MUMBAI: The Indian rupee closed sharply lower by seven paise against the US greenback at 43.49, on heavy corporate dollar demand, at an active interbank foreign exchange (forex) market today. The rupee opened lower at 43.43/45, came under pressure on heavy corporate dollar demand, continued to ease during the day and closed lower at 43.49 as against the previous day's close of 43.42.43, losing seven paise. Dealers said the forex market which remained dull for the last three days, became active today as the US criticism on India's draft nuclear doctrine created panic among the corporates.

FIs to invest Rs 300 cr in HPL

MUMBAI: The heads of institution meeting (HIM) today cleared a proposal to pump in Rs 300 crore into Haldia Petrochemical Ltd. According to sources, a decision was taken to bridge the gap between the fund requirements of Rs 990 crore and the Rs 600 crore that the petrochemical company is intending to pick up through an optionally fullyconvertible debenture issue and deferred credit from suppliers and advances from customers. ``With FIs picking up the debentures as per the request of the Haldia board,'' FI sources said.

Citibank unveils electronic card

MUMBAI: Citibank has given a fillip to the development of an on-line credit card acceptance environment by its launch of an electronic card in association with MasterCard International`Citibank MasterCard Electronic'. The latest offering from the Citibank stable operates only in on-line environment, and Citibank's cards (MasterCard) will no more be acceptable at non-electronic data capture (EDC) merchant outlets. This offering will secure the following in one go: merchant outlets will have to install EDC terminal and credit-card holders need no more worry of overspending.

Adfactors launches Chlorophyll Brand

MUMBAI: The Adfactors group has launched Chlorophyll Brand & Communications Consultancy in a bid to enter the business of brand management. It plans to providethree types of services: market estimation and volume projections before the brand launch, brand diagnosis, prognosis and creative strategy.

No dividend from Essar Shipping

MUMBAI: The board of Essar Shipping has decided not to offer dividends to shareholders for the year ended March 31, 1999. The decision was taken in view of the huge investments made in the Vadinar port project and the consequent necessity to "conserve resources".