Implementation of the revenue-sharing arrangement in six major cellular circles of Uttar Pradesh (west), Punjab, Rajasthan, Bihar, Orissa and Haryana is uncertain as DoT and three private operators-Koshika Telecom, Aircel Digilink and Evergrowth Telecom-are heading for another stand-off. DoT's move to settle legal cases come to a nought as it said the three operators could not be invited to the new scheme as their licences had already been terminated.

Refco Singapore to set up base

Refco (Singapore) Pte, a registered futures commission merchant, will soon have its Indian operations in place. Refco is most likely to buy out Mumbai-based Ford Tenrich Financial Services, its representative since early this year. Ford Tenrich, set up in 1995, offers risk-management services in forex, international commodity and treasury markets to corporates in association with Refco.

Indian Rayon Q1 net up to Rs 9.76 cr

Indian Rayon has registered a net profitof Rs 9.76 crore for the first quarter of the current fiscal, a tad higher than Rs 9.66 crore registered in the previous quarter. Its turnover has, however, dropped to Rs 275.37 crore, lower than the Rs 303.03 crore.

TVS Suzuki Q1 profit up 10%

TVS Suzuki has posted a 10 per cent increase in net to Rs 21.21 crore in the first quarter ended June, against Rs 19.26 crore in the previous corresponding period. Its turnover has risen 33 per cent to Rs 365.04 crore compared with Rs 274.42 crore.

Voltas Q1 net at Rs 30 lakh

White goods and air-conditioning major Voltas has posted a net profit of Rs 30 lakh during the first quarter ended June, 1999, against a loss of Rs 7.1 crore during the same period last year. However, its sales and other income have dwindled by 26.24 per cent to Rs 280.6 crore.Wockhardt net falls 16.9% to Rs 58.8 cr

Pharma major Wockhardt's net has fallen 16.9 per cent to Rs 58.8 crore during the year ended June 30, 1999, from Rs 70.8 crore in the previous year. Thedent in the net was on account of the Rs 15 crore spent on acquisition of Merind.

Bombay Dyeing net up to Rs 6.28 cr

Bombay Dyeing has reported a marginal increase in its net profit to Rs 6.28 crore for the first quarter of the current fiscal, from the Rs 5.32 crore in the corresponding period last year. The company's total revenue has risen to Rs 226.71 crore against Rs 239.56 crore.

ITC Bhadrachalam Q1 loss at Rs 13 cr

Paper producer ITC Bhadrachalam has reduced its losses to Rs 13.1 crore for the first quarter of 1999-2000 against Rs 22 crore during the corresponding quarter last year. It has achieved a net sales of Rs 81 crore compared with Rs 65.4 crore.

Spic pares Q1 losses by 24%

Fertiliser major Southern Petrochemical Industries Corporation continues to be in the red despite having substantially reduced its losses by 24 per cent Rs 8.82 crore for the first quarter ended June, compared with Rs 11.62 crore in the same period last year. The company's sales have declinedby 10.1 per cent to Rs 371.11 crore.

Alstom India net loss at Rs 5.65 cr

Power equipment manufacturer Alstom India has managed to reduce its net loss to Rs 5.65 crore in the first quarter of current financial year against Rs 12.09 crore in the corresponding period last year. Its net sales have declined to Rs 82.20 crore from Rs 93.04 crore.

Honda City sales decline 24% in Q1

Honda Siel Cars India has recorded a 24 per cent drop in sales during the first quarter of the current fiscal to 2,064 units against 2,721 vehicles in the same period a year ago. Despite a drop in sales in the quarter, the company plans to sell 12,000 units in the current fiscal year.

Sun Microsystems net up 37%

Sun Microsystems has reported a 37 per cent gain in fourth-quarter net earnings to $395 million compared with the same period last year. Revenue in the period rose 22 per cent to $3.515 billion.

McDonald's Q2 net up to $518.1 million

World's largest food chain McDonald's Corp has saidits second-quarter net has risen to $518.1 million, up from $357.2 million in the same period last year. Its earnings have risen 45 per cent on back of strong results from its restaurants in US and Europe.

Mahindra group sells off stake in Otis

Mahindra group has announced its intention of selling off its minority stake in Otis India to its American parent, Otis Elevator Company. Mahindras hold 23.88 per cent stake in the firm while the parent organisation holds 45 per cent. Domestic and international FIs hold 3.86 per cent and 6.22 per cent respectively.

Haldia Petrochemicals

The finance ministry has okaed an ECB loan of $90 million to Haldia Petrochemicals. The loan will be in two tranches of $50 million and $40 million each.

Raghunath Murti Modi GBC chief

Modicorp has appointed Raghunath Murti as chairman of Modi GBC, the joint venture between Modi Corp and the US-based General Binding Corporation.

Capellas Compaq chief executive

Compaq Computer Corp named chiefoperating officer Michael D Capellas as chief executive in a bid to revive its flagging computer sale and profits.

Compulsory demat

Sebi is likely to make it mandatory for all equity issues up to a size of Rs 25 crore to take the dematerialisation route. Besides, the minimum public offer for IPOs of IT, telecom and media companies are likely to be relaxed.

ICICI Bank net up 21% to Rs 20.25 cr

ICICI Bank has recorded a 21% rise in its net to Rs 20.25 crore in the first quarter of the current fiscal, from Rs 16.74 crore in the corresponding period last year.