Textile policy export earnings
The Govenment will announce in the ongoing budget session of Parliament a new textile policy aimed at doubling export earnings from the sector from the present Rs 60,000 crore to Rs 120,000 crore in the next five years and preparing the backward domestic sector for the opening of the market under the WTO regime from January 2005.

Tinplate extends VRS
The Tinplate Company of India has extended voluntary retirement scheme till April 27 for the 352 employees of its closed hot dip plant. Of the 1,025 employees at the HDP, around 650 opted for VRS by October 13, 1999, the last official date of acceptance.

Shanta Biotech ropes in Pfizer
The Hyderabad-based Shanta Biotech has roped in Pfizer to market Interferon alpha, its anti-cancer drug expected to hit the market towards the end of current financial year. The multinational Pfizer and Shanta had recently entered into a marketing agreement for the latter's r-DNA hepatitis-B vaccine, Shanvac-B, both in the domestic and foreign markets.

Sandvik Asia Q1 net jumps 107%
Sandvik Asia posted good results for the first quarter ending March 31, 2000. Net profit zoomed 107 per cent while gross profit jumped 78 per cent during the first quarter as compared to the previous year's figures for the corresponding period. The company's board is meeting next week to consider interim dividend.

Daewoo's Nubira II launch
Daewoo Motors India will take a final decision on launching its luxury car Nubira II only after completion of the restructuring of its parent company Daewoo Motor Corporation. Daewoo is exploring the feasibility of launching Nubira II in sedan and station-wagon versions by the end of the 2000 calendar year, Daewoo India deputy managing director BS Min said.

Jindal Strips net up 63%
Jindal Strips has reported a 63 per cent rise in net profit to Rs 61.02 crore for the year ended March 31, 2000, as against Rs 37.36 crore in the previous year. The company's board has recommended a final dividend of Re 1 per share for the year.

MRPL urges HPCL to share margins
Mangalore Refinery and Petrochemicals has been urging co-promoter, Hindustan Petroleum Corporation to share marketing margins on products lifted from its refinery. MRPL has indicated that it is losing out badly on refining margins and must make up through some gains on marketing to improve its financial health.

Renault deal to buy Samsung Motors
France's Renault SA has sealed a deal to acquire South Korea's failed Samsung Motors Inc from its creditors, an official of Samsung Motors said on Friday. The deal was struck after South Korean creditors of Samsung Motors and Renault resumed talks on Thursday in Paris.

14.37% growth in new LIC policies
The state-owned Life Insurance Corpoartion in its last year of monopoly has recorded a 14.37 per cent and 35.41 per cent of growth in the new policies segment and first premum income respectively during 1999-2000. The sum assured for the new policies has expanded by 21.11 per cent to Rs 91,213.42 crore during the year. The institution's executive panel has okayed the business performance of 1999-2000.

Hinduja Fin 9-month net at Rs 16.17 cr
Hinduja Finance has posted a net profit of Rs 16.17 crore for the nine-month period ended on March 31, 2000, as against Rs 3.11 crore for the 12-months ended June 30, 1999. The board has declared a total dividend of Rs 2.25 per share, inclusive of Re 1 per share declared as interim dividend, on annualised basis for the nine-month period ended March 31, 2000.

-- Compiled by Mukund Sharma