Financial institutions have rejected a proposal by Vijay Mallya-controlled Mangalore Fertilisers & Chemicals for a one-time settlement of outstandings as it was willing to pay only 25 per cent of the interest due. MFCL had earlier agreed to pay Rs 200 crore which includes the principle plus 25 per cent outstanding interest.

Sensex set to cross 5000 mark

The mood is nothing short of being festive on the Dalal Street. Market players are eagerly waiting for the Sensex to cross the 5000 mark much before a new government is in place. On Friday, the Sensex opened at 4875.28 points, a new all-time high against its Thursday close of 4846.36. It however, ended the day at 4870.66 points, a gain of 24.30 points over its previous close.

Infrastructure sector up

Six major infrastructure industries, electricity, coal, steel, crude petroleum, petroleum refinery products and cement, have shown a growth rate of 6.4 per cent in July 1999,over the same month last year. According to an official release, the overall growth rate for the six industries in the first quarter stands at 5.7 per cent against 4.7 per cent recorded in the corresponding period last year.

NPPA hikes asthma medicine price

The NPPA on Friday revised prices of 16 drug formulations including ventorlin syrup used for treatment of asthma and antibiotic tetracycline. Prices of tetracycline HCI-coated tab, manufactured by HMR, have been cut to Rs 5.78 from Rs 10.52 for a strip of ten, while rates of ventrolin syrup produced by Kemwell Pvt were hiked to Rs 8.44 from Rs 7.41.

Lupin Labs net dips 26%

Lupin Laboratories has posted a 26 per cent drop in net profit to Rs 25.30 crore for the year ended June 30, 1999, against Rs 34.24 crore in the previous year. The company has, however, maintained the dividend at 25 per cent. Chairman DB Gupta attributed the fall to the trading policy correction in the domestic formulations market in the second half.

L&T intalks with AIG, ILF&FS

IL&FS, insurance major AIG and Singapore Development Corporation have evinced interest in picking up stake in L&T's proposed holding companies for power and infrastructure. While AIG is interested in power, IL&FS is keen on particpating in all infrastructure projects, senior vice-president YM Deosthalee said. L&T will hold majority stake in the companies.

German Remedies venture with Ethypharm of France

German Remedies has entered into 49:51 venture with Ethypharm SA, France, and its wholly-owned arm in India, Llyods Laboratories, for manufacturing and marketing specialised products. Chairman HK Bilpodiwala said at the company's AGM on Friday that the company posted a 17 per cent increase in sales from operations for the four months ended July 31, 1999, to Rs 63.4 crore.

ABB Alstom, NTPC venture

ABB Alstom Power is setting up a joint venture with National Thermal Power Corporation to refurbish and modernise power stations in India. The venture, in which ABBAlstom holds 50 per cent stake, will be based in New Delhi. The firm will provide quick and cost-effective solutions to meet the rising demand for power in India and to increase the availability of power stations.

UTI objects to Nirlon revamp scheme

Unit Trust of India has objected to some provisions of the BIFR's modified draft rehabilitation scheme for reviving Nirlon Ltd, including sale of its property in Mumbai. The company owes Rs 32.36 crore to UTI. On the property sale, UTI has demanded that ICICI, also one of its creditors, pay the prevailing market price, and has also sought a FI nominee on the sale panel.

Eastern Command may romp home

In the longer distance event, over 2000 m Eastern Command shapes up as the day's best. A facile winner last time out he maintains his fitness and should be well served in the saddle. His principal opponent, Prince Of Fashion, is also entitled to improve off his last win, but just might find the extended trip a bit too much. A Tanala combination ofsome of the three-year-olds in the Tricumdas Dwarkadas Trophy should prove profitable.