The Maharashtra government, bowing to pressure from commuters, transporters and political parties, has proposed revision of toll rates on flyovers. It has proposed to levy 3 per cent hike in diesel and 1 per cent in petrol in the limits of Greater Mumbai Municipal Corporation (GMMC), Navi Mumbai Municipal Corporation (NMMC) and Thane Municipal Corporation (TMC) and financial assistance of Rs 5 crore from GMMC and Rs 2 crore from TMC annually for next five years to the Maharashtra State Road Development Corporation.

BoJ bucks pressure, keeps policy

The Bank of Japan on Tuesday bucked Government pressure to ease monetary policy--a victory for its independence but a setback for Government efforts to stop a strong yen from undermining the economic recovery. The apparent defiance dashed market expectations of a further easing as part of a deal to gain US help in pegging back the yen.

IBA warns bank unions

The Indian Banks Association has warnedunions that member banks may pull out of further wage negotiations if there was any deviation from the MoU entered into in March last. IBA has again appealed to the bank unions, which are operating under the banner of United Forum of Bank Unions, to accept the agreement under the MoU.

Bell Atlantic, Vodafone form US venture

Bell Atlantic Corp and Vodafone AirTouch Plc on Tuesday said they have agreed details on the formation of a new coast-to-coast US wireless telephone joint venture. New York-based Bell Atlantic will own 55 per cent of the new company, which will have a value in excess of $70 billion, with Britain's Vodafone owning 45 per cent.

State power regulatory body to review tariff

The recently set up Maharashtra State Electricity Regulatory Commission will review the existing power tariff in the state. This is according to the directive of the Mumbai high court in a case filed by the Thane-Belapur Industries Association (TIBA) against the increase in tariff by the MSEB inSeptember 1998. The MSEB, however, has challenged the order of the high court in the Supreme Court where the case is pending.

Godrej Boyce buys out stake

In a bid to bail out its ailing group company, the privately-held Godrej & Boyce Manufacturing Company is picking up the entire stake of Godrej Foods in the joint venture Godrej Pillsbury. Godrej Pillsbury is a 49:51 joint venture between the Godrej group and Selviac Nederland BV. Of the 49 per cent stake held by the group, Godrej Soaps holds 20 per cent, while 29 per cent is held by Godrej Foods. Godrej Foods is selling its 29 per cent stake in the venture for Rs 31.13 crore.

GM keen on taking over Daewoo

The US-based General Motor Corporation is keen on taking over the assets of Daewoo Motor Company of South Korea, including its Indian subsidiary Daewoo Motors India Limited. Though negotiations have been initiated in this regard, a final decision on the same is yet to be arrived at, senior company officials said. GM, he said, islooking at more acquisitions in the east, but is yet to zero in on the companies.

Tata Tea chalks out growth strategy

The Rs 900-crore Tata Tea has drawn up an aggressive growth strategy which entails plans for doubling its existing market share for packaged tea from 21 per cent to over 50 per cent in the next two to three years, increasing exports and identifying new export markets, expanding its distribution network in rural areas besides strengthening its R&D efforts.

SC dismisses UBI plea on Dunlop

The Supreme Court has dismissed a special leave petition filed by United Bank of India against closed tyremaker Dunlop India. UBI, one of the bankers to Dunlop, had moved the apex bank seeking a stay on the management's bid to sell its assets.

Sensex dips 8 points

Software and Select pharmaceutical scrips remained firm in an otherwise weak trend on the Bombay Stock Exchange on Tuesday following sustained purchases from FIIs. The BSE Sensex opened moderately up at 4677.01 andlater fluctuated in a range of 4686.76 and 4614.29 before closing at 4633.00 as against Monday's close of 4641.07, netting a small fall of 8.07 points.

Zee Telefilms share split

The board of directors of Zee Telefilms will meet on September 27 to consider and approve the sub-division of the company's equity shares of 10 Rupees each into a smaller denomination, the BSE said on Tuesday.

Bank of England sells gold at $255.75 per ounce

The Bank of England sold 804,000 ounces of gold at $255.75 per ounce on Tuesday, a price slightly above dealers' expectations for the second of a series of auctions to cut 415 tonnes from Britain's 715-tonne reserve holdings. The sale was oversubscribed by eight times with a scaling factor of 58.53 per cent applied to successful bids at $255.75, the Bank of England said.