Market leaders Bajaj Auto and LML witnessed a sharp fall in their sales during the first five months of the current fiscal, despite a 6.34 per cent growth in the two-wheeler sector. Both the companies were severely affected by the drop in sales of scooter segment, which fell by 8.23 per cent during April-August compared to a buoyant 24.67 per cent growth in motorcycles, according to latest figures of Society for Indian Automobile Manufacturers. Overall sales of Bajaj Auto dropped by 7.8 per cent during the period to 3,90,204 (4,23,210) units.

Gulf Oil ties up with Oil Bangaldesh

Gulf Oil International on Friday entered into an agreement with Oil Bangladesh Ltd to market Gulf lubricant brands. As per the MoU signed, Oil Bangladesh will be the exclusive distributor of Gulf lubricants in Bangladesh, Gulf Oil said in a statement in New Delhi. The two companies are also planning a joint venture company to blend and market lubricants in Bangladesh.

GAIL announces 35% dividend

State-owned Gas Authority of India Ltd (GAIL) has announced an increased 35 per cent dividend for the year 1998-99 compared to 20 per cent for the previous year. During the year, sales increased by 15.88 per cent to Rs 6,647 crore from Rs 5,736 crore in 1997-98, GAIL chairman and managing director CR Prasad told reporters on Friday. The net profit increased by 3.92 per cent in 1998-99 to Rs 1,060 crore (Rs 1,020 crore).

ALL signs MoU with Punjab

Ashok Leyland on Friday signed an MoU with the Punjab Government to set up a driving training institute at Rajpura. The centre would be the second institution set up by the company in the country. Ashok Leyland is already running a school at in Tamil Nadu.

Andhra Petro yet to turn around

Andhra Petrochemicals Ltd on Friday denied reports attributed to the Visakhapatnam-based petrochemical producer that it had achieved a turnaround. The company's chief executive VN Rao said in a statement in New Delhi that the company continued to incur losses because of depressed price condition for oxo alcohols both in the international and domestic markets.

SPL-Leonardo JV within 2 years

SPL Ltd on Friday announced technical collaboration with Leonardo of Italy to manufacture vitrified porcelain floor tiles in India as a first step towards setting up a joint venture within two years. The technical transfer agreement with Leonardo, part of the $300-million Cooperativa Ceramica D'Lmola, will be used to convert a part of SPL's current single firing plant at Kassar in Haryana to a porcelain stoneware plant to manufacture vitrified porcelain tiles, SPL managing director Shreekant Somany told newspersons in New Delhi.

Havell's, German firm join hands

Havell's Group engaged in manufacture of electrical safety equipment has entered into two joint ventures with DZG of Germany to manufacture and market high quality single phase and three phase meters. The German company has already invested Rs 3 crore in the first joint venture TTL Ltd which is engaged in manufacture of single phase meters, according to Havell's group chairman Qimat Rai Gupta.

Shree Synthetics revival

Industrial Investment Bank of India has been appointed as the operating agency to prepare a revival package for Shree Synthetics Ltd, declared sick by the Board for Industrial and Financial Reconstruction. A two-member bench of BIFR, including its chairman PP Chauhan said in a recent order that Laxmikant Bangur-promoted Shree Synthetics could not revive on its own and thus it was necessary to take measures for its rehabilitation under section 18 of the Sick Industrial Companies Act, 1985.

A clarification

This refers to the article -- Market capitalisation of public sector firms soars 55.6%-published in Friday's edition. The graph that accompanied the article mentioned inadvertently Rs lakh instead of Rs crore.