COMPANIES

• MTNL cuts cell rates; cell-to-cell STD at Rs 1.90 per minute
• ITC net grows over 15per cent to Rs 1,371 crore
• Parle Agro to beef up distribution net
• Divi's Labs looks at 19 pc income growth
• General Motors to hike stake in finance arm
• Tata Engg working on `Cub' — A low-cost commercial vehicle for intra-city use
• Hotel Leela venture in marketing, operation deal with GHM Singapore
• Sun-n-Sand to unveil management services
• Pentair Water India to launch consumer products for first time
• STAR to launch 2nd entertainment channel

GENERAL

• Petro products to be cheaper: Naik
• Govt plans sops for toys sector to face competition
• Govt favours farmers on NMCE boards
• Perform to get funds for urban reforms: Centre

BANKING AND FINANCE

• Foreign banks setting up OBUs in SEZs not to get I-T benefits
• IOB net at Rs 416 crore
• Bank of Maharashtra prefers compromise deals on NPAs
• IRDA seeks more penal powers
• IOB plans second public issue in Sept
• SIDBI sanctions up 21 pc
• RBI fiat on currency handling
• Banks told to take over currency chests

CAPITAL MARKET

• Rupee steady; bonds gain
• Infosys, Reliance, ITC suffer setback
• SBI stock zooms on institutional support
• Nalco strategic sale deferred — IPO to go through by September
• Eveready gains on turnaround
• UTI to sell old building

INTERNATIONAL BUSINESS

• Profits of Sports Authority decline
• Air traffic plunges due to SARS, Iraq
• Citigroup fires seven top sector analysts
• US Senate clears $350bn tax cuts

PEOPLE

• Another bank director held
• Vineeta Rai is new Revenue Secy