gujarat. The trio will hold a combined equity of 50 per cent so that the venture remains a non-Government company.

Rationalisation of margin system

TheSebi-appointed committee on margins has decided to thrash out the problems related to the interpretation and implementation of margins at the exchange level.

RBI ready to divest stake in IDFC

The RBI has taken an "in-principle" decision to divest its shareholding in the Infrastructure Development Finance Corporation. The move is in line with its policy of getting out of the dual role of a market player and regulator.