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August 15-16, 1999 Gandhi to Garments The Khadi and Village Industries Commission plans tie-ups with fashion institutes to introduce the 'freedom fabric' in the premium garments market. A V Birla group to refocus on the legend's vision through star-studded film The film is possibly one of the biggest documentaries produced in India with contributions from artistes such as Pandit Shiv Kumar Sharma, Pandit Hari Prasad Chaurasia and Roshan Seth, director Zafar Hai said. BSE reshuffles A group; turnover exceeds NSE's; card value soars to Rs 17.5m The Bombay Stock Exchange under the stewardship of Anand Rathi is shaping up to remain India's premier bourse. Cochin Stock Exchange to launch Web trading, terminals abroad The bourse is planning to become a member of the BSE and the NSE so that its brokers can serve the investors in a better way. It is seeking to commence a modified carry over system to enhance its volume of operations. State-owned SIL rolls out electric 3-wheeler; gas version on the anvil The vehicle, priced at Rs 162,000, was initially test-marketed in Lucknow, and has been in operation in Nepal as Safa Tempo. August 14, 1999 Director's Special G Kathiresan, Tamilnad Mercantile Bank promoter's grandson, reveals all on the raging corporate battle for control of the Nadar community's piece de resistance. Congress promises to open up insurance, pension businesses for private firms In its election manifesto, the party said it would target annual economic growth of seven to eight per cent and aim to trim the combined fiscal deficit of the national and state governments to below four per cent of GDP within four years. Hindustan Motors mulls legal moves to go ahead with lay-offs in Bengal 'HM maintains its stand on the need for lay-offs. Rationalisation of workforce in recessionary conditions is imperative,' a company official said, a day after the Bengal state government rejected the plan. Maruti forms JV with Sumitomo, Countrywide Finance for used cars biz The new company would engage in the business of service and repair of Maruti automobiles, sale of spare parts and accessories of motor vehicles, sale and purchase of used cars, and other value-added services.  • BSE: Sensex down 66 points to 4487 • NSE: Nifty down 17 points to 1291 • Forex: Rupee inches up; Rs 43.43 vs $ August 13, 1999 Mammon's own country Flush with inert NRI deposits in commercial banks, Kerala gears up for sensible investment. ICICI to take new avatar, work 'magic' on masses The financial institution is seeking to change the perception that it is only for corporates. It will now offer car loans, home loans, durable loans, Internet- and telephone-banking facilities. Hyundai flies dealers to Korea in run-up to LC launch, to sharpen focus on India The company expects India to be among the largest overseas markets after the US for its cars next year. Honda study on to choose recreational car models for India 'It can either be an existing model or an entirely new model built specially for India,' a company official said. Thomas Publishing's Indian arm to launch industrial info products The Thomas Register of Indian Manufacturers will provide information on more than 10,000 industrial products and services from around 30,000 manufacturers. • BSE: Sensex down 10 points to 4543 • NSE: Nifty down 4 points to 1311 • Forex: Rupee inches up; Rs 43.45 vs $ August 12, 1999 Visions of 1992 As the time of initial public offerings by several companies nears, a cautious market turns optimistic. Cable units yank off Star News channel for turning pay As the pay-channel business sinks its roots deep in India, irate ground distributors bemoan falling revenues. And subscribers cry foul over denial of latest news on the election campaign and Indo-Pak tensions. Plane shooting down not a cause for economic concern, assures Sinha 'Everything is stable. It is an isolated incident. There is no need to panic,' said the finance minister. Japanese academic says kaizen can help Indian companies to increase profits Kai means change and zen means better. But in India, kaizen activities are difficult due to lack of 'problem consciousness', status quoist and 'no-problem' attitude, the management expert said. • BSE: Sensex down 40 points to 4553.63 • NSE: Nifty up 5.5points to 1315.30 • Forex: Rs 43.46 to US dollar; rupee down three paise August 11, 1999 Bright idea for a dark day Over one million solar eclipse pilgrims in Kurukshetra get insurance cover. Japan asks India to scrap auto policy for FDI 'The Japanese industry is against the export obligation being placed on car-makers. It is not in the interest of both India and Japan,' said H Arai, industry minister. Cess-hit seafood