Cabinet clears SAIL revamp package
THE Union Cabinet has finally cleared the much-awaited financial and business restructuring package of Steel Authority of India Ltd (SAIL) which envisages, among others, waiving of loans of Rs. 5,073 crores advanced to it from the Steel Development Fund (SDF) and Rs. 381 crores from the Union Government.

Wipro, Infosys mcaps: the powerful `paper money'
THE recent boom in the stock prices of software majors Wipro and Infosys has inflated the value of these companies so much that they appear quite out of proportion when compared to many economic parameters.

More time to pay telecom licence dues
THE Union Cabinet has approved a proposal for extending the deadline for payment of licence fee dues of basic and cellular mobile operators from January 31, 2000 to March 15, 2000. Modicom and Fascel are the only cellular operators who have failed to cle ar outstanding dues.

Sensex crashes 121 on profit-taking
EQUITY values crashed on Tuesday with special margins taking the tempo out of the market. A round of profit-taking dominated the day's trading and shares witnessed extreme volatility, as domestic operators and punters reduced their exposure in the market .

Cabinet clears IA proposal to lower retirement age
THE Union Cabinet on today approved the proposal of Indian Airlines (IA) to revert the retirement age back to 58 years from 60.

IDBI told to prepare for IFCI rights bail-out
WITH barely four days to go for the closure of the Rs. 352-crore rights issue of Industrial Finance Corporation of India (IFCI), the Ministry of Finance is understood to have asked the corporation's largest shareholder, the Industrial Development Bank of India (IDBI), to be prepared for a last minute bail-out of the issue.

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