Highlights

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COMPANIES

• PSEG Cuts Indian Ops
• Sharp Business Systems India nears break-even
• RN Mafatlal enters into LoI with Sheth Builders
• UTI, Intel & Canadian bank to invest Rs 19 cr in Subex
• Karvy touches 100-mark in branch network
• Santro to drive into Europe, N. America
• Rajasthan Spng meet to consider HEG unit buy
• Intelligroup bags Nagarjuna project
• HLL objects to Goshree move to auction land
• Whirlpool net profit drops to Rs 8.6 cr
• Essar Oil to sell drilling biz to Abu Dhabi group
• L&T seeks measures similar to PSU sell-offs
• HSL begins work on integrated steel plant
• Madura sees trouble with `honest' shirt

INTERNATIONAL BUSINESS

• US, European airlines trim transatlantic fares
• US hotels prepare to cut costs as war looms large
• Toyota will drive Lexus into Japan, overhaul local ops
• Continental Airlines sees heavy '03 loss

GENERAL

• Govt’s agriculture output estimate misplaced: ICRA
• Fertiliser sector seeks import duty cut on plant spares
• FM assures VAT compensation
• New Delhi opposes WTO draft on agriculture

BANKING AND FINANCE

• Total investment of SCBs rises to Rs 5,68,346 crore
• RBI lifts ceiling on EEFC funds for trade-related loans
• IDBI merger with IDBI Bank closer to reality
• SBI sets Rs 500 crore for IT
• General insurance cos to face shortage of devt officers soon
• TAIB Bank offering for NRIs
• IIB tie-ups for training
• Exim Bank extends $5-m line of credit to Lanka bank
• Corpn Bank cuts FCNR (B) rates
• Escorts debt issues marked down

CAPITAL MARKET

• SSI makes open offer for 20 per cent more in Aptech
• SEBI cancels licence of Pioneer ITI MF
• SEBI plans more powers to SEs to tackle erring cos
• Simultaneous domestic, ADR offering in BPCL proposed
• Promoter hikes stake in Kakatiya Cement
• Hero Honda slides further
• Fidelity hikes holding in Dr Reddy's
• Bank stocks crash as yields rise
• Rupee firmer; gilts volatile

PEOPLE

• Bangur bail plea turned down
• C.H. Yoon is new Samsung India MD