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September 1997

• September 30
Transparency needed to attract investment, says USAID head
BJP flays Reliance-Salgaoncar power project in Goa
Maharashtra to set up casinos
BSE: 3912.83; Sensex declines by 12.41 points
NSE: 1125.70; Nifty gains by 9.6 points
Forex: Rs36.175-185/$; RBI intervenes to prevent rupee rise

• September 28
Goa bans smoking in public places
Kerala traders down shutters in battle against HLL
End war of words, Maran tells Suzuki
Stocks review: BSE cheerful, NSE gains

• September 27
Equity market likely to be firm in 1997 last quarter
India unlikely to see currency crisis, feel bankers
BSE: Sensex rises by 31.88, crosses 3900 mark
NSE: Nifty gains slightly by 4.75 points
Forex: Rupee stays steady at Rs 36.19/$

• September 26
Maruti workers' demand presence on company board
Keep dispute apolitical, says Suzuki
Tarapore panel suggests full deregulation of interest rates
IA susbsidiary Alliance Air to phase out Boeings
BSE: Sensex rises by 61.65 points
NSE: Nifty gains just 10.5 points
Forex: Rupee rise unabated, hits Rs 36.19/$

• September 25
ICA ruling is binding, but enforcement can be tricky
Govt files caveats in Maruti case to preempt Suzuki
Tata Tea executive arrested
Mahindra group in joint venture with Accor Asia Pacific hotels
BSE: Sensex rises marginally
NSE: Nifty gains slightly
Forex: Rupee hits Rs 36.25/$


