LONDON: Oil prices surged today above $ 18 a barrel for the first time since December 1997. A barrel of brent crude for delivery in August was worth $ 18.09 in early afternoon trading, its highest level since December 19, 1977. Oil prices have surged in recent months from a low point of under $ 10 a barrel in February owing to a concerted effort by world producers to rein in supply. Prices gained an additional boost last week when the US Department of Energy reported a bigger than expected 1.7 million barrel drop in us oil stocks.

Reliance Income Fund dividend

MUMBAI: Reliance Income Fund has declared a dividend for the monthly and quarterly dividend plans on June 30, 1999. The dividend announced for the monthly dividend plan is 1.01 per cent which works out to an annualised 13.21 per cent while the dividend declared for the quarterly dividend plan is 3.06 per cent which works out to an annualised 12.24 per cent. UB

Engineering bags Rs 152 crorder

MUMBAI: Pune-based UB Engineering Ltd led consortium (along with Development Consultants Ltd, Calcutta) has been awarded an EPC contract by Ansaldo of Itlay through its Indian company, Ansaldo Services Pvt Ltd, Bangalore, for the balance of plant works at the 2x210 MW Neyveli Thermal Power Plant in Tamil Nadu. The contract is valued at Rs 152.50 crore and the assignment is to be completed in 26 months for the owners Neyveli Lignite Corporation.

Indira Vikas Patra sale discontinued

NEW DELHI: The government has decided to discontinue the sale of Indira Vikas Patras (IVPs) in post offices from July 16. This decision is based on the recommendations of the R V Gupta Committee on small savings. The lack of documentation in the scheme has rendered the subscriber vulnerable. The IVP is fully transferable which makes it a bearer certificate.

NSE expels member, names defaulter

MUMBAI: The National Stock Exchange (NSE) has expelled a trading member and declared another a defaulterwith immediate effect for their failure in meeting their obligations/liabilities to the exchange/clearing corporation. Broad Line Capfin Services (P) Ltd has been expelled due to failure in meeting their obligations and failure to abide by the directives of the exchange for a prolonged time. Rameshwar Poddar was declared defaulter for his failure in meeting his obligations to the exchange/clearing corporation.