COMPANIES

• Escorts to pull out of Yamaha JV
• ACC manages to reduce workforce by 16 per cent
• Indo Gulf to hive off captive jetty
• Casio to plan local watch unit
• Satyam Infoway ties with Loral for further gateways
• Microsoft modifies licensing policy for India
• Indian Hotels signs 20-year management contract
• Gramaphone Company to merge two units

GENERAL

• HSBC and Merill to form online bank and broking company
• Largest commercial real estate deal in Mumbai falls through
• Three major consortia in race for JNPT chemical terminal
• Stanchart may take over ANZ Grindlays Indian operations

CAPITAL MARKET

• Initial rally fails to sustain, sensex drops by 135 points