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May 15, 1999   FOCUS: AUTO, EURO AND ROW Maruti sews up technical strategy to overcome Euro hurdle MUL would be able to make the carburetor modification to match the Euro-I norms within ten days. But to comply with Euro-II norms, MUL is actively considering importing multi-point fuel injection engines from Japanese engine firm Denso. SC lifts restriction on registration of Euro-1-fit cars in Delhi Finally, the choked auto sector in the National Capital Region got a "breather". The directive is also expected to make compressed natural gas-powered cars popular. Tata Indica exports after meeting domestic demand; moves afoot to make it Euro-II-fit Telco will, however, commence development of the export model and will seek to meet all the norms of the markets abroad. It has booked close to 115,000 orders for the Indica; 60,000 have been retained for supply till March 31, 2000. THE REDIFF BUSINESS COLUMNISTS Children of a Lesser God 'Why are we hypocritical? We don't ban child labour, barring hazardous processes and occupations. Nor will an outright ban serve much purpose. But unionisation is one way of neutralising exploitation,' says Bibek Debroy. OTHER REPORTS Secy-level group formed to fine-tune India's stand on WTO The group will deal with all WTO-related aspects of India's interface with foreign countries. The aim is to optimise India's negotiating leverage, and decision-making in the WTO. No country has regulatory power over GDRs, says BSE director $ 85 trillon are available in the international market. If India succeeds in tapping even a small portion of it through GDRs and other suitable instruments, investment needs of infrastructure, education and health sectors would be met, Bhagirat Merchant said. 
• BSE: Sensex 4075.47; climbs 60 points! • NSE: Nifty: 1165.35, up 17points • Forex: Rs 42.75 vs $ Rs 45.60 vs euro Rs 69.04 vs pound Rs 35.01 vs yen (100) May 14, 1999  SPECIAL REPORT Row over IA privatisation torpedoes similar plan for Air-India "Instead of privatising Indian Airlines, the government should have gone in for the disinvestment of A-I at this juncture as the latter is in 'dire straits compared to the former'," an official in the civil aviation ministry told Rediff On The NeT. OTHER REPORTS Kinetic nurses plan to launch 500 cc Euro-compliant mini car at Rs 100,000 Development work on the car has been stalled. ''The project is still at the prototype stage and no investments have been made. We are waiting for the excise relief,'' KEL chairman Arun H Firodia said. Maruti to roll out Euro-fit cars by Oct; cleaner Hyundai Santro countrywide launch by June MUL is likely to meet the norms by importing certain critical components, pushing up production cost -- and price -- by about Rs 30,000. Vittal presses for vigilance panel ordinance, bank computerisation According to an earlier order of the Supreme Court and in line with the earlier ordinance, the caretaker government can pass another ordinance restoring the authority of the Central Vigilance Commission, the CVC said. Dutch firms Scelta, Holco and India's Agro-Dutch Foods may form mushroom JV Agro Dutch is negotiating with Union food processing ministry and Punjab Agro to buyback their shares. The equity will then be offered to the Dutch firms.
• BSE: Sensex 4014.68; zooms 138 points! • NSE: Nifty: 1148.10, soars 37points! • Forex: Rs 42.75/76 vs $ Rs 45.50 vs euro Rs 69.20 vs pound Rs 35.20 vs yen (100) May 13, 1999   THE REDIFF BUSINESS COLUMNISTS Monsoons, not ministers, will decide the fate of economy "It is a good thing. But there is, of course, one snag. If the economy crashes, it is the ministers' heads that will roll. That is a good thing too!," says Jay Dubashi. OTHER REPORTS 'Privatisation decision is a breath of fresh air, it will resurrect Indian Airlines' IA officials and aviation industry analysts said the CCEA's move will help the cash-strapped national carrier to face competition from private airlines. Telco's 98-99 net profit falls 67 pc to Rs 974.6 million The board of directors has recommended a lower dividend of 30 per cent as against last year's 55 per cent. Programmes are on for cost reduction, restructuring, greater fiscal discipline and higher market share. SAIL mulls closing Durgapur Alloy Steel Plant, VRS for Salem unit ''We are not in favour of closing down ASP provided we come across any viable option, but we can not go on with the burden of a loss-making unit at the cost of profit-making ones,'' SAIL chairman Arvind Pande said. UP accords industry status to film sector, to spruce up NOIDA Film City The film policy aims at developing Uttar Pradesh as a major film-making centre. No tax will be levied on theatres that install air-conditioners, a/c plants and sound systems. Birla Mutual Fund launches India's first Payroll Savings Plan Under the plan, BMF will transfer money directly from a salaried employee's pay cheque to a combination of its investment schemes. The minimum monthly investment is Rs 1,000. There is no upper ceiling. Clean currency will overcome note shortage, says Bimal Jalan India would need 16 billion notes by 2000. Only four billion notes are currently available. Two billion more notes will be introduced shortly. Currency in Rs 1,000 denomination would be printed from January 2000. S R Iyer appointed SBI's MD till May 31, 2000 The appointment marks Iyer's elevation from the post of deputy managing director and will be effective from the day he assumes charge.
