The civil aviation ministry has urged the Centre to increase financial assistance to IA to Rs 325 crore from Rs 125 crore. A proposal to this effect will be presented to the new Cabinet.

Changes in derivatives bill

The finance ministry has accepted the recommendations of the Parliamentary Standing Committee on amending certain provisions of the derivatives bill. A note, incorporating the modifications in the Bill, is being moved for approval of the Cabinet.

Japan Telecom to sell stake to BT, AT&T

Japan Telecom said on Sunday it will sell 15 per cent stake to British Telecommunications and AT&T Corp for $1.85 billion. The two companies will pay $1.85 billion for the stakes, which will be acquired through a new share issue.

STC prepares road map for divestment

STC is preparing a road map envisaging disinvestment of 51 per cent of the government's stake in its equity capital. The move implies divesting only 42 per cent ofthe government equity holding in STC since 9 per cent of its shares has already been sold to mutual funds.

Infotech firms best list

Infotech companies emerged leaders in both yearly and quarterly performances, according to a Financial Express Research Bureau study. Of 39 firms, the top five in respect of net profit as a percentage of sales during 1998-99 were VMC Software, Krebs Biochem, Power Finance Corporation, Visual Soft and Silverline Inds.

RPG Life, Hindustan Antibiotics

RPG Life Sciences is exploring the possibility of marketing Hindustan Antibiotics' biotech products. The PSU has leased out five of its reactors in Pune to the RPG group company for the manufacture of Vitamin B2 and B12.

IBP jittery about panel measures

IBP has told the Centre that it will not stand to gain financially from the Nitish Sengupta Committee's recommendations. The panel had suggested that 33 per cent of the Government's stake in IBP be sold to BPCL, a move which IBP feels will give itnothing in return.

Golden Forests seeks court nod

The Chandigarh-based Golden Forests (India) has sought the Mumbai high court's nod for selling off assets worth Rs 400 crore to pay back investor dues. Sebi has, however, sought to know details of the investors who have applied for the refund.

Export obligation on Tupperware

Centre has slapped a 50 per cent export obligation stipulation on direct marketing major Tupperware India while clearing its proposal to set up a manufacturing joint venture in the small scale sector.

ICICI net to rise

ICICI's net profit is expected to rise 25 per cent to cross Rs 1,350 crore in fiscal 1999, up from Rs 1,080 crore in the previous year. The institution will announce its audited financial results for '98-99 on Monday.

Inflation rate falls

Inflation rate touched its lowest in 71 weeks of 4.17 per cent on April 10 from 4.60 per cent a week earlier after receding prices of food articles and liquified petroleum gas triggered a 0.43 percent fall in the rate. It was the lowest since December 6, 1997 when it stood at 4.10 per cent.

Vajpayee's secretary gets new post

Prime Minister Atal Behari Vajpayee's private secretary Shakti Sinha is joining as economic counsellor in the Indian High Commission in Britain.