Bharat Heavy Electricals (Bhel) quoted the highest price in the rebids for the steam generator package for the 2000 mw Talcher project contract which is yet to be finalised, project promoter NTPC said on Friday. Adding a new twist to the controversy following accusation by the Congress that Bhel's bid was rejected due to personal intervention by power minister P R Kumaramangalam despite it being the lowest, NTPC said in a statement that even in original bids Bhel was not the lowest. Meanwhile, Kumaramangalam refuted Congress allegation in a statement distributed during the briefing of ruling BJP, saying Bhel had not been denied the order and that tenders were still under evaluation.

IOC brass meets merchant bankers on divestment issue

The taskforce on disinvestment in Indian Oil Corporation met merchant bankers and financial consultants on Friday to lay the ground for the offer of equity, directed by the Union Cabinet last week. TheUnion Cabinet has decided to offload five per cent of Indianoil's equity in the current fiscal, which works out to 39 million shares, after the 1: 1 bonus issue by Indianoil last month.

SAIL set to raise prices

SAIL, which continues to hold on to its price line despite the industry-wide increase in rates, may fall in line by the end of the week. It is expected to withdraw discounts on flat steels (like hot-rolled coils) by at least Rs 500 a tonne, implying a roughly 3.5 per cent mark-up on the prevailing market rates. The company was possibly waiting to sound out its customers before embarking on a price rise, say market sources.

Hudco's tribute to martyrs

Hudco has announced the adoption of some of the villages and urban localities of the defence personnel who laid down their lives in Kargil action till date. The programme will be initiated under the Hudco's model village scheme and a grant in aid support of Rs 2 crore has been earmarked for the purpose. Commenting on the programme, CMDV Suresh told reporters that the scheme would be implemented through establishment of community asset buildings like community centres, primary health care centres and reading rooms dedicated to the memory of martyrs.