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February 15, 2000 Dream turns nightmare After the millennium gala, Goa's tourism languishes SEBI slaps additional 5% margin on top 10 shares The market regulator and five stock exchanges are keen to cool down the overheated bourses. Biz chambers urge Sinha to grant industry status to housing FICCI has suggested deemed export status for realtors who make concerted efforts for sale of property to Non Resident Indians and other persons abroad to mobilise foreign exchange. SBI-GE Caps JV plans corporate card products After corporate cards, the joint venture would launch global cards and debit cards. UTI to launch scheme for VRS beneficiaries The scheme is at a conceptual stage and would aim for offering both long-term and short-term returns to those who have opted for voluntary retirement in companies. Vega Helmets to make defence aircraft and mini-bikes for youth The bikes are being produced under a technology transfer agreement with Cosmopolitan Motors Inc of the US. A separate unit has been set up at Vega's existing facility in Belgaum, Karnataka. BSE, NSE and Forex: Sensex down eight per cent or 0.13 per cent to 5925; Nifty down 13 points or 0.74 per cent to 1742; rupee steady at Rs 43.62 February 13, 2000 Only show, where's the biz? 'The socio-economic reality is that Indian audiences have matured while mainstream cinema hasn't. That's why they are increasingly rejecting the cinematic trash churned out by Bollywood's infantile dream factories. Bollywood and other woods are business illiterate,' says Dilip Thakore. Indian tech stocks post 26% growth on Nasdaq American Depository Shares of companies like Infosys Technologies have shown spectacular growth in spite of a fall in the Nasdaq Composite Index. Govt announces FDI policy Foreign investors and Non Resident Indians would not be allowed automatic approval for acquisition of shares in an Indian company. February 12, 2000 Controlled Aggro Bulls, FIIs take Sensex on a tour of rarefied heights Indian tech stocks at new high on Nasdaq With the Nasdaq Composite Index rising to a new high of 4485.63 points, Indian tech stocks like Infy in the US have also hit their all-time high. NEWS Dunlop may reopen Bengal unit in March No date has been fixed for the Sahaganj plant's revival. However, the company officials agreed to accomodate workers' demand for clearing their arrears.  • BSE, NSE and Forex: Sensex surgest past 6000, recedes to all-time closing high of 5933, up 151 points or 2.61 per cent; Nifty up 43 points or 2.51 per cent to all-time closing high of 1755; rupee steady at 43.62 to US $ February 11, 2000 Indirect curbs on FDI irk foreign investors Budget hopes, small investors, FIIs prepare Sensex for Point 6K People are expecting various concessions for IT, telecom and pharma sectors in the forthcoming budget. This might have boosted the market sentiment, BSE vice-president Dina Mehta said. THE REDIFF BUSINESS INTERVIEW 'AOL-Time Warner type deals will happen in India. The next step is telecom companies will buy Internet properties' "Long distance telephony will become a commodity. It's a monopoly now. Give it in the hands of four people, they will bash it to death. You will have STD calls from Delhi to Bombay costing only around Rs 5 to Rs 6," says Sunil Bharti Mittal, who has emerged as India's biggest telecom tycoon. THE REDIFF BUSINESS COLUMNS Rate Cut I won't be earth-shaking; mid-year Cut II may be necessary Nothing dramatic may be forthcoming from the RBI. Jalan believes in letting the sleeping dogs sleep. And, if inevitable, he will wake them slowly. Which he has done by announcing early February that the time is ripe for a bank rate cut, says R C Murthy. NEWS Massive kerosene, LPG price-hike likely in budget But prices of petrol and diesel may be spared. Cutting down subsidy on oil products from this year is inevitable as part of the administered pricing mechanism, said Ram Naik, minister for petroleum and natural gas. • BSE, NSE and Forex: Sensex up 132 points or 2.33 per cent to all-time closing high of 5782; Nifty up 30 points or 1.78 per cent to all-time closing high of 1712; rupee slips back to all-time closing low of 43.62 to US $ February 10, 2000 'There will be a lot of acquisitions in the next few months' Maruti postpones diesel Esteem launch The company is reportedly gearing up to set up its fourth plant to raise production capacity to beyond 500,000 units annually. Scientists bicker as Kerala's coconut biz shrivels The price of coconut oil in the domestic market has shot up from Rs 34,500 per tonne in August 1999 to Rs 47,500 by the end of January third week due to the impact of the eriophyid infection. THE