The Bombay Stock Exchange said on Thursday it has appointed AN Joshi as its new executive director for a period of three years. Joshi is at present the managing director of SBI Factors and Commercial Services Ltd, a State Bank subsidiary. Joshi replaces RC Mathur who resigned in April.

Dow, Mitsui eye stake in HOC

A host of big domestic and international players including Dow Chemicals and Mitsui of Japan are believed to have sent feelers evincing an interest in acquiring part of the Centre's stake in Hindustan Organic Chemicals. The Government holds about 58.6 per cent in HOC.

Rupee down 10 paise

Large dollar demand from corporates pulled the rupee down by 10 paise to 43.40/42 on Thursday. The rupee had closed at 43.31/32 on Wednesday. According to a dealer, the rupee is back to the lows it had hit before the Pakistan-US deal on the Kargil conflict was struck.

US cautions Pakistan

The United States has rejected Pakistan'scontention that it has no control over the infiltrators in Kargil and cautioned Islamabad against linking their withdrawal to India's vacation of Siachen. Meanwhile, Pakistan Prime Minister Nawaz Sharif arrived home amid tight security after holding parleys with US President Clinton and British premier Tony Blair on the Kargil conflict.

Aluminium firms to gain

The closure of the US-based Kaiser Aluminium Gramercy following an explosion on July 5 is set to benefit local firms as one million tonnes of alumina will go off from the world market. With prices hardening, this is good news for the firms.

Ashok Leyland plans

Commercial vehicles major Ashok Leyland aims to take advantage of a recent Supreme Court order which stipulates that all new buses sold in the National Capital Region this year should run on compressed natural gas. The order is set to propel the nascent CNG bus market.

AAFIR shows door to Kedia

The Appellate Authority for Industrial & Financial Reconstruction hasdeclared that Kedia Distilleries is not a sick company as it has indulged in ``extraordinary deception, fraud and siphoning away of funds.''

VSNL plans package

The state-owned VSNL plans to come up with a package to counter Internet rival MTNL's 15 per cent price cut. The company will launch a revamped Internet service in the next 20 days.

BSE to expand to 300 more cities

The BSE plans to spread its operations to 500 cities from the existing 200 by the end of the year. The bourse has also constructed a new 500 index.

Debt private placement up 25%

Mobilisation of funds through private placement of debt grew by 25 per cent, with 204 institutions and corporates raising Rs 38,933 crore during the 1998-99 fiscal, according to Prime's report.