Alcoa of the US, Canadian major Alcan and AV Birla group major Hindalco are among the seven companies to have evinced interest in picking up the Government's 51 per cent stake in Balco. After the strategic sale, the Centre is likely to offload an additional 24-30 per cent stake to institutions and public at a later date.

Santro prices likely to go up

Hyundai Motor India on Tuesday hinted at an increase in the price of new Euro II-compliant Santro, which is likely to hit the roads this month. "While the cost-push factors are expected to result in an upward pressure on prices in the range of Rs 25,000, the company is yet to decide the extent that can be passed on to the customers," Hyundai said in a statement.

Glaxo defers legal merger with Biddle Sawyer

Glaxo India on Tuesday said that it had decided to defer the `legal merger' of the Biddle Sawyer group of companies with itself. Chairman Deepak S Parekh told shareholders at thecompany's AGM on Tuesday that it was not "not worthwhile, at this juncture, to consider a legal merger". This decision is essentially because one Biddle Sawyer facility is facing wage disputes and the matter is before the industrial tribunal.

Cabinet clears proposal for IT fund

The Centre on Tuesday announced the setting up of a Rs 100-crore venture-capital fund for IT in an effort to further boost its growth in the coming years, especially in the small scale sector. Sidbi has been asked to float a fully-owned subsidiary trustee company to run the fund.

Dow races past 11,000

The Dow Jones Industrial Average surged past the 11,000 milestone for the first time on Monday, as signs that inflation is under control sparked a blue-chip stock rally. It was barely a month ago that Wall Street celebrated the Dow's first surge through the 10,000-mark on March 16. The Dow's recent jump has been fuelled by a push among investors to buy stocks that are poised to benefit from the thriving economy.

Mayya appointed ise chairman

MR Mayya, former BSE executive director, has been appointed chairman of the Interconnected Stock Exchange (ISE). Mayya, who has been associated with stock exchanges for over a quarter of a century, was joint director (stock-exchange division) in the finance ministry during August 1978 and July 1983.

Glaxo net at Rs 13.32 crore

Glaxo India on Tuesday said its net profit in the first quarter of its financial year 1999 (Jan-Dec) was Rs 13.32 crore. Sales in the latest period were Rs 170.7 crore, a company release said. The company did not provide comparable figures for the same period of the previous year.

Tata Infotech declares 1:2 bonus

Tata Infotech on Tuesday declared a bonus of 1:2 and hiked its dividend by 10 per cent to 70 per cent for the year ended March 31, 1999. During the year under review, net profits grew 34.13 per cent to Rs 46.05 crore on a turnover of Rs 392.78 crore, up from Rs 324.26 crore in the previous year.

Crisilresults

Crisil has posted 26 per cent higher net profit at Rs 12.50 crore for the year ended March 31,1999. The board has recommended a dividend of 55 per cent (Rs 5.50 per share) against the 45 per cent declared in the previous year.

ABCL case before BIFR after mid-June

The case of ABCL is unlikely to come up for hearing before the BIFR at least till mid-June due to the long list of companies pending with the board in 1999. The loss-making ABCL's case was registered with BIFR on March 22, wherein the Corporation sought to be declared as sick company claiming that its net worth had been eroded.

IDBI, ABN-Amro in race for soya futures clearing member

State Bank of Indore, ABN-Amro, IDBI and IndusInd Bank are among the major banks in the race to become institutional clearing members of the country's first soyabean futures exchange coming up in indore, Soyabean Processors Association of India chairman Harsh Maheshwari said.

Banking IDBI plans $200 mn ecb

The IDBI willmobilise $200 million through ECBs in the current financial year besides mopping up Rs 6,000 crore through public issue as part of its resource mobilisation exercise. "We have plans to mop up about $200 million from overseas market," chairman GP Gupta said.