companies shift from Kerala to other states The government should spread the cess net to all the players in the seafood business, not the exporters alone, says the SeaFood Exporters Association of India. The industry has an annual turnover of Rs 15 billion. Maruti inks MoU with DGFT for Baleno, Wagon-R imports Under the revised Indian automobile policy, MUL will import completely knocked down and semi-knocked down kits of its two forthcoming models. Regional stock exchanges seek SEBI's help to withstand NSE juggernaut The NSE was set up to curb speculative trading. However, it has now surpassed all other exchanges in speculative trading. As a result, small exchanges have lost their businesses and revenues, an RSE has complained. Bremen is investment destination for Indian companies: CII survey Over 200 Indian companies from textiles, leather, electronics, software, chemicals, pharmaceutical and auto components sectors have expressed interest in setting up a permanent base in the Germany's federal state of Bremen. • BSE: Sensex down 45 points to 4594.12 • NSE: Nifty down 18 points to 1309.75 • Forex: Rs 43.43 to US dollar; rupee down one paisa August 10, 1999 The Middle Class Caress July brings unusual cheer to the auto industry as sales of small cars zoom. China's Konka to launch electronic appliances in India 'Initially, the products will be imported from China. Indigenisation will be done at a steady pace ensuring high product quality and global benchmark standards,' a company official said. Apex Court asks Centre to clarify stance on TRIPS A public interest petition filed by the Research Foundation for Science, Technology and Ecology prayed that the Patent (Amendment) Act, 1999 be declared 'unconstitutional since it was against national interest'. NEWS ICICI gets nod to issue ADRs/GDRs The FIPB cleared 45 proposals today amounting to a total foreign direct investment inflow of Rs 31.50 billion, the highest in 1999. Sinha rules out regulation of gold imports, lauds RBI for watching forex market "When imports dipped in the first few months of this year, people attributed it to an increase in duty that I had brought about," Sinha said. ''You cannot prevent gold imports.'' • BSE: Sensex up 64 points to 4639.20 • NSE: Nifty up 11 points to 1327.75 • Forex: Rs 43.42 to US dollar; rupee up five paise August 7-9, 1999 How to succeed in India The richest Indian, Wipro's Azim Hasham Premji, outlines his success story. Daewoo-GM alliance to have no bearing on ventures in India Industry analysts said it would be difficult for Daewoo Motors to infuse $ 100 million into its Indian venture without creditors' approval. So a deal with a foreign investor is likely, they speculated. Irate Enron likely to pull out of power project in Kerala The ruling Left Democratic Front government has insisted that the project costs be reduced by a whopping Rs 1.61 billion. The company claims that any reduction in the project costs will actually translate into lower revenues and considerable shrinkage of the end tariff. Tourism firms in Europe decry hike in Taj Mahal entry fee Tour operators say the hike is arbitrary and will affect the inflow of European tourists to India. Tourism officials say fees are high in other countries so 'rationalisation of the entry fee was absolutely necessary'. NEWS Mobike partners Honda, Hero group to make scooters, 3-wheelers Honda will float a new subsidiary in India which will set up a $ 34 million plant near Delhi. The unit will make 4-stroke scooters at an initial pace of 100,000 units a year by the second half of 2001. FIIs remain net buyers in August Between August 2 and 5, the FIIs' gross purchases were Rs 4.9 billion and gross sales Rs 3.5 billion. Total FII investment in 1999 has gone upto Rs 54.6 billion. • BSE: Sensex down 26 points to 4575.30 • NSE: Nifty down 6.55 points to 1316.75 • Forex: Rs 43.47 to US dollar; rupee down seven paise to year's low August 6, 1999 Beware! The flood of equity issues may take unguarded investors by surprise. SBI to enter life insurance and gold businesses India's premier commercial bank is in the process of identifying a joint venture partner. It will form another JV for providing world class gold assaying facility in India. Maruti to upgrade Zen to stay ahead of Santro, Matiz and Indica Old Zen models are in the Rs 290,000-Rs 418,000 price range. The new-look model will put a cost pressure of Rs 50,000 per unit. ''But we are yet to decide on how much of this is to be passed on to the customers,'' an MUL official said. Lucknow's coal businessman kidnapped Some people masquerading as officials of the Central Bureau of Investigation arrived at the house of Anand Prakash Agarwal and took him away. Coal businessmen in the city closed