Maruti AGM ratifies Bhaskarudu's appointment
Suzuki withdraw Bhargava's name for chairman; top two posts with government
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Suzuki-govt tussle could affect Maruti's performance, feel analysts
TELCO, Daewoo's to-be-launched small car might gain advantage
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Panel set up to formulate parameters for power projects
Delhi HC allows Apollo power project freedom till final decision
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Assam govt alleges Tata Tea had tacit deal with ULFA
'Tata help to Pranati Deka was outside company's medical aid scheme'
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The Man Suzuki Loves To Hate
Industry ministry officials say what the Japanese car major dreads is not the new Maruti MD's "incompetence," but his "competence."
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Bhaskarudu can stay till ICA verdict
So rules the Delhi high court.
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Volvo sets up first service facility near Bombay
First step towards bringing trucks to India.
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'Confidence suffers if investments are made on prestige'
Anthony J Stranger-Jones, managing director (investment banking) of Barclay de Zoette Wedd, in an exclusive interview.
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Sept 15-19: BSE stayed depressed;NSE saw record fall
Centre's decision to hike import duty fuels bearish trend.
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'Suzuki can leave Maruti'
Industry Minister Murasoli Maran talks tough
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Showdown With Suzuki
With the GOI and Suzuki at war, Maruti Udyog Limited, India's biggest car manufacturer, is in a crisis. As allegations go back and forth, government sources insist the quarrel between MUL's two partners will not lead to a split.
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A successful marriage goes to court
Muddles and mud slinging at Maruti.
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Fuel supply charges rationalised for IPP
Liquid fuel-based power to cost less.
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Boom Time For Boeing
India likely to finalise the acquisition of at least 12 MCLR aircraft for Air-India during Prime Minister I K Gujral's visit to the US.
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Suzuki challenges Maruti MD's appointment in Delhi high court
Plea to be heard on Friday; Suzuki seek stay on September 22 AGM
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Aiming to push Indo-Gulf ties beyond oil and expatriates
Total trade with the six GCC nations = $10.512 billion: imports = $8.082 billion, exports = $2.430 billion.
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Power tariffs lowered for infrastructure projects
Presidential ordinance seeks to boost projects in power generation, highway construction.
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Maharashtra power board to issue bonds for Rs 4 billion
Money needed to buy 30% stake in Enron project.
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Domestic sources will have to fund most of India's growth
IDBI chief S H Khan expounds on how India's growth can be financed, and the weaknesses in the country's martkets.
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Delhi HC concerned at 'tardy' CBI probe in Muktha-Panna deal
Judges ask why a case has not been registered against Reliance, Enron, and former petroleum minister Satish Sharma for their alleged involvement in the scam.
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No Typhoon In A Tea Cup
Assam Chief Minister Prafulla Kumar Mahanta takes a hard line on the interrogation of Tata Tea officials, saying ''we are not going to leave anybody scot-free.''
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Govt monopoly goes! Internet opened to pvt service providers
Licence fees waived for 2 years to facilitate rapid introduction of the Internet.
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Govt takes major steps to mobilise Rs 68.8 billion
5% cut in central plan & non-plan outlay, 10% hike in foreign travel tax.
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Govt approves disinvestment of ITDC, Bongaigaon refineries
Global financial advisors to be appointed for deals with strategic partners.
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Cabinet infrastructure panel clears 96 power projects
Govt decides to increase power grid to cover entire country.
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Union textiles ministry opposes import duty cut
Duty cut of 10% will hurt Indian textile industry, warns Jalappa.
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Maharashtra seeks time to decide on NTC mills
Committee appointed to look into handover.
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Maharashtra govt not too happy about taking over NTC mills
Running mills is the Union govt's responsibility, says CM.
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Alone & Isolated
The wage agreement with government employees will cost the United Front Rs 450 billion, almost certainly wrecking the Dream Budget for fiscal 1997-98. Chidambaram may be left with no alternative but to resign.
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Assam police arrest Tata Tea GM Dogra arrested for links with ULFA
MD Krishna Kumar and senior executive let off for want of evidence.
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Union home ministry denies interfering in Tata Tea case
Home secretary was only seeking details about the case.
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Indian exports still lagging behind SE Asian countries
Lack of infrastructure one major reason for low growth of exports.
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Sept 8-12: Depressed week at BSE, NSE
Rupee's fall and FM's statement pushed Sensex down over week.
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New Maruti 800 model launched
India's most popular car launches a new edition.
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Centre blames Kerala for delay in Thiruvananthapuram international airport
Civil aviation minister stays silent on availibility of funds.
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RBI allows banks to fix interest on non-resident (external) rupee deposits
Interest on post-shipment rupee export credit reduced by 1%.
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Commerce minister warns against rupee devaluation
Will inflate the import bill, especially petroleum's, says Ramaiah
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Sebi-appointed panel suggests introducing futures trading
Begin with equity index futures, followed by other derivatives.
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Union govt's debt higher than revealed, says RBI
If other factors are considered, liability-GDP ratio could go up to 73%.
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Sept 11: Dull day at forex market, rupee stays steady
