NTPC plans to raise Rs 1100 crore in the current financial year. This includes Rs 600 crore from the domestic market and Rs 500 crore from the international market. The money will be used for its ongoing projects. It has already chalked out a Rs 60,000-crore plan to increase its installed capacity to 30,000 mw by 2007, from the present 17,737 mw.

ABB may demerge power business

Asea Brown Boveri has informed the BSE that its board is meeting on July 5 to consider a scheme for the demerger of its power business.

Delhi to press for review of TRIPs

India will press for a review of the Trade Related Intellectual Property Rights agreement to facilitate transfer of technology at fair costs to developing countries at the third ministerial conference of WTO to be held in Seattle later this year.

Mico announces buyback

Motor Industries Company, a subsidiary of the German multinational Robert Bosch GMBH, has announced a buyback offer onproportionate basis for 5.3 per cent of its paid-up capital through a tender offer. After the buyback, the promoter's holding in the company will increase to 54 per cent.

Grasim revised results

The boards of Grasim and Indian Rayon on Tuesday announced revised annual results for the 1998-99 fiscal following the formal consolidation of the cement businesses of the two companies within Grasim, with effect from September 1, 1998. The swap ratio had earlier been fixed at three Grasim shares for every 10 Indian Rayon shares held.

Zandu Pharma's anti-AIDS drug

The Mumbai-based Zandu Pharmaceutical Works is working on a major microbicides/spermicides project. The plan, if successful, could bring to the local market a preventive product for AIDS and other sexually transmitted diseases.

ICICI challenges BIFR order

The battle between ICICI and Parasrampuria Synthetics has taken a new turn with the institution approaching AAIFR against a recent BIFR order declaring the company sick. Thefate of the company now depends on a AAIFR hearing slated for July 20.

ICL mulls direct equity placement

Buoyant stock market and improved valuations for cement scrips have forced India Cements to consider again the possibility of a private placement of direct equity rather than equity-related instruments. The company has commenced an exercise for privately placing equity of Rs 40 crore for part-funding Raasi takeover.

Balrampur Chini, Tulsipur swap

The boards of Balrampur Chini Mills and Tulsipur Sugar Co have decided on a 1:7 share exchange ratio for the proposed merger of the two companies. A TSCL shareholder will get one share of BCML for every seven shares of Tulsipur.

RPL to get Rs 200 cr loan

Union Bank has sanctioned a tern loan of Rs 200 crore to Reliance Petroleum for part-financing the company's mammoth capital expenditure programme for the Jamnagar refinery. The loan has a maturity of seven years, with a two-year moratorium on repayment of both principal andinterest.

HOCL reconstitutes board

Hindustan Organic Chemicals has reconstituted its board by appointing three non-official directors including SBI recruitment board chairman DN Mukherjee and National Chemicals Laboratory director Paul Ratna Swamy.

Fire at ICICI building

There was a small fire in the basement of the new ICICI building at Bandra-Kurla Complex. It was quickly detected and extinguished by the fire brigade.

Probe ordered into Big Bull allegations

A special court, hearing the multi-crore securities scam, on Tuesday ordered CBI to probe allegations levelled by Harshad Mehta that he had paid huge amounts of money in 1991 to the then Prime Minister PV Narasimha Rao and Congress treasurer Sitaram Kesri.

VSNL issue

VSNL retail equity offering may be the first public issue hawked almost entirely in the dematerialised mode. Depository officials feel that more than 80 per cent of the public issue slated to hit the market in early-August should go through in thedemat mode.

Funds diversion spurs NPAs, says RBI

RBI has said diversion of funds by promoters for expansion, modernisation and setting up of new projects is the main reason for the increase in banks' NPAs. It has also blamed government policies, import duty changes, deregulation and weak credit appraisal skills for the rise in NPAs.

RBI to review Y2K compliance

RBI plans to rope in institutions and regulatory bodies like IDBI, Sebi, IRA, Nabard and UTI to review the progress of Y2K compliance in their respective sectors. The proposal was mooted by the RBI working group on Y2K compliance in the banking and financial sector.