REDIFF BUSINESS SPECIAL 'India has to shed the mentality of a developing country' Gururaj Deshpande, the richest Indian in America, on his vision for India. NEWS Sonata-strong Hyundai eyeing Rs 1.2 million segment The company has shortlisted the multi-utility Sportage as its next offering for India, following positive customer response at the recently-held Auto Expo 2000. NRIs float biz-n-law college in Dubai for producing new-age execs The plan is to club business and law because a mere degree in business management or law is not enough. Legal experts who can appear before the domestic courts and global bodies like the WTO are in great demand. Competition for capital will intensify, says NYSE official The worldwide shift to a capital market model would force deeper globalisation. There would be a need for equity investors from all over the world and globally accepted standards of disclosure, regulation and treatment of shareholders. THE REDIFF BUSINESS COLUMNS Hurtling toward independence Maruti Udyog seems ripe for divestment, says Devangshu Datta. • BSE, NSE and Forex: Sensex up 39 points or 0.69 per cent to all-time closing high of 5650; Nifty up 16 points or 0.96 per cent to all-time closing high of 1682; rupee gains a tad to 43.60 to US $ February 9, 2000 Y2K Budget may cut the chord linking govt and agri sector Prices soar as tech stocks, pivotals flare up; Sensex, Nifty at all-time closing highs The bull run on the Nasdaq and heavy buying by FIIs in India helped heavyweights like Infosys Technologies, Mahindra & Mahindra, ICICI, MTNL and ACC to stage a handsome rally. THE REDIFF BUSINESS INTERVIEW 'I have left politics behind in the last millennium' 'I am confident that information technology can bring accountability, transparency and quick disposal of cases and redressal of grievances in all the villages. I believe it can alleviate poverty,' says Andhra Pradesh Chief Minister Nara Chandrababu Naidu. NEWS SEBI to add 34 stocks to rolling settlement list, 120 to demat list Rolling settlement is necessary for a healthy and safe market as it helps in reduction of risks and lowering of transaction costs in the long run, the market regulator said. IDBI Bank lowers PLR by 0.5 per cent The bank's PLR structure is: for working capital advances 14 per cent per annum, for short term loans upto 180 days 11 per cent per annum, and for term loans 14.5 per cent per annum. Innovative package tours lure global tourists to Kerala Trade- and eco-related tourism adds a new dimension to God's Own Country. NEWS ANALYSIS Operators' bugbear, institutions' joy SEBI has added a fresh batch of companies to the rolling settlement segment. A peek at the implications. • BSE, NSE and Forex: Sensex up 138 points or 2.52 per cent to 5613; Nifty up 35 points or 2.13 per cent to 1672; rupee down one paisa to 43.62 to US $ February 8, 2000 Maruti's lead narrows in race for market-shares Tech stocks lead rally, Sensex spurts 3%, Nifty 2 % Besides software, select stocks from the media, finance, banking, auto, auto ancillary and pharma sectors also shot up considerably on heavy buying support from foreign and domestic institutional investors. NEWS Sinha may talk tough but deliver a soft budget, says economist The finance minister may not be able to take hard decisions as the BJP has to keep its allies who are strong in states happy. Net-based trading will have far-reaching impact, says R H Patil The capital markets in India have been slow in absorbing technology. There has been resistance from financial intermediaries to unfettered market competition, the NSE MD said. February 5, 2000 'Govt can help the seafood sector to emerge as the biggest forex earner' 'For FIs and banks, the seafood industry is a taboo. Some states have imposed 1% cess on seafood exports. The Budget can throw up a solution,' says Elias Sait, president, the Seafood Exporters' Association of India. Govt ready to bite the bullet, says Budget Man Sinha Ruling out "soft options", the finance minister said that "fiscal profligacy indulged in by both Centre and states in the last several years" has depleted the government coffers. Forget Bombay, flock to Cyberabad, Naidu tells finance, insurance firms 'In the Internet economy, distinctions between banks, brokerage firms and even grocery stores may disappear. Andhra recognises this, and is the first state to go in for digital government,' the chief minister said. BIMAL JALAN REVIEWS THE ECONOMY India could emerge as the most vibrant economy, says RBI Governor Despite several national and international problems in the last decade, India has shown the capacity to grow and achieve an economic growth rate of 6 to 6.5 per cent, Jalan observed. NEWS WB to