Highlights

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COMPANIES

• BSES hints at discontinuing distribution business in Orissa
• Goldstone Tech to pick 10 per cent in US firm to boost BPO
• Ratan Tata steps down from executive position
• McKinsey pegs AC industry growth at 50 per cent by ’07
• Coca-Cola reduces soft drinks prices in Mumbai
• Now JK Tyre takes on MRF - Writes to Advertising Council
• BPL arm gets quality award
• Calibre Rehabs to acquire Saptarishi Agro
• Bhushan Ltd looks for special sops from Bengal
• Orchid Pharma hopes investments will pay off by year-end
• Apollo Hospitals aims to manage 10,000 beds
• Reliance opens another line with Infocomm launch
• Birlas close to deal with FIs over L&T
• Reliance Info bets on indigenous corDECT
• Hudco invests Rs 150 cr in defaulting state bodies
• Reliance Infocomm revises rates to 40 paise per minute
• Bend-Pak of US to pick up 60 per cent stake in Pneumatic Power Tools

INTERNATIONAL BUSINESS

• Applied Biosystems to lay off 500
• United Airlines files motion to end union pacts
• JP Morgan sues Enron for $184 mn
• Pepsi loses case against Coke 'show' in movie halls
• US court lets smoking verdict stand, Philip Morris to appeal
• China United exceeds 7 mn CDMA cell-user target
• Fugitive Daewoo tycoon spotted in Thailand

GENERAL

• Korea plans more investments in India
• Tenth plan for blending of food laws in single act
• Edible oil industry seeks exemption from sales tax
• Notification issued for conversion of EPZs into SEZs

BANKING AND FINANCE

• Heavy hand of govt in bank management must end: Singh
• Canara Bank plans to raise Rs 300-crore tier-II capital
• ICICI Direct to rope in local partners for expansion
• Kotak Mahindra bundles free insurance with plan
• Settling of motor accident claims - Police, insurance cos told to follow mandatory provisions
• Kotak Mahindra retail banking from February
• FRB interest at 5.92 pc
• Nabard cuts capital gain bonds rates
• Jalan optimistic about achieving 8 pc growth
• Indian Bank may go for IPO in one year

CAPITAL MARKET

• Kelkar on MFs
• Bharat Forge at year high
• Investors give thumbs up to VisualSoft's BPO proposal
• Divestment hopes lift HOCL
• Wall Street closes lower on war fears
• Reliance Cap rises on Infocomm rollout
• L&T gains on expectations of open offer change
• SEBI still has miles to go on Edifar
• Re at 13-month high; bonds rally