NPPA on Tuesday increased prices of 14 medicine formulation packs in the range of 3.5 per cent to 9.6 per cent and reduced prices of 26 packs upto 51 per cent. The formulations for which prices have been revised include deriphyline used for treatment of asthma and Levodopa tablets used to prevent Parkinsons Disease.

Ford to launch Ikon soon

Ford India has geared up for the launch of its new car `Ikon' in the country by appointing a launch manager to develop the blueprint of the marketing strategies. It has invested Rs 1700 crore to set up a manufacturing facility near Chennai. Ikon is slated to be launched in November.

Sebi guidelines on credit rating

Sebi is likely to finalise regulations for credit-rating agencies at its board meeting on Wenesday. It is expected to make some modifications on the draft regulations issued earlier this year.

Tata Donnelley net grows 14%

Tata Donnelley has reported a 14 per cent higher net profit atRs 10.45 crore for 1998-99 on a turnover of Rs 79.80 crore, against Rs 71.30 crore in the previous year. It has declared a dividend of 50 per cent.

Power ministry asserts case for NTPC stake in Petronet LNG

Power minister P Kumaramangalam has said NTPC will be picking up 16.63 per cent stake in Petronet LNG amidst reported opposition from finance ministry.

He has said all the issues regarding the power utility's participation in the company have been cleared.

Scotiabank to open housing finance arm

Canadian bank major Scotiabank has announced plans to double its branch network in the country to eight by next year and start a housing finance subsidiary. It also plans to enter into mutual-fund business.

RBI closed to public on Jun 30

RBI offices will remain closed for public transactions on June 30 due to annual closing of accounts.

IOC gets right of way to lay Chennai-Madurai pipeline

IOC has obtained the right-of-way for laying a 505 km long Chennai-Trichy-Maduraiproduct pipeline. The Rs 538-crore pipeline, to be implemented under Petronet India, will be completed by July 2001.

SAIL board endorese Mckinsey report

SAIL board has accepted the Mckinsey report on restructuring for turning around the monolith through a number of steps including hiving off some of the loss-making non-core operations.

Daewoo to double Matiz production

Enthused with the growing popularity of its small car Matiz in the global market, Korean auto giant Daewoo Motor Company plans to double Matiz production in India and start manufacturing of the vehicle in Uzbekistan and Iran.

ABCL-Canara bank case

The ABCL-Canara Bank case is set to take a new twist with the bank planning to approach BIFR to deny shelter to ABCL under the guise of sick company. ABCL has declared the company sick as per section 3(1)(O) of the Sick Industrial Companies (Special Provisions) Act 1985. However, according to Canara bank sources, the company does not meet the BIFR guidelines on sickcompanies.

Pfizer net at Rs 5.69 cr

Pfizer has registered a net profit of Rs 5.69 crore and sales of Rs 68.12 crore for the quarter ended May 31, 1999. Net sales of the wholly-owned subsidiary, Duchem Laboratories, for the quarter was Rs 28.16 crore.

Sensex up 45 points

BSE Sensex closed at 4254.86 points, registering a net gain of 44.64 points as the bull-run on the bourses continued unabated on Tuesday.

Hoechst to introduce new products

German multinational Hoechst Marion Roussel plans to introduce at least four products, including two paediatric vaccines, in the local market shortly. The new products are expected to boost Hoechst's topline significantly in the short-term, even while invigorating and updating the multinational's portfolio in the country.

Mobil to lead lube market

Indo-Mobil, the joint venture promoted by Mobil Corporation and IOC, is gearing up to lead the local lubricants market with product innovation and technological focus. It is eyeing thetop slot in local market by launching a range of products from its global range.

IOC to rework strategy

IOC will need to rework its strategy for an upstream venture in Iran following the exit of its partner, the UK-based Premier Oil, from the project. Premier was to have offered IOC a 30 per cent stake in the Balal field but has now sold its entire holding to Elf Acquitaine Gaz of France.

IDBI's loan exposure

IDBI has brought down its exposure to the recession-hit steel, textile and cement sectors in fiscal 1999. It has pushed up its exposure to petrochemicals, refineries and drugs and pharmaceuticals sectors.

BJP withdraws support to Bansi Lal

BJP on Tuesday withdrew support to the Bansi Lal government in Haryana. The BJP move has reduced the state government to a minority one. In a house of 90 members, Bansi Lal's Haryana Vikas Party has only 35 members.