Scraping through to a wafer-thin majority with a tally of 21 seats in the 40-member Goa assembly, Congress on Sunday was set to take reins of power in the state and averted a fractured verdict. BJP, which had just four seats in the dissolved House, has won 10 seats. The two regional outfits -- Maharashtrawadi Gomantak Party and United Goan Democratic Party -- secured four and two seats respectively while Goa Rajiv Congress, the breakaway group of Congress, bagged two seats.

Business sentiment positive: CII

Business sentiments are on the uptrend with a majority of corporates expecting a marked improvement in business environment in the first half of the current fiscal, according to a CII survey. It said industry expects a better performance in production, rise in the total order position, capacity utilisation and retail sales during April-September 1999.

Upturn in six months, says Ficci

Over 75 per cent of corporate India is confident of aneconomic turnaround within the next six months, despite tensions breaking between India and Pakistan, a survey conducted by Ficci said.

IMF for new monitoring system

IMF has asked central banks world-wide to extend support for establishing a new monitoring system covering a broader range of economic indicators and players so that east Asian type financial crisis can be predicted early and the world economy is insulated against the ensuing shocks.

Corporates report card

The aggregate net profit of 223 companies that declared their yearly results during last week declined during 1998-99. The drop in profit was probably due to the poor performance of companies like Arvind Mills, Colgate Palmolive Essar Shipping and Forbes Gokak, according to a study.

Industrialists on FIs boards

IFCI is not opposed to industrialists as directors on the boards of FIs. According to IFCI chairman PV Narasimham there was no harm in having industrialists of "integrity" on FIs boards. People frombusiness often provide inputs on issues for taking a balanced view, he said.

BG mulls venture

Power major BG Plc of UK -- formerly British Gas Plc -- proposes to enter into a joint venture with Group 4 Securitas (East Asia) BV, an overseas corporate body, for providing a variety of business support services mainly to utilities such as power, gas and water supply in India.

IOC, Bharat Petroleum win patent case

Indian Oil, BPCL, Hindustan Petroleum and Castrol scored a victory in Delhi high court, which allowed them to sell auto lubricants in pouches while rejecting Standipack Private's claim that it had the patent over pouches.

BIFR declares ATV Projects sick

BIFR has declared ATV Projects a sick company and appointed IDBI as operating agency for preparing the rehabilitation package for the company. ATV Projects' net worth of Rs 167.17 crore upto June 1998 was completely eroded with the accumulated losses of Rs 178.46 crore.

Anti-AIDS drug distribution

The All IndiaOrganisation Of Chemists & Druggists plans to "discuss" the issue of selective distribution of recently introduced anti-AIDS drug, lamivudine, with British multinational Glaxo and domestic giant Cipla. Glaxo had launched its brand, Epivir (lamivudine), in India last month though Cipla had pipped it to the post with an early launch of its brand, Lamivir, at less than half the multinational's price.

Oberoi to set up health club

Lupin Laboratories promoter Desh Bandhu Gupta and the Oberoi chain of Hotels along with an international partner are close to signing a joint venture for development and servicing of a health and fitness club at Goregoan in the western suburbs of Mumbai. The global partner is believed to be Club America.

Demat trades to spur FII inflows

A number of FIIs, who have stayed away from investing in local equities, are now looking at making investments in the wake of the success of NSDL, managing director CB Bhave said. Bhave said his interaction with over 70 top foreigninstitutional investors and leading global custodians revealed that they are no longer worried about putting in money into the country's equity markets owing to settlement risks.

Inflation rises to 3.95 per cent

The annual rate of inflation continued its upward movement for the second successive week and increased by 0.11 percentage points to 3.95 per cent for the week ended May 22 mainly due to costlier primary articles.

Centre seeks industry views on tariffs

The Government has sought the views of trade and industry on the issue of industrial tariffs anticipating that there may be pressure from developed countries to further reduce these at the WTO ministerial-level meet in Seattle in November.

PowerGrid extends deadline

PowerGrid Corporation has extended its deadline by two weeks to disconnect power to three states following a positive response to clear the Rs 711-crore dues. The deadline for Delhi and Uttar Pradesh is yet to be decided.