Jet CEO Kardosis quits

The chief executive officer of Jet Airways Nikos Kardosis has resigned, Jet sources said. In a letter faxed from Greece to Jet Airways chairman Naresh Goyal on July 2, he quoted `personal reasons' for quitting the airline, which he joined in 1994. Airline sources say his resignation was accepted by Goyal with immediate effect and Saroj Datta has been asked to officiate in his place.

TEC-Total LNG project cost

The phase I cost of the liquefied natural gas project, being promoted by Tata Electric Companies and French energy major Total SA, has been pegged at Rs 2,530 crore. The phase will have a capacity of threemillion tonnes per annum, which will be expanded to six million tonnes later, making it the largest proposed LNG project in the country so far.

AI puts debt issue on hold

Air India has put its plans to raise Rs 100 crore through private placement of bonds on hold. The airline feels additional borrowings are unwarranted at the moment as there has been a slight improvement in its financial position.

Kargil hits polymer exports

The Kargil conflict has taken its toll on polymers exports. According to dealers and consignee agents of major polymer players, the exports to Pakistan were about 20,000 tonnes, worth Rs 90-100 crore a month before the conflict broke out. The stoppage of exports to Pakistan, along with a couple of shipments of 10,000 tonnes apiece brought by importers, has resulted in polymer prices crashing by more than 15 per cent in past week.

Tisco raises prices

Steel major Tisco, despite a dismal industry scene, has raised prices of long products by Rs 200 a tonne andflat items by Rs 500 a tonne. The price hike-effective July 1-is, however, applicable only for direct company sales.

Modern group dues rise

The cash-strapped Rankas-controlled Modern group's dues with financial institutions has risen to Rs 977 crore, against about Rs 880 crore on September 30, 1998. In recent months, the group has repaid only Rs 2.64-crore dues of Modern Insulators.

DPC slaps Rs 116cr bill on MSEB

Dabhol Power Company has slapped on Maharashtra State Electricity Board a second monthly bill Rs 116 crore for purchasing around 230 million units in June. The cost per unit going by the bill amount works out to Rs 5.

Shareholders approve HLL-IP merger

The shareholders of Hindustan Lever and Indutrial Perfumes have approved the merger of the companies' merger. The merger was ratified by 654 HLL shareholders, representing 99.54 per cent of those present and voting at the extraordinary general meeting in Mumbai on Monday. All the shareholders present and votingunanimously approved the merger at the Industrial Perfumes meeting.

Siemens may pick stake in Emco

Market observers say German major Siemens is likely to acquire a stake in the Mumbai-based Emco Ltd. According to them, Emco will sell the stake at Rs 120 per share, a premium of about Rs 30 to the market price of Rs 93.

Noel Pharma puts key brands on block

The Mumbai-based Noel Pharmaceuticals is believed to be scouting about for buyers for a clutch of key brands, essentially in the anti-diarrhoeals and anti-spasmodics segments, as part of an attempt to improve the company's growth prospects. People in the know of the matter say the Rs 20-crore Noel Pharmaceuticals is also open to the idea of roping in a strategic partner.

VSNL satellite broadcast

The state-owned VSNL has commenced satellite broadcast operations on the Insat-2e satellite through its newly-commissioned Standard-A earth station at Chennai. The company, which has commenced initial broadcasting for Vijaya TV andAsianet, will add other channels progressively this month, says a release.

Sensex touches 22-month high

A day after Prime Minister Nawaz Sahrif said Pakistan will withdraw its forces from the Indian side of the Line of Control, the bellwether 30-share Sensex surged to touch its 22-month high of 4,350 points. The index finally settled at 4,332.70 points, 26.30 points higher than Monday's close of 4,306.40 points.

Kothari Pioneer declares 35% dividend

Kothari Pioneer MF has declared a dividend of Rs 3.5 per unit, the highest paid by any equity scheme for some time. It's NAV was Rs 27.91 on July 5.

Moody's reaffirms its rating

Global rating agency Moody's Investor Service has reaffirmed the `Ba2' rating as the sovereign ceiling on long-term foreign currency bonds and notes issued by domestic banks. This rating stands for "moderate protection of interest and principal payments" and was indicated in Moody's July 5 report on `Sovereign ceilings for foreign currencyratings'.

Bank of Gujarat plan

The Gujarat government's plan to set up the Bank of Gujarat may come a cropper with the state itself entertaining doubts about the venture's viability. Though the government has sought permission to lower the minimum capital needed to set up the bank from Rs 300 crore to Rs 100 crore, its coffers may not to be able service the need.