The process for the five-phased mid-term elections to the Lok Sabha begins today with the issuance of the notification for the polling in 146 Lok Sabha seats spread over 16 states on September 5. With the issuance of notification by president KR Narayanan nominees in the 146 parliamentary constituencies in 16 states would begin filing their nominations.

Japan seeks scrapping of auto policy

Japan no Tuesday urged India to scrap its revised automobile policy stating it was against the interests of both the nations. Speaking on the sidelines of the inaugural session of the India-Japan investment dialogue, H Arai, vice-minister in the ministry of international trade and industry, Japan, said the Japanese industry was against the export obligation being placed on car-makers under the auto policy.

Corporate Monitor

Kopran Drugs, Synpac equity pact

The UK-based Synpac Pharmaceuticals, a leading penicillin manufacturer, is set to become a joint venture partner in Kopran Drugs. Under the alliance, additional equity worth $1 million is proposed to be issued to Synpac and the shares of Kopran Drugs are to be listed shortly.

Grasim's 2 textile units may be recast

Graviera and Grasim Gwalior, the two textile divisions of the AV Birla group company Grasim Industries are likely to be restructured within the next few months as a part of the restructuring plan undertaken by the group. Boston Consulting Group, the US-based agency has been hired for this purpose.

United Breweries posts Rs 1.28cr Q1 loss

United Breweries has posted a net loss of Rs 1.28 crore during the first quarter of the current fiscal against a net profit of Rs 4.75 crore. The company's net sales have also come down to Rs 83.35 crore from Rs 98.17 crore.

SSIL to take over Indigo Inc

The Chennai-based SSIL has decided to buy out US-based software firm, Indigo International Inc along with its subsidiaries in Chennai and California. SSIL hopes this acquisition would enable it to enter the lucrative E-commerce market without any gestation period.

Interest, depreciation dents Sterlite net

Despite a 45 per cent jump in sales revenues, Sterlite Industries has registered a meagre 3 per cent rise in net profit during 1998-99 due to higher interest and depreciation charges. Net profit increased marginally to Rs 160.80 crore from Rs 156.67 crore last year. Meanwhile, the company has put its Rs 4,000-crore aluminium project on the backburner and is evaluating the option of splitting its copper and cable businesses.

Sanchayani Savings

The Calcutta high court on Tuesday appointed special officers to take over the assets of Sanchayani Savings & Investments India and Verona Commercial Credit & Investments, the two residuary non-bank financial companies that went under in the Eighties ruining millions of small depositors.

TEC may make Net foray

The Tata Electric Companies (TEC) is toying with the idea of diversifying into Internet services with a view to give a greater thrust to telecom sector. This was stated by Ratan Tata, chairman of TEC on Tuesday at the company's 90th AGM.

Market Pulse

Sensex dips 45 points

The BSE Sensex plunged by 45 points to 4594.12 in a mixed stock market on Tuesday due to fresh selling by institutional investors coupled with winding up outstanding positions by operators. Software counters bore the brunt of selling by operators coupled with institutional investors. Select cyclical stocks continued to be in demand.

Polaris issue oversubscribed

The Rs 91.68-crore Polaris Software Labs premium issue has been oversubscribed by around 13 times. While the final figures were still being collated, market sources say the issue has received tremendous response from the retail investors as well as from the big investors.

Banking & Finance

HSBC Holding to enhance capital based

HSBC Holding PLC, the holding company of Hongkong & Shanghai Banking Corporation, has zeroed in on acquisition and merger route to enhance its capital base. At present the HSBC Global has a capital base of about $45 billion, with an asset base of $497 billion.

LIC's investment returns drop

Life Insurance Corporation's return on investments dropped below 12 per cent in the fiscal 1989-99. This is the lowest yield recorded by the corporation in the last five years. The institution has earned the yield over an investible fund of Rs 18,000 crore during the year. LIC had recorded the maximum return on its investments at 12.39 per cent during 1996-97.

NBFC supervision panel

The Reserve Bank of India, Maharashtra government officials and other regulatory agencies have agreed to appoint a `small regional coordination committee' to share information and recommend follow-up action on regulation of non-banking financial companies and unincorporated bodies functioning in the state.

Economy & Infrastructure

Real estate out of woods

The worst seems to be over for the real estate industry. The business cycle is complete, the downward trend has been arrested and speculators driven away. While the increasing demand from actual users may bolster the volume growth, the price trend witnessed during 1993-95 may never be repeated, feel industry sources.

MSRDC bond mops up Rs 950 cr

The private placement of bonds by the Maharashtra State Road Developement Corporation has collected Rs 950 crore as against the initial target of Rs 400 corre. With this, MSRDC has completed the total funding requirements for the three projects--Mumbai-Pune Expressway, flyovers in Mumbai, and rail over bridges in Maharashtra.

Arvind Mills clarifies

This refers to the story titled `Arvind Mills in talks for denim division stake sale' which appeared on August 9 edition. The company has clarified that it is not in talks with anyone to sell stake in its denim division.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.