The Centre on Friday warned it would invoke the Essential Supplies Maintenance Act if essential items' supply worsened. Prime Minister Vajpayee said the government had no intention of rolling back the diesel-price hike even as heavy trucks all over the country stayed off roads for the second consecutive day, crippling inter-state movement of goods, in response to an indefinite strike call by All-India Motor Transport Congress to protest the recent 35-per cent hike. The total loss resulting from the truckers stir has been estimated at around Rs 1,000 crore per day. Talks between transporters and the government, which ended in a stalemate on October 20, have not been resumed.

Glaxo Wellcome, Pfizer sue Dr Reddy's

Glaxo Wellcome and Pfizer have filed separate patent infringement suits against Dr Reddy's Laboratories for two products, ondansetron and amlodipine, in the Russian market.

Balayogi re-elected speaker

GMC Balayogi of the Telugu Desam Party was today unanimously re-elected speaker of the Lok Sabha for the second time.

VSNL net falls 4.66%, sales up 3%

VSNL has posted a 4.66 per cent drop in net profit at Rs 701.7 crore for the first half ended September 30, 1999, against Rs 736 crore in the same period last year. Net sales during the period was up 3 per cent at Rs 3,353 crore against Rs 3,248.2 crore in the first half of last year.

Hindalco H1 net up 10%

Hindalco Industries has posted a 10-per cent growth in net profit for the first half of the current fiscal. Its net profit rose from Rs 272.8 crore to Rs 299.2 crore, while net sales showed a 15 per cent growth to go up at Rs 994.1 crore.

SmithKline Pharma net falls 53%

Smithkline Beecham Pharmaceuticals has clocked a 53.36 per cent fall in its net profit at Rs 5.71 crore during the quarter-ended September 30, 1999.

P&G Hygiene Q1 net inches up 5.4%

Procter & Gamble Hygiene and Health Care posted a 5.4 per cent rise in net profit to Rs 14.95 crore in the first quarter ended September 1999, compared to Rs 14.18 crore in the corresponding period last year.

UB net down 5.4% to Rs 4 cr

United Breweries has posted a 5.48 per cent decline in its net profit during the quarter-ended September 30, 1999. Net profit during the quarter was Rs 4.04 crore.

EID Parry H1 sales up 19%

EID Parry has posted a 19 per cent increase in its turnover for the first half year of 1999-2000. Its bottom line has grown by about 26 per cent (net of stock valuation adjustment and extra-ordinary income).

Transparent rating system

Bankers have asked the RBI to make the CAMELS rating system more transparent. The rating methodology- based on six parameters: capital adequacy, asset quality, management quality, earnings, liquidity and systems and controls -- came up for discussion at a meeting held in the RBI on Friday.

Crisil downgrades Sicom's FD

Crisil on Friday downgraded the fixed deposit programme of Sicom Ltd from `faa-' to `fa'. It is a downgrade from `high safety' to `adequate safety'. The rating reflects the continued weakening of the institution's asset quality which has manifested in the declining collection efficiencies on the direct loan portfolio.

-- Compiled by Samuel Bodapaty