RIL hikes polymer prices
Reliance Industries has hiked the prices of polyester, polymer products and fibre intermediates with effect from October 1 in the wake of the recent surge in the prices of global crude oil. The company has effected an 18.9 per cent increase in theprice of polyster yarn to Rs 66 per kg while the price of polyester staple fibre has been left untouched.

Timex not to up stake in local venture
Timex Watches BV of the Netherlands has ruled out any immediate hike in its stake in the Indian venture from the present 71 per cent, but said it was open to acquiring more equity in the future. "We do not rule out further hike in stake...however there is no such plan in the immediate future," Amir Rosenthal, Chairman of Timex Watches Ltd (TWL), the Indian unit of Timex Watches BV, told PTI.

RBI cuts repo rates to 9.75 per cent
The Reserve Bank of India on Tuesday cut the repo rate to 9.75 per cent cent from 10 per cent. In all, the central bank sucked out Rs 11,780 crore -- it accepted 12 bids for Rs 2,505 at its one-day repos and 21 bids for Rs 9,275 at its three-day repo. At close, call rates were seen at 9-9.25 per cent. Most of the deals were struck in the region of 9.00-9.50 per cent.`Great promise in insurance sector' The country shows vast potential in the insurance sector, said Andhra Pradesh governor C Rangarajan at a seminar on Tuesday.

Ketan Parekh to buy ICICI property
ICICI will sell its former corporate headquarters, ICICI House at Backbay near Churchgate in Mumbai, to Mr Ketan Parekh, a leading share broker of Mumbai, an ICICI release said on Tuesday. The building, with a total built-up area of 48,445 sq ft, is being sold for an aggregate sum of Rs 73.10 crore. It is being purchased by the various companies floated by Parekh. ICICI will retain the land and the ground floor (approximately 7,105sq ft).

KRL to raise Rs 3,000cr debt
Kochi Refineries Ltd (KRL), which will be merged with the Bharat Petroleum Corporation (BPCL) as part of the Centre's ongoing divestment initiative, will tap the debt market to raise Rs 3,000 crore to part-fund its Rs 4,350-crore capacity enhancement project. The board of KRL has also decided on a 1:1 bonus issue.

Corporates eye gas supply deals
In the absence of a gas regulation Act for transportation and distribution of natural gas, corporates are making a beeline to sign up MoUs with prospective gas suppliers in Gujarat. At least four corporates have signed agreements for supplying gas to end users in various regions of Gujarat.

Maruti suspends 9 workers
Maruti Udyog Ltd (MUL) has suspended nine employees on charges of misconduct and termed the six-hour, tools-down strike by warring employees union as ``illegal'' stating that fresh negotiations will be held on October 5 to finalise a new incentive scheme for its workers.