give Rs 120 bn loan to Karnataka The assistance would be in the form of 70 per cent loan and 30 per cent grant. The rate of interest is 12.5 per cent. A portion of the assistance would go towards poverty alleviation and it would be treated as soft loan. MARKETS BSE, NSE and Forex: Sensex down 19 points or 0.35 per cent to 5321; Nifty up two points or 0.12 per cent to 1599; rupee steady at 43.59 to US $ February 4, 2000 Soulful Social Circuit Corporates mix consumerism with conscience  Jalan calls for credibility among corporates, sees case for rate cut Despite low rate of inflation and comfortable liquidity conditions, interest rate cuts may not be possible. Two-thirds of savings in the banking system are blocked for longer terms at higher interest rates. This causes inflexibility in the deposit as well as lending rate structures, the RBI governor said. Business confidence high in India, reveals study The NCAER survey suggested improvement in overall economic situation, financial position, capacity utilisation and investment climate during October-December 1999. NEWS Assam sees Reliance withdrawal, wants PSU to complete gas cracker project Oil India Limited has evinced interest and said that given responsibility, it would like to implement the project. Christian Syrian Bank issue: board, church clash over share transfer The Church has turned against the CSB board after the latter approved the takeover aspirant's bid to sell part of the shares acquired in 1995. MARKETS BSE, NSE and Forex: Sensex up 35 points or 0.65 per cent to 5340; Nifty up 8 points or 0.50 per cent to 1597; rupee down one paisa to 43.59 to US $ February 3, 2000 'It's only a matter of time before Indian brands emerge in the global market' 'There's no guarantee that the 100 per cent unit set up by the MNC partner in a joint venture, will be a success. Indian companies have their own strengths with which to fight global competition, says Prof Krishna Palepu of the Harvard Business School. Economists unhappy over weak reforms-employment equation "Ever since liberalisation, budgets have brought nothing but inflation and unemployment and unless there is going to be a real shift in thinking, there will not be a much difference," Jay Dubashi said. NEWS CPIM raps Kerala's banks for low credit disbursal While deposits are growing, there has been no corresponding rise in credit offtake. The banks advance only 40 paise for every one rupee collected as deposit. Political leaders have dubbed this 'a daylight robbery by the banks'. Indo-Japan biz panel chief decries IT raids on foreign execs Frequent policy changes, retroactive application of rules and unreasonable tax measures against Japanese corporations, have caused hardships even to those companies already operating in India, Nobuhiko Kawamoto said. MARKETS BSE, NSE and Forex: Sensex up 93 points or 1.78 per cent to 5305; Nifty up 42 points or 2.71 per cent to 1589; rupee up two paise to 43.58 to US $ February 2, 2000 Sahara Group may bid for Indian Airlines Asked if he was confident of turning the loss-making national carrier around, group chief Subrata Roy said, 'Well, we have proved our mettle by running the country's most efficient and quality airline.' MARKETS BSE, NSE and Forex: Sensex up by 10 points to 5212; Nifty up by 1 points to 1547; rupee plunges to all-time closing low of 43.63 to US $ on month-end demand February 1, 2000 Desi dream run or drubbing Down Under, advertisers swear by cricket 'Sports always signify positive energy. Parents would like their children to have cricket personalities as role models as the latter symbolise fitness, discipline and success through hard work..... The era of investment in sports is just beginning. Now it is mainly limited to cricket and tennis but soon it will spread to other disciplines,' say the dream merchants. Share prices crash on bull liquidation, global downswing The economy stocks suffered badly while infotech, pharma and FMCG moved down considerably on sustained selling pressure. Rupee plunges to all-time closing low of 43.62 to US $ Dealers attributed the rupee's decline to the month-end dollar covering by some corporates on the last day of the first month, coupled with relatively lower foreign portfolio inflows. NEWS IDBI denies bailout to Essar in FRN issue Today's IDBI stand will leave the Essar management with no choice but to go back to the noteholders seeking more time or draw up a fresh redemption package. MARKETS BSE, NSE and Forex: Sensex down 131 points or 2.45 per cent to 5205; Nifty down 50 points or 3.13 per cent to 1544; rupee plunges to all-time closing low of 43.63 to US $ on month-end demand Archives
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