their establishments in protest. High defaults slow down banks' expansion in the North East The attitude of borrowers -- most of them are educated youth -- is to borrow from banks and financial institutions and not repay. UN urges corporates to focus on eco-friendly operations The performance of a company should be judged not only by its financial soundness but also by its contribution to environmental preservation, experts have opined. • BSE: Sensex down 43 points to 4601.19 • NSE: Nifty down 3.10 points to 1323.30 • Forex: Rs 43.40 to US dollar; rupee down three paise August 5, 1999 Safety Signals European companies say they have the wherewithal to make Indian Railways life-friendly. Indian stock markets sixth in emerging economies India gained 10.8 per cent in dollar terms in July 1999, according to a survey conducted by Morgan Stanley Capital International. However, Pakistani and Sri Lankan stock markets outperformed Indian bourses. MAKING MORE CARS IN INDIA Maruti to raise production by 13 per cent in August ''This reflects that the new models (of other companies) have not been able to make a substantial dent in our market,'' an MUL official said. Daewoo to infuse $ 100 million to step up production The fresh equity infusion would be utilised for stepping up production of the Matiz, the Cielo and the Nexia. "This speaks about Daewoo's commitment towards Indian operations," DMIL's MD S G Awasthi said. NEWS Royal Enfield launches 'Bike of the Next Millennium' for youth The Machismo is priced at Rs 63,205, powered by a 4-stroke engine and targeted at the affluent urban youth who seek a 'total motorcycling experience'. Caretaker government puts off decision on ITC plan to raise cigarette production The company had invested nearly Rs 5 billion during the last three years towards upgradation and modernisation of its manufacturing facilities. NEWS FEATURE Shells spin money, despair Mehsi in north Bihar has been known for almost 100 years as a town of shell button-makers. Now it is struggling to keep the tradition and an industry alive. • BSE: Sensex up 117 points to 4644 • NSE: Nifty up 41 points to 1346 • Forex: Rs 43.37 to US dollar; rupee steady in dull trading August 4, 1999 Big Bull in the Dock Seven years after the securities scam emerged, Harshad Mehta stays in the news. Moody's discounts talk of recovery, to continue with low sovereign rating for India We are concerned over the government finances. Another area of concern is India's ''weak political structure'' that has kept the pace of the economic reforms slow, said John Rutherford, president of Moody's Investor Service. Maruti finalises launch of new models The board of directors met in Hungary on Monday and decided that the Baleno, powered by a 1,600 cc engine, would be the first of the three new models to hit the streets, in November. NEWS US house rejects Burton amendment to cut aid to India The House of Representatives did not agree with Republican Congressman Dan Burton's contention that India has violated human rights in Kashmir and needs to be punished. It defended India's independent, judiciary, free press and elections. Goa body hails Kerala's anti-tobbaco move, to launch national drive Can doctors demand non-eradication of deadly diseases like plague or malaria because eradication could make them jobless? The tobacco industry workers must learn to adapt to a health-conscious world, the National Organisation for Tobacco Eradication said. • BSE: Sensex up 33 points to 4527.30 • NSE: Nifty down 4.55 points to 1285.05 • Forex: Rs 43.37 to US dollar; rupee down five paise August 3, 1999 The Mini Mantra Corporates in India 'downsize' products to sell more. Truck stir hits movement of essentials, but prices steady in Maharashtra The state government will not hold negotiations with the striking transporters until the strike (against the tolls at entry points to Bombay) is called off, Chief Minister Narayan Rane said. Indian Oil's fresh tenders belie India's claim to cut diesel imports According to Indian officials, supply of diesel from Reliance Petroleum's Jamnagar refinery would commence from August 3. This throws India's oil economy budget off target, traders said. 'Indian loan for Iraq violates UN sanctions': report Middle East Economic Survey reported that the Indo-Iraq deal has been in the wind since last September. NEWS Sinha puts fiscal deficit at 5 pc of GDP in medium term
The finance minister also opined that the insurance sector should be speeded up.
"Insurance sector reforms must be expedited not only to expand the
insurance services to the people of India but also to augment
availability of long-term funds for infrastructure sectors," he said.
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