The ring of protection is back for Colgate-Palmolive. The company on Wednesday received a shot in the arm when the Supreme Court set aside an MRTPC order restraining the company from using the "suraksha chakra" in its toothpaste advertisements. MRTPC had last year acted upon rival Hindustan Lever's complaint that Colgate's punch line was misleading the consumers, which amounted to unfair trade practices.

Court extends stay in bulk drugs case

A division bench of the Delhi high court has extended, pending final hearing, the stay against initiating any punitive action against pharmaceutical companies with respect to a list of eight drugs. This follows a petition filed by the Bulk Drug Manufacturers' Association (BDMA), which alleged that the drugs were wrongly included under the Drug Prices Control Order.

Two IAF combat aircraft collide

Two Indian Air Force combat aircraft collided on Wednesday on a runway at Srinagar airport, a defence spokesmanand police said. "According to early reports, two MiG-27 planes collided with each other at Srinagar air force airport. One pilot was killed, details are awaited," a police spokesman said.

Veteran journalist Ponkshe dies

Veteran journalist GR Ponkshe died in Sydney on Monday of heart disease. Ponkshe served as the news editor of The Financial Express from 1960-63. He was also financial editor of The Indian Express from 1963-67.

Bilt 9-month net rises to Rs 16.09 cr

The LM Thapar group-controlled Ballarpur Industries said on Wednesday its nine-month net profit rose to Rs 16.09 crore, and its board has recommended a 12 per cent dividend for the period. The net profit has risen 10-fold on an annualised basis, the company added.

Daewoo Group's creditors

The beleagured Daewoo Group's foreign creditors agreed to form a nine-member steering committee to represent their interest in debt negotiations with the conglomerate, foreign bankers said on Wednesday. The committee was formedafter a presentation by Daewoo Group to the creditors regarding its restructuring plan.

Essar Shipping to phase out ships

In a bid to capitalisse on global trade opportunities, Essar Shipping will phase out it's old ships, including seven bulk carriers and offshore supply vessles. According to managing director, BS Kumar, small vessels are becoming irrelevant in the era of globalisation, and better returns are assured through the use of large cape-sized vessles.

Nicholas Piramal, Norton tie up

Nicholas Piramal and the UK-based Norton Healthcare have tied up to develop three formulations set to go off patent by 2000. The products fall under the anti-infectives, anti-allergics and central nervous system segments. Norton is the UK-based subsidiary of Ivax Corporation of the US.

Videocon plans outfits abroad

Consumer electronics major Videocon, in a bid to bolster its global presence, plans to set up manufacturing and marketing outfits in the Asia Pacific, Middle-East and SouthAfrica. The company is expected to be accomplish this mainly through acquisitions.

Matiz tops fuel efficiency test

There is some good news for Matiz owners. In a test conducted by Lease Plan Fleet Management (India), an ABN Amro Lease Holding subsidiary, the Matiz proved to be the most fuel efficient, ahead of its nearest small-car rivals-the Hyundai Santro and Maruti Zen.

Bhel, GE in talks

The public-sector engineering and manufacturing giant Bhel is in the final stages of talks with General Electric for a complete range of joint product development in the transportation sector. A senior official said that an MoU is likely to be signed soon with GE Transportation Syatems, a GE division.

Sensex up 84 points

Action hotted up in the stock markets on Wednesday, disreagrding a net FII outflow of over Rs 300 crore in the past few days. While the S&P CNX nifty touched its all-time high of 1371.90 points, the bellwether 30-share Sensex rode on a bull charge to close the day'sinnings at 4705.13 points, up 84.13 points.

Bank scrips soar

The scrip prices of major banks have not taken after their poor first-quarter performance, according to a study conducted by the FE Research Bureau. The aggregate market capitalisation of 22 scheduled commercial banks rose by 25.46 per cent from Rs 20,616.01 crore on March 31, 1999, to Rs 25,865.55 crore on August 17, 1999.

ICICI to enter credit card business

Financial institution ICICI plans to enter the credit card business early next year, a senior company official said on Wednesday. "Low penetration of credit cards offers significant potential for ICICI. We will enter this business some time early next year," Lalita Gupte, joint managing director Lalita Gupte said.

Q2 gold demand hits record 6%

The glitter is back on the yellow metal. Gold demand, riding on economic recovery and high rural income, has spurted 6 per cent to 218.4 tonnes in the current fiscal's second quarter, from 206.8 tonnes in the year-agoperiod.

BOOE-SEA pact

The Bombay Oilseeds and Oils Exchange and the Solvent Extractors' Association of India on Wednesday signed an MoU for promoting a nationwide multi-commodity exchange for the oilseeds complex. Online trading in the complex is expected to commence after six months.