Markets regulator Sebi has agreed to provide the finance ministry with a road map for nationwide implementation of a comprehensive rolling settlement system. The ministry was pushing for full-scale introduction of rolling settlements for over a year. The present system, it claimed, was opague and subject to manipulation.

Cyclone set to hit Gulf of Kutch

The cyclonic storm, which brushed past the Saurashtra coast in Gujarat on Wednesday afternoon with a velocity of 40 to 60 kmph, was likely to move in the north-east direction and hit the coastal towns in the Gulf of Kutch with a velocity of 200 to 240 kmph any time during the next 12 hours, according to the regional meteorological centre and government control room in Ahmedabad. The Kandla port was shut in anticipation of the storm.

Excise, customs officials transferred

In a major country-wide reshuffle 49 commissioners and 87 additional commissioners of excise and customs departments have beentransferred, Central Board of Excise and Customs chairman SD Mohile said on Wednesday. These transfers were an annual feature and as per rules, he said.

ICI net rises to Rs 61 cr

ICI India said on Wednesday its 1998-99 net profit rose 22 per cent to Rs 61 crore. Buoyed by the profit growth, the ICI Plc subsidiary has proposed a higher dividend of Rs 5.5 per share, against Rs 5 a share in 1997-98.

Orient Paper losses up to Rs 72.37 cr

Orient Paper & Industries said on Wednesday its net loss rose four-fold to Rs 72.37 crore during the year ended March 31, 1999, compared with a loss of Rs 14.40 crore posted in the previous fiscal. People familiar with the results say apart from turnover staying put at the previous year's level, a fall in other income and a rise in interest during the year had affected the company's performance.

Reliance investments

Reliance Industries has routed all its additional equity investments in Reliance Petroleum during the last fiscal through groupinvestment company Reliance Industrial Investments & Holdings. The investment company has picked up 27.71 crore warrants of Reliance Petroleum, to be converted into equity shares over two years.

Raymond Synthetics

The Singhanias-controlled Raymond Synthetics, anticipating a revival in the fortunes of the polyester market, has approached financial institutions to extend its loan-repayment period by nine to 12 months. The company, which has been defaulting on repayment for over a year, has institutional liabilities worth Rs 70 crore.

Dunlop submits fresh revival package

Ailing tyre-maker Dunlop India has filed a fresh revival package to the Board for Industrial & Financial Reconstruction under Section 17(2) of the Sick Industrial Companies (Special Provisions) Act, 1985. The company slipped into the red during the nine-month accounting period to December 31, 1997, and posted a net loss of Rs 231.84 crore.

Honda to launch Accord by year-end

Indian roads will get the first feel ofHonda Motor Company's high-end luxury Sedan Accord by the end of the year. The car will come with a price tag of Rs 17.5 lakh.

Neyveli Lignite strike

Work at the Neyveli Lignite Corporation came to a standstill following a strike called by the Neyveli Lignite Corporation Trade Unions joint council, condemning the police lathi charge on the company's workers on Tuesday.

Ashok Leyland vehicles

Hinduja group company Ashok Leyland has modified its entire range of vehicles to comply with the stringent Euro-I emission norms, ahead of the April 1, 2000, deadline for commercial vehicles. "All the three engine types, being used by the company to produce heavy- and light-commercial vehicles, have been engineered to meet Euro-I emission norms," managing director R Seshasayee said.

IOC bond issue oversubscribed

The state-owned Indian Oil Corporation's Rs 300-crore bond issue with a greenshoe option of Rs 200 crore, which opened on May 17 has been fully oversubscribed. Market sources saythe corporation had received offers worth Rs 1,000 crore till now. The issue, whose proceeds are to be used for the company's working capital and expansion plans, was slated to close on May 21.

Sensex up 38 points

The Sensex touched an intra-day high of 4,156.19 points but closed its Wednesday innings with a disappointing gain of 38.47 points over Tuesday's close. Foreign institutional investors' investments slowed down on Wednesday.

Finance companies

Finance companies adopting software tag-ons to lure investors have now turned to the primary market. Most companies have, however, opted to initially list their equity shares only on regional bourses.

Coffee exchange

After a sluggish 10 months of existence, the Coffee Exchange of India seems to be showing signs of life as members learn the ropes of trading on the exchange. A senior Cofei man said:``Cofei is on the threshold of a considerable increase in volumes as our members are gradually getting used to trading through theexchange.''

Yankee bonds on a bull run

Yankee bonds are on a bull run, thanks to huge buying by foreign investors in Asian debt. According to bankers, other Asian countries' Yankee bonds were also appreciating during the last two weeks, though not to the extent the Indian bonds have risen.