NFCL net up 17.72% to Rs 144 cr: Nagarjuna Fertilizers and Chemicals, the flagship company of the Nagarjuna group has posted a 17.72 per cent rise in net profit to Rs 143.74 crore for 1998-99, compared with Rs 122 crore the previous year. It has posted a 53 per cent rise in sales to Rs 1,214.54 crore, compared with Rs 795.88 crore the previous year.

Bharti Cellular slashes airtime rates by 64 per cent: Bharti Cellular, capital cellular operator under brand name Airtel, on Tuesday slashed airtime rates by about 64 per cent consequent to the new tariff structure by the TRAI. As per the new rates effective May one the highest slab ofairtime will come down from Rs 16.8 per minute to Rs 6 per minute, a company statement said.

Deluxe Corp to go it alone: US integrated payment systems major Deluxe Corp has bought out its entire 50 per cent stake in its Indian joint venture company, HCL Deluxe, to further strengthen its presence in India. This is in line with global restructuring of Deluxe's four businesses into independent operating units world-wide, Deluxe said in a release.

SmithKline Beecham plans Rs 252cr plant: Nutritional healthcare leader Smithkline Beecham Consumer Healthcare is, setting up a malted-food plant at Sonepat in Haryana with an investment of Rs 252 crore in the first phase. The project will have a production capacity of approximately 26,000 metric tonnes per annum.

Tatachem puts plan on back burner: Tata group firm Tata Chemicals has put on hold Rs 1,200 crore investment plans for doubling the capacity of its urea plant at Babrala in Uttar Pradesh to 1.5 million tonnes per annum. The company hastaken the decision in view of the unfavourable administered pricing regime for urea, sources said.

Samsung targets Rs 2500cr sales: Samsung India Electronics has targetted a Rs 2500 crore sales turnover by 2001 to figure among top three consumer electronics companies in the country, managing director KS Kim said. It has also targetted Rs 900 crore sales turnover in 1999 against Rs 540 crore in 1998 based on its increased penetration in the east, he said.

Tariff concession to Madras Cements: The Madras high court has held that Madras Cements and India Cements are are eligible for concessional power tariff announced by the Tamil Nadu government. The court has upheld the contention of the petitioners that they are eligible for concession despite the sudden withdrawal of the government order granting the incentive.

SCI plans $1.2 billion expansion: Shipping Corporation of India has chalked out a $1.2 billion expansion strategy for the Ninth Plan period with stress on transportation ofcrude oil and liquefied natural gas. "We propose to add 44 ships to our fleet," chairman and managing director PK Srivastava said. The Rs 2,200 crore shipping major is pursuing a combined strategy of buying secondhand ships as well as placing orders for new ones, he said.

LG to invest $230m in India: South Korean giant LG Electronics will pump in an additional &230 million in india by the year 2005 to expand manufacturing facilities for its range of white goods for both domestic and export markets. The two-phase programme will make total investment of chabeol to about $290 million that will help make India an export base for the region.

Ministry asked to look into complaint against Metal Box: The Law ministry will be taking up a complaint filed by a workers union of ailing Metal Box India Ltd, following a directive from the Prime Minister's Office based on complaints against the management. In line with the PMO directive, BM Jain, the joint director for inspection in the ministry of law,justice & company affairs, has asked the registrar of companies to file a detailed report on the financials of the company and action taken by the department, if any.

ICICI Bank plans to float MMMF: ICICI Bank plans to launch a money market mutual fund to protect its low cost saving deposits portfolio. The bank, along with other banks, is afraid that the RBI decision to allow MMMFs cheque writing facility may eat into the savings deposits which account for about 30 per cent of the aggregate bank deposits.

SIBDI to float $50m fund: SIDBI is all set to float an international venture capital fund worth $50 million shortly. The close-ended international venture capital fund will be dedicated to investing in companies which have already utilised the bank's state and national venture funds. The bank, however, is yet to decide about the launch platform and date.

RBI ask banks to accept FIs technical parameters: RBI has asked banks to "broadly accept" technical parameters laid down byleading public financial institutions as regards funding of infrastructure projects. Multiplicity of appraisals by every institution involved in financing an infrastructure project, leading to delays, has to be avoided, RBI chief general manager VG Damle said in letter to commercial banks and FIs.

Crisil reaffirms Videocon rating: Credit rating agency Crisil has reaffirmed its rating of Videocon International's two debenture and one bond issues. All the three--the Rs 280-million non-convertible debenture issue, Rs 369.11 million secured convertible bond issue and Rs 287.5 million non-convertible debenture issue--have been reaffirmed the `a' rating by crisil, an official release said.

World Bank project for India: World Bank is preparing a private infrastructure framework for India. The PIF will identify existing constraints and make recommendations for further policy, regulatory and financial reforms to facilitate processing and financing of private infrastructure projects.

GIC D'Matmops up Rs 15 cr, misses Rs 100cr target on tepid response: The GIC D'Mat scheme has fallen short of its internal target of mobilising over Rs 100 crore. The scheme has managed to mobilise Rs 15 crore in the initial phase of its subscription.

Digital Equipment Q3 net falls 72% to Rs 2.95 cr: Digital Equipment India has reported a 72.8 per cent decline in net profit to Rs 2.95 crore for the third quarter of 1998-99 compared with Rs 10.8 crore during the same period last year.

Maruti export projection: Faced with a contracted market abroad and an ageing line-up of models in its stables, Maruti Udyog has projected a zero growth in exports during the 1999-2000. It does not expect export turnover to grow beyond the previous year's $90-million mark in view of a recession-hit international market and introduction of several new models of compact cars by global players.

FIs for changes in draft guidelines on setting up alms: FIs are likely to suggest some changes to the draft guidelineson setting up asset liability management systems the RBI issued last week. RBI has earlier asked FIs to suggest any changes they will like to make to the draft guidelines.

VSNL buyback may be delayed: The buyback of shares by VSNL is unlikely to take place before next December, acting chairman and managing director Amitabh Kumar said. The issue is likely to be delayed with with no Government in place, he said. "However, there is no change in our plans on buyback. We need to look at for an opportune time" Hew said.