Moving a step closer towards launching new models, market leader Maruti Udyog on Monday signed a MoU with the Government to import 35,000 kits over the next two years. The company, which will import components worth Rs 550 crore, plans to introduce a 1600cc luxury model Baleno by November and a 1000cc Wagon-R by February next year.

Peugeot may sell stake in PAL-Peugeot

French automobile firm Peugeot SA is proposing to sell its 31.96 per cent stake in its Indian joint venture PAL-Peugeot to Premier Automobiles Ltd, the BSE said on Monday. Peugeot proposes to transfer 84,025,000 equity shares to PAL. It did not say the price at which the shares were being transferred.

Centre's borrowing up 28%

The Government has borrowed Rs 32,725.85 crore from the market during the first quarter ending June 1999, registering an increase of more than 28 per cent compared with the corresponding period last year. With this, the Centre has completed about57 per cent of its budgeted market borrowing programme of Rs 57,461.32 crore.

Sinha rules out gold import curbs

Finance minister Yashwant Sinha on Monday ruled out any move to regulate gold imports in the wake of a spurt in inflows. Imports, particularly in June, shot up by 230 per cent to 80 tonnes from 24 tonnes in the corresponding period of the previous year.

Turnaround gaining momentum: CMIE

CMIE has got some good news for India Inc. The monitoring agency in its monthly review has stated that the economic turnaround gained momentum with major industries recording healthy growth in the first quarter. A 7 per cent growth in industrial sector during May, rise in foreign trade, decline in inflation and buoyancy in stock markets have contributed to the recovery, according to CMIE

Ipca ties up with Zeneca, Tillomed

The Mumbai-based Ipca Laboratories has tied up with Tillomed of UK and Zeneca for the supply of cardiovascular drug atenolol and its intermediates. Ipca will exportRs 6-7 crore worth of PHPA, an intermediate for atenolol to Zeneca. Analysts say such supply contracts will see the company rake in significant forex inflows.

Vatsa bids Rs 250 cr for telecast rights

Cricket mania has gripped satellite channels in the country. Media firms are going all out to win the 5-year telecast rights for test matches and one-day internationals from the BCCI. Vatsa Corporation, which runs the Vatsa Music channel but has no sporting interests so far, has bid an astronomical Rs 250 crore. SET, on the other hand, has made a fresh bid of Rs 225 crore.

Morepen Labs to hive off 4 divisions

Morepen Laboratories is planning to hive off its bulk drugs, formulations, consumer care and herbal divisions into separate profit centres over the next three years. The proposed centres will, however, remain part of the umbrella brand of Morepen, according to director Sushil Suri.

JB Chemicals net

JB Chemicals and Pharmaceuticals expects to register a 10 per cent rise in netto Rs 8.53 crore for the first half ending September 30, 1999 against Rs 7.75 crore in the previous corresponding period. Managing director JB Mody told shareholders at the company's AMG on Monday that turnover for the first half is expected to grow by 13 per cent to Rs 89 crore against Rs 78.70 crore.

RIL PP output hits 1 million tonne mark

Petrochemicals major Reliance Industries has crossed the one-million mark in polypropylene output in three years. RIL had commissioned the PP plant at its Hazira petrochemical complex in October 1996.

Konka to set up Rs 500cr facility

Chinese consumer electronics major Konka has earmarked Rs 500 crore for setting up an integrated manufacturing and a R&D facility in India. The company also plans to set up a fully-owned subsidiary for manufacturing operations, while Konka Electronics India is expected to handle the marketing of the products.

Sensex up 63 points

The 30-share Sensitive Index on Monday closed at 4639.20, registering a gain of63.90 points over its previous close. Operators were active in automobiles, cement and select software counters.

DSE probe panel

Bourses are treading the accountability path seriously. The Delhi Stock Exchange, in a bid to streamline its financial irregularities system, has decided to appoint an inquiry officer. Under the new system, the accused will be given 30 days to reply to the officer concerned and will be suspended if proved guilty.

Bank unions reject IBA proposal

The United Forum of Bank Unions has rejected the Indian Banks' Association's proposal to resolve the wage dispute at individual bank level. Various unions are peeved over IBA's attempt to stonewall the settlement process by refusing to negotiate the issue of distribution of load and charging 26.5 per cent basic pay for the pension scheme.

--Compiled by V Keshavdev