India on Wednesday successfully blasted into space its first satellite, primarily built for ocean applications, and two foreign spacecraft, breaking into the lucrative global launch services market. About 20 minutes after the blast off from Sriharikota about 100 kms from Chennai at 1152 hours, PSLV-C2 injected into orbit the three satellites-IRS-P4, KITSAT-3 and DLR-TUBSAT-one by one in that order. Prime Minister AB Vajpayee was present to savour the momentous occasion, watching the feat from a special enclosure.

Anti dumping duty on Japanese rubber

The Government has ordered imposition of anti-dumping duty on all imports of ethylene propylene diene rubber from Japan. The order follows investigations by the Anti-Dumping Authority into EPDM imports from Japan. EPDM is used in a number of rubber-based applications including auto components.

Warrants against PAL Peugeot directors

A Delhi consumer court has issued non-bailable arrest warrantsagainst automobile manufacturer PAL Peugeot managing director Vinod L Doshi and three other directors to secure their presence during a hearing on a case for refund of booking amounts to consumers.

Infosys plans ESOP

Infosys Technologies is considering another round of ESOP in order to attract and retain its manpower. It intends to offer 33 lakh shares to its employees under 1999 option plan and will seek its shareholders' approval at the next AGM on June 12.

BPCL's net up 32% to Rs 701 cr

BPCL's net has risen 32 per cent to Rs 701 crore for the year ended March 31, 1999, compared with Rs 533 crore last year. The company's turnover has increased 23.9 per cent to Rs 25,650 crore. It has recommended a dividend of Rs 12.50 per share.

Tata Chem net declines 37%

Tata Chemicals has reported a 37 per cent slump in net profit to Rs 181.67 crore in the year ended March 31, 1999, against Rs 288.63 crore last year. Its turnover has declined by 11 per cent to Rs 1,464.12 crore against Rs1,644.91 crore last year.

Novartis net jumps 95% to Rs 74.7 cr

Novartis India's net has increased 95 per cent to Rs 74.7 crore for the year ended March 31, 1999, compared with Rs 38.3 crore in the previous year. Its sales have risen by 13 per cent to Rs 747 crore against Rs 663 crore. The company has recommended a dividend of Rs 8.50 per share.

MRPL net declines 50%

MRPL's net has fallen 50.46 per cent to Rs 14.06 crore for 1998-99 compared with Rs 28.38 crore in the previous year. Its turnover has risen 78.6 per cent to Rs 2,418.77 crore from Rs 1,354.34 crore.

IOC divestment

CS First Boston and Goldman Sachs will be the international lead managers for IOC's disinvestment programme for 1999-2000. The four Indian merchant bankers who have been roped in for the exercise are JM Financial, Enam Financial, I-Sec and SBI Caps.

Maruti board to meet tomorrow

Maruti Udyog is likely to expedite the launch of its three new models. The decision is expected to be taken at MUL'sboard meeting on Friday. The board will decide on the responsibilities to be given to Jagdish Khattar, who takes over as the second MD from July 1.

PwC to sell off software business

Global consultancy major Pricewaterhouse Coopers has decided to sell off its software development functions to PSI Datasystems-a Bangalore-based software firm in which Bull SA of France holds 51 per cent stake.

Automobile sector buoyant

The automobile industry began the current fiscal on a buoyant note with sales of passenger cars and medium- and heavy-commercial vehicles recording over 50 per cent growth in April, compared with the previous corresponding period. Passenger-car sales shot up by 51.6 per cent during the month to 42,027 vehicles, against 27,718 vehicles last year.

GIC mulls healthcare insurance firm

GIC has approached the Government to set up a separate company for healthcare insurance segment, managing director BD Banerjee said.

UTI monthly income plans

UTI is likely to doaway with assured returns in monthly income plans. Instead, the Trust is contemplating assuring returns on a year-to-year basis, depending on the interest rate scenario. UTI's first MIP for 1999 has mobilised Rs 2700 crore.

Cut-off price for 182-day T-bills

RBI set a cut-off price of Rs 95.37 at the 182-day T-bill auction held on Wednesday. The YTM works out to 9.74 per cent. This is in line with market expectations, and compares with a YTM of 9.75 per cent on the 364-day T-bill maturing on December 3, 1999.

Canara Bank net up 11% to Rs 225 cr

Canara Bank's net has risen 11 per cent to Rs 225 crore for the year ended March 31, 1999. Global deposits of the bank have increased to Rs 41,959 crore while domestic average deposits rose to Rs 36,058 crore, registering a growth of 16 per cent.

US sanctions

The Clinton administration expressed its opposition to further relaxation of sanctions on India and Pakistan and linked gradual easing of curbs to the two neighbours' progress onkey US non-proliferation goals. US assistant secretary of state for South Asian affairs Karl F Inderfurth said the US administration is opposed to any blanket suspension of sanctions.