RBI fixes reference rate at Rs 36.56 against the previous Rs 36.45.
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Transparency needed to revive capital markets, says FII chief
Seminar debates ways to finance growth and restore investor confidence.
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India to appeal against WTO ruling on quantitative restrictions
New Delhi's plea for a 7-year phase-out period was rejected.
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TN govt sets up panel to probe Sterlite blasts
Four-member committee will inquire into the four explosions that killed 2 workers.
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Finance ministry directs RBI to curb forex speculation
Disturbances in market due to Southeast Asian situation, says Chidambaram.
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RBI defends rupee's fall, points out fundamentals are strong
The rupee has fallen only 2.5 per cent, far less than the Southeast Asian currencies.
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September 10: Finance ministry, RBI messages help rupee gain six paise
The rupee closes at Rs 36.54 without the central bank's intervention.
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Inefficient PSUs pushing Centre into financial disaster, warns RBI study
The rising public deficit and large debt is threatening the fiscal situation and macroecononic stability.
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Atomic power plants earn Rs2.52 bn profit
Indo-Russian project for Kodangulam cleared.
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Goa govt allows pvt project to sell excess power
The Reliance Salgaoncar project's new method will generate 10 mw more electricity.
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Rupee likely to hit Rs 37.50 per dollar by June 1998
Two economists predict that RBI will allow a gradual fall.
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September 9: RBI intervention pushes rupee up by 10 paise to Rs36.60
The central bank has sold $400 million over the past two days.
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Rupee will stablise, declares Ahluwalia
Insists fiscal deficit will not cross 4.5% of GDP
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PM seeks all-out efforts to accelerate growth rate
Economists want agricultural sector liberalised.
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CAG flays Tripura govt for financial irregularities
Expenditure of Rs 72.5 million was incurred without a budget provision during 1995-96.
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India will be key player over next 25 years, says World Bank
IMF asks for accelerated trade liberalisation.
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30 sugar mills may stop production in Maharashtra
The current shortage of sugar cane is likely to put a quarter of the industry out of business.
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RBI warns govt fiscal deficit may cross 4.5% of GDP
The Reserve Bank Annual Report for 1996-97 projects growth at 6-7%
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September 8: Rupee's plunge continues, hits Rs 36.70 per dollar
RBI fixes reference rate 11 paise lower at Rs 36.67.
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RBI allows seven banks to import gold
Banks will be allowed to sell or lend the gold.
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Reforms only stalled, will need govt action, says Chidambaram
No plans for band for rupee fluctuation.
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September 5: Rupee ends week with further fall
Hits a low of Rs 36.61 per dollar, closes at Rs 36.57/59.
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Sterlite's strange story
Tuticorin's people have for long disliked Sterlite.
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Delhi HC directs inclusion of Chidambaram's name in plea
Showcause notice to the finance minister to follow.
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SEBI defers decision on badla
Bans multiple categories of merchant bankers.
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LOC firing, Kashmir push Indo-Pak power deal into the cold
Pakistan produces extra electricity, north India is power deficient; yet a historic agreement in South Asia remains unlikely.
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Kerala traders agitation floundering in face of govt-HLL tie-up
Traders' call for 2-day shop closure from September 26.
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September 4: Rupee's decline unabated
Hits a low of Rs 36.58 before ending at Rs 36.55; loses 18 paise over week.
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September 4: Sensex crosses 4000 mark
Gains a modest 31.65 points on buying support of domestic institutions.
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Bombay lobby allegedly against Thiruvananthapuram international airport
Diversion of Gulf-bound passengers from Kerala will be an economic disaster for the Bombay hoteliers, travel agents, and others.
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Maruti faced problems introducing the Japanese management culture
Outgoing MD R C Bhargava tells the management secrets behind the success of Maruti cars.
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September 3: Rupee's decline continues
Fear of a further fall following petroleum products price hike.
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Nani Palkhivala retires as ACC chairman
Appointed chairman emeritus; Pallonji Mistry is new chairman.
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TN bars Sterlite from using furnace
Blasts occured in furnace due to fault.
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Bombay to have rail development corporation
Will plan investments and execute infrastrucure projects for suburban railway.
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Ratan Tata replaces Kerkar as chairman of Taj hotels group
Indian Hotels Company board also unanimously appoints R K Krishna Kumar managing director and S Ramakrishnan deputy managing director.
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Traders' war against HLL in Kerala intensifies
The traders, demanding higher margins, are boycotting HLL goods.
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September 2: Rupee's slide continues
Hits a low of Rs 36.54, closes at 36.48/50.
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Government at last hikes price of petrol, diesel, LPG
Kerosene spared; oil pool deficit touches Rs 180 billion.
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CRB case: HC grants time to liquidator on Daewoo's plea
Despite court order, Daewoo's funds kept frozen by banks.
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September 1: Sensex surges 68 points to cross 3900 mark
Domestic and foreign institutions make fresh purchases.
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Blasts at Sterlite claim 2 workers
Management suspects sabotage.
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