Total eyes HPCL, BPCL
Total of France has indicated it will bid for the Government's stake in either HPCL or BPCL as part of its strategy to enter the oil retail network in India. The company is also exploring the option of taking a stake in one of the three stand-alone refining companies MRL, CRL, or MRPL.

AI to pay Rs 90 cr to Caribjet
The cash-strapped Air India has been asked by the London Court of International Arbitration to pay Rs 90 crore as damages to Caribjet for unlawfully terminating the wetlease of three aircraft in 1996. The interim order was given last week, and under British laws, there is nolikelihood for an appeal by Air India, official sources said.

Core sector index up 8.3%
The country's leading infrastructure sector index grew by 8.3 per cent year-on-year in April-October 1999, compared with a growth of 2.6 per cent in the year-ago period. The index rose by 8.9 per cent in October alone from the same month in 1998.

Mukand chief Viren Shah steps down
Viren J Shah has stepped down as the chairman of steel maker Mukand Ltd as well as from the boards of all the companies of which he is a director, following his appointment as West Bengal Governor. Vice-chairman Rahul Bajaj will take over as the chairman from December 1.

Gold prices crash in auction
Gold drifted lower by Rs 50 per 10 gram on the bullion market in Mumbai on Monday, following a fresh fall in international prices. Silver, however, improved marginally.

New drug policy
The Government plans to come out with a new drug policy in early 2000, and is also considering opening up foreigninvestment in research and development, minister for chemicals and fertilisers Suresh Prabhu has said.

Vasudeva Dempo dies
Chairman of the Dempo group of companies Vasudeva V Dempo passed away after a brief illness at Panaji in Goa on Sunday night. He was 64. Dempo was a leading entrepreneur in Goa, and one of the largest exporters of iron ore.

Mannesmann rejects Vodafone bid
Mannesmann AG's supervisory board backed chief executive Klaus Esser's rejection of an unsolicited takeover bid from Vodafone Airtouch PLCc, a move that is expected to unleash the world's largest hostile-takeover battle.

Completion of Essar refinery
The five-member committee appointed by an ICICI-led initiative to examine the viability of Essar Oil's refinery has reiterated that work on the project should not be delayed any further, as it has reached an advanced stage of completion. The panel also feels the equipment at the site should not be allowed to deteriorate.

Varma panel's report onbadla
The Sebi-appointed JR Varma committee on badla under rolling settlement is in favour of recommending weekly badla settlements, considering higher transaction costs involved in daily settlements. Varma said the report would be submitted to the regulatory body within a fortnight.

Compiled by S Hariharan