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June 30, 1999
No need for mid-term fiscal correction, says Sinha
Although there is expenditure over-run due to the Kargil conflict, additional resource mobilisation is not required and that the fiscal situation is manageable, the finance minister said.
India to record 6 pc growth despite Kargil, says Bakht
'India is a big nation. All these tensions keep coming and we will be able to tide over these problems. We will meet whatever expenditure is incurred on Kargil. It is Pakistan which has to worry about the expenditures, not us,' the industry minister said.
BSE: Sensex 4170.82, up 12 points
NSE: Nifty 1191.30, steady
Forex: Rupee steady; Rs 43.37; Rs 44.90 vs euro; Rs 68.55 vs pound; Rs 35.84 vs yen (100)
June 29, 1999
Sinha speaks out against inter-state tax competition, foresees bright future for Guj
The Union Finance Minister said there is a need for having similar tax structure in all the states. As per the Vision 2010 plan chalked out by Gujarat, out of the total investment of Rs 1.16 trillion, 30 per cent would be done by the state government.
FIPB clears Tata plan to exit from three joint ventures
Electronics and software accounted for the majority of proposals approved by the board at its hearing today, amounting to an FDI inflow of over Rs 2 billion.
Bakht moots patent office in Delhi, SAARC cooperation on IPR
A modern and well enforced industrial property system is integral to a liberalising economy. This is the compulsion of the future and the requirement of posterity, the industry minister said.
BSE: Sensex 4158.67, up 47 points
NSE: Nifty 1192.55, up 13 points
Forex: Rs 43.36 vs $, down one paisa
June 27-28, 1999
Unrest over port privatisation puts Cochin container terminal project in jeopardy
According to the Cochin Port Trust chairman C Babu Rajeev, the privatisation would only create more job opportunities and better service conditions.
Sick PSU Air-India shaping up to post profits
As many as 339 employees will retire on June 30, following the government nod to retirement at age 58, enabling A-I to save Rs 600 million. The recruitment freeze has given the company a saving of Rs 200 million.
Monto Motors (Avanti) to marry Peugeot to produce mobikes
Talks have been initiated for a joint venture and a 125cc bike, sporting a price tag of about Rs 35,000, has been finalised as the launch vehicle from the new company.
Ford to increase presence in second-hand car mart
Ford India Limited is contemplating setting up a pre-owned vehicle sales network in India. This is to create a vibrant used car market and to boost sales of its cars through exchange schemes.
June 26, 1999
Jalan says RBI will act to calm volatile, Kargil-affected forex market
'Our policy is to keep forex markets orderly and meet, as neccessary, temporary demand-supply gaps that emerge from time to time. We have deliberately followed a policy of keeping our reserves at a very high level in order to take care of such situations,' the central bank chief said.
Auto sales soar in May despite Euro-ban in the NCR
During May 1999, total passenger car sales stood at 47,578 units, up from 38,698 units in May 1998.
Columbia Tristar to distribute Hindi film worldwide
Twentieth Century Fox and Indian animation group Ram Mohan-United Studios have also joined hands to make an animation series for the global market. The Indian entertainment industry has caught the eye of the global leaders in film production.
Kinetic launches two-wheeler for college students
Recognising that students have to spend considerable sums on admission and other activities during college opening, Kinetic has decided to make available the Campus Chill to them at a special price.
Bengal team to scout for investors in US, Japan, UK
The star-studded business delegation will be led by the West Bengal Industrial Development Corporation chairman Somnath Chatterjee.
BSE: Sensex 4112; down 8 points
NSE: Nifty 1179.75; down 2 points
Forex: Rs 43.35 vs $, down two paise
June 25, 1999
Reliance 98-99 net up at Rs 17 billion; post-reforms gain put at 1250 per cent
'Several investors have urged us to implement growth plans so as to ensure that Reliance further enhances its market leadership and competitive position. Reliance will allocate upto 50 per cent of its internal accruals over the next three years to implement this profit oriented growth strategy,' Dhirubhai Ambani said at the AGM.
'US must stop economic blackmail, suspend sanctions, aid India'
'The US relationship with India should be based on shared values and institutions, economic collaboration, including enhanced trade and investment, and the goal of regional stability across Asia; not on economic blackmail to sign on to a treaty the Senate may not even ratify,' says US Senator Sam Brownback.
SBI net down 44.78 pc to Rs 10.27 billion, 40 pc pay-out announced
India's largest public sector bank is confident of making up the deficit during the next few months and earn a net profit of about Rs 16 billion in fiscal 1999-2000.
Nadar Forum enters pact to buy 50 pc stake in TMB for Rs 1.1 billion
Today's accord was signed by the Nadar Mahajana Bank Share Investors' Forum chairman B Ramachandra Adityan and Subramaniam representing the Sterling group promoted by C Sivasankaran, in the presence of political commentator Cho S Ramaswamy and Swadeshi Jagran Manch convenor S Gurumurthy.
BSE: Sensex 4119; down 37 points
NSE: Nifty 1179.75; up 12 points
Forex: Rs 43.33 vs $, down seven paise
June 24, 1999
Kargil has no effect on Indo-Pak trade; SAARC free trade talks on July 10
If the border tensions escalate, both India and Pakistan would be affected economically. Pakistan would be hit harder, Union Commerce Minister Ramakrishna Hegde said.
Euro MP of Indian origin to work for pro-Third-World tariffs
'When I try to push for investments in India, I'm confronted by British businessmen with questions about bureaucratic delays. How do I answer them?' asks Bashir Khanbhai.
BSE: Sensex 4156; down 98 points
NSE: Nifty 1190.65; up 23 points
Forex: Rs 43.26 vs $, down six paise
June 23, 1999
Eurocopter, HAL likely to form JV for new choppers for India
`We are equal partners in all our ventures and want to be treated as equal partners. The days of licenced production or mere technology transfer are gone. Henceforth, joint ventures and collaborations are the keywords,’ HAL's CMD C G Krishnadas Nair told Rediff On The NeT.
Govt puts onions in essentials list 'to check pre-poll price-rise'
The Cabinet Committee on Prices has decided to import pulses to check prices in the domestic market. It expressed satisfaction over the price behaviour of major commodities.
BSE: Sensex 4255; up 44 points
NSE: Nifty 1214.30; up 12 points
Forex: Rs 43.20 vs $, down three paise
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