Communications minister Jagmohan said on Friday said that action would be taken against the telecom licence-fee defaulters who have not paid up the 20 per cent dues. On the options before DoT as regards licence-termination notices, the minister said that any action would be in line with the licence agreement.

India's gold demand down 24%'

The country's demand for gold in the first quarter (January-March) of 1999 is lower by 24 per cent than the exceptionally high level recorded in the first quarter of 1998. A report released by the World Gold Council says the demand in the 1999 first quarter was 192.4 tonnes, against 252.4 tonnes in the 1998 first quarter.

BPCL picks stake in airport

Bharat Petroleum Corporation has taken a 6 per cent equity in the paid-up capital of Cochin International Airport. The corporation on Friday commissioned a hydrant fuelling station at the airport. A release states that the system, the first of its kindin the south, was constructed at a cost of Rs 18.5 crore.

Auction of 182-day T-bills

The Reserve Bank on Friday announced a calendar for the auction of treasury bills with a fixed notified amount and date of auction for the whole year. The calendar also includes the auction schedule of 182-day T-bills, the notified amount of which has been pegged at Rs 100 crore.

HM posts Rs 28cr net loss

CK Birla's Hindustan Motors plunged into the red with a net loss of Rs 28.17 crore for the year to March 31, 1999, against a net profit of Rs 39.35 crore in the previous year. According to the unaudited results announced by the company on Friday, sales dipped 6.2 per cent to Rs 1,218.14 cr (Rs 1,298.73 cr).

BoB pays guarantee amount

Bank of Baroda has paid up the guarantee money plus the accrued interest for delayed payment to SPL Ltd, following the Mumbai high court ad interim order dated May 12, 1999, setting aside the order of the Pune civil court. SPL sources confirmed that the paymentwas received last week.

Sensex falls 64 points

The Sensex on Friday opened at 4,110.25 points, confronted robust resistance and dropped to the intra-day low of 4,006.00 points before closing at 4,015.75 points, against the previous close of 4,079.45 points, netting a fall of 63.70 points. The fall in the markets, among other things, was accentuated by the squaring-up activities on the BSE.

Demat option

Sebi has made it mandatory for every stock exchange to sign up with depositories to provide the dematerialised option to investors trading on the exchange. The move implies that there would be no option for an investor to trade in physical shares at a smaller exchange.

State Bank of Hyderabad net up

State Bank of Hyderabad said on Friday it posted a 14.84 per cent jump in its net profit to Rs 111.53 crore for the year ended March 31, 1999, up from Rs 97.12 crore in the previous year. The board of directors has recommended a dividend of Rs 25 per equity share of Rs 100.

RBIhikes 14-day T-bills yield

The RBI on Friday hiked the yield of 14-day T-bills by 26 basis points to 8.1 per cent. The 91-day T-bills yield was, however, unchanged at 8.39 per cent.

Korea to double investments

Korea will double its investments in India from the existing $1.7 billion to $3 billion in the next decade, Korean ambassador Chong-Moo Lee said in the capital on Friday. Korean companies like LG Electronics, Samsung India, Hyundai Motors, and Daewoo Motors have made major investments in India.

Calcutta tea sale

There was less offtake at the Calcutta tea sale number 20 this week, even though an overall good demand was witnessed. In the CTC section of the sale wherein 9,936 chests were offered, trading resumed with good demand though sale dropped by 10 per cent.

Bomb explodes before PM's arrival

Underground militants exploded a powerful bomb on Imphal-airport road some minutes before Prime Minister AB Vajpayee's aircraft touched down in Imphal on Friday. Vajpayee ison a two-day visit to Manipur.

Hypocrisy hits racing

Horse racing in India is associated with gambling, because official wagering is permitted! And because it bears this cross it is denied television coverage.