Sahara Airlines on Monday announced a further cut in its fares on the Mumbai-Delhi sector--much lower than that offered by the two domestic carriers, Indian Airlines and Jet Airways. The airline, which first kicked off the `fare war' by announcing a reduction in the fare by Rs 1,000 from Rs 5,111, is now offering a fare of Rs 3,555 compared to Rs 3,800 by its competitors IA and Jet for the month of July

FIPB nod for Reckitt and Coleman

FIPB on Monday permitted Madisson Square Holdings, a subsidiary of Reckitt and Coleman, to set up a wholly-owned venture in the country for manufacturing and marketing its range of polishes and toiletery products. It also allowed Daewoo Corporation to transfer its entire 92 per cent stake holding in Daewoo Motor India to Daewoo Motor Corporation.

Modi Xerox's proposal to restructure its operations and act as an NBFC has also been cleared by the board.

Disinvestment panel term

Industry minister Sikandar Bakhtsaid on Monday that the term of the Disinvesment Commission will be extended to enable it complete its task. He said a decision will be taken after reviewing the original functions of the panel and the extent to which it has accomplished them.

Industrial Perfumes merger

The shareholders of Hindustan Lever on Monday approved merger of Industrial Perfumes with it, the sale of its dairy business to Nutricia and the decision to hive off its animal feeds business into a separate wholly an owned subsidiary. Chairman KB Dadiseth said the transfer at a price of over Rs 16 crore will allow the animal feeds business to have increased operational flexibility.

MTNL to approach court on Trai move

MTNL is planning to approach the court on the Trai move to prevent the company from offering limited mobility wireless in local loop service on the fixed line telephone. MTNL chairman and managing director S Rajagopalan said the regulator seems to be more interested in imagining the difficulties of privateoperators rather than protecting consumers' interests.

ABB hives power division into a separate company

ABB has hived off its power division into a separate company with transfer of all assets and liabilities. ABB board has approved the demerger of its power generation business in principle and also the scheme of arrangement involving the terms and conditions.

Dr Reddy's Lab posts 10% rise in sales

Dr Reddy's Laboratories has registered a 10 per cent increase in sales at Rs 126.12 crore for the first quarter of 1999-2000, against Rs 114.7 crore in the same period last year. It has achieved the growth despite reduced exposure to the CIS markets by the company this year.

Leyland aims to capture 50% market share

Ashok Leyland has targeted to capture half of the marketshare in the commercial vehicles segment in the next two years by introducing new models and expanding marketing network. It also plans to introduce new models in the range where company is not present.

Cadilastarts Leprovac production

Cadila Pharmaceuticals has started commercial production of Leprovac--the first indigenous drug for treatmentof leprosy.

The formulation is based on technology transfereed from the National Institute of Immunology and supported by the department of biotechnology under an agreement.

BPCL's stake in Essar Oil

BPCL may not consider Essar Oil's upstream operations while working towards a strategic stake in the company. BPCL has always made it known that it is not interested in getting into exploration and production and would rather concentrate on its key strengths of refining and marketing.

Raasi Cement to seek nod

Raasi Cement has convened a shareholders meeting on July 26, 1999, to get their approval to hive off the cement division to India Cements, following directions from the Andhra Pradesh high court. The India Cements group, which has over 90 per cent holding in Raasi Cement, has preferred to take away the cement business from Raasi leaving theother businesses to the company.

Pharmavit eyes stake in Orivit

Pharmavit Rt of Hungary, a Bristol-Myres Squibb company, is eyeing a substantial equity stake in the Bangalore-based Orivit 2000 Inc. The drug giant is also contemplating to set up its `Plusssz' multivitamin tablets manufacturing unit in the country.

Sebi stance on rating bodies promoters

Sebi has decided to bar only the lending institutions from having common directors on the boards of rating agencies as well as parent companies. This marks a shift in the orignal Sebi stand which barred all promoters of credit rating agencies from having common directors on the boards.

RBI sets up panel on gilts, corporate papers

RBI has initiated talks with the finance ministry to make SLR bonds more attractive for state governments and narrow the gap between returns on government papers and corporate bonds. It has formed a technical committee which has initiated discussions on the investment pattern of state governments. Theobjective is to boost state investments into SLR securities.

Syndicate Bank's floating rate deposits

Syndicate Bank on Monday introduced floating rate deposits, linked to RBI fixed repo rate. Christened `Syndifloat', the floating rate deposit will help institutional investors to hedge interest rate risk arising out of their investements.

IIP indicates 6.8% growth

The Index of Industrial Production for April has indicated a growth of 6.8 per cent compared with 4.8 per cent growth during the same period last year. Manufacturing sector with a weightage of around 80 per cent in the index has recorded a growth of 7.8 per cent compared with 4.9 per cent. The rise in IIP was significant in contrast to the sharp fall at 3.8 per cent last year.

IOC sets up panel

IOC has constituted a working committee to explore a 10-yea product assistance pact with IBP. The products come under the pact are motor spirit, high speed diesel, superior kerosene oil, naphtha and furnace oil. The IOC teamwill finalise its report following which the final agreement will be signed with IBP.