Five states get new governors
The government on Friday appointed governors to five states in the country. Industrialist Viren J Shah was appointed governor of West Bengal and former cabinet secretary Vinod Chandra Pande governor of Bihar. While former police commissioner of Delhi Ved Marwah will be the governor of Manipur, Goa gets former Planning Commission member Mohammed Fazal. Lt Gen (retd) Jack Fredrick Ralph Jacob presently governor of Goa has been transferred and appointed as governor of Punjab and the administrator of Union territory of Chandigarh.

CMS Energy eyes LNG distribution
CMS Energy, which has a 26 per cent equity stake in the $1.5 billion integrated LNG-terminal and power project at Ennore in Tamil Nadu, intends to get into LNG distribution in a big way.

Bata reopens Faridabad unit
Bata India has re-opened its Faridabad unit after an eight-month lock-out followng a settlement with the striking workers.

Diesel price hike ruled out
Union minister of state for petroleum and natural gas E Ponnusamy on Friday ruled out further hike in the price of diesel.

Volkswagen's Octavia launch
German auto giant Volkswagen will launch a mid-size car model "Octavia" in the country in the first month of the new millennium which would be rolled out from the company's Aurangabad plant. Volkswagen, on behalf of its Czech daughter Skoda, would invest $50 million in the first phase to set up a plant in Aurangabad and assemble Octavia.

SAIL floats tender for venture
Steel Authority of India on Friday floated an open tender for selecting a strategic partner for launching a joint venture at its Salem Steel Plant to set up stainless steel melting facilities.

M&M to retire Rs 75cr debt
Mahindra & Mahindra, in a bid to bring down its interest costs, will be retiring a large chunk of its high-cost debentures aggregating Rs 75 crore in the current year.

Taj Hotels ties up with Bass Hotels
Taj International Hotels, a subsidiary of the Tatas-controlled Indian Hotels, has tied up with Bass Hotels & Resorts. This is part of the group's plans to reposition the four-star St James Court by inducing significant structural realignment. The hotel is also expected to have a strong marketing franchise with an international chain.

VSNL arm mulls NYSE listing
Videsh Sanchar Nigam, the government-owned monopoly provider of international telephony, plans to list the scrips of its subsidiary, Videsh Sanchar Seamless on the New York Stock Exchange. VSSL is being developed as a specialised arm of VSNL to provide Internet and other value-added services.

MERC invites public views
The way MSEB operates and functions will stand to scrutiny with the Maharashtra Electricity Regulatory Commission inviting public objections to MSEB's proposal to hike power tariff in the state by 10 per cent. The move will also allow the public to question MSEB's power-purchase agreement with the DPC

.Gucci buys Sergio Rossi
Gucci Group NV continued its recent shopping spree, announcing the acquisition of Calzaturificio Sergio Rossi SpA, an Italian designer of luxury shoes. Gucci agreed to buy 70 per cent of Sergio Rossi for 179 billion lire ($96.2 million or 92.5 billion euros) from the Rossi family, which currently controls the entire group.

Infy at $221
Infosys ARDs were trading at a new high of $221.25 on the Nasdaq during the opening hours of Friday, up $11.25 over its Thursday close of $210. At the opening of the day's trade on the US bourse, Infy ADRs had touched $221. Satyam ADRs, on the other hand were up $1.25 over its Thursday close, to $56.50 during the opening trades on Friday on the Nasdaq.

BPCL to raise debt via book-building
Bharat Petroleum Corporation will launch a book-building programme to raise a total of Rs 300 crore through the issue of bonds on a private placement basis, money market dealers said on Friday. Industry growth seen 5.5%India's industrial growth will average 5.5 per cent in 1999/2000 (April-March) boosted largely by higher housing sector investment and increased consumption, HSBC Securities said on Friday.

Rural inflation
The inflation rate based on consumer price index for agriculture came down to 3.6 per cent at 15.60 per cent in October compared to 4.4 per cent the previous month. Over the same period, inflation rate based on consumer price index-rural labourers dropped by 3.3 per cent at 15.50 per cent against 10 per cent.

Compiled by Samuel Bodapaty