• BSE: Sensex 3876.89; down 23 points • NSE: Nifty: 1110.90, down 5 points • Forex: Rs 42.74/75 vs $ Rs 45.51 vs euro Rs 69.22 vs pound Rs 35.37 vs yen (100) May 12, 1999   Delhi government permits unrestricted sale of Daewoo cars Various models made at the Surajpur plant in UP comply with Euro-I and Euro-II norms. Dealership traffic has suddenly risen by seven times, sales and demand are soaring, so the production has been stepped up, the company claimed. Bajaj Auto to revamp vendor base; four new models, eco-friendly vehicles planned 'Project Scorpio' envisages better relations with suppliers and process development. Four-stroke engines will mark scooters, mopeds and three-wheelers. Ernst and Young extends entrepreneur programme to India ''Extension of our global awards to India is a way of telling hundreds of entrepreneurs that we recognise their amazing fighting spirit,'' E&Y chairman K N Memani said. Tommy Hilfiger ties up with Murjani group, to enter India in 2000 By foraying into India, the US apparel major is seeking to repeat its success in Europe and South America. Mercedes targets $ 30 million export turnover A major chunk of it will be through components. ''It simply does not make sense to produce the cars in India and export them. These cars are produced for the Indian market and they should remain here," the company's MD and CEO TB De Freitas said.
• BSE: Sensex 3900.49; soars 80 points! • NSE: Nifty: 1116.00, up 22 points • Forex: Rs 42.74/75 vs $ Rs 45.95 vs euro Rs 69.34 vs pound Rs 35.26 vs yen (100) May 11, 1999  Caretaker govt decides to allow Indian Airlines to tap capital market As per the Kelkar Committee recommendations, the government will also contribute (Rs 3.25 billion) to the equity. The new capital will fund new aircraft acquisition. Part privatisation by dilution of the government equity is also being planned. THE REDIFF BUSINESS COLUMNISTS Indians hit big time in Britain 'The moral of the success story is that the government needs to focus on providing basic services and facilities. The rest can be left to the businessmen,' feels Dilip Thakore.. OTHER REPORTS Centre asks states to keep prices of essentials under check The government is actively considering a proposal to allow export of wheat in the wake of a bumper crop of more than 72 million tonnes. IDBI, ICICI panels to usher in corporate governance in India This is the first step towards stabilising the industrial scenario in the country, IDBI chairman G P Gupta said. Auto emission order: Special bench may consider Centre's plea for modification The government does not want to contest the SC order, but is seeking clarifications for evolving the modalities for implementing it. FIPB nods to expansion plan of HPCL-Total JV; German firm to float pharma unit In all, 35 proposals were approved today by the board, amounting to a total foreign direct investment inflow of Rs 1 billion.
• BSE: Sensex 3820.25; soars 112 points! • NSE: Nifty: 1094.20, up 31 points • Forex: Rs 42.72 vs $ Rs 45.87 vs euro Rs 69.51 vs pound Rs 35.35 vs yen (100) May 9-10, 1999  'Big Opportunity beckons India's fashion industry' Fashion gurus Rohit Bal and Tarun Tahiliani have said the industry has to develop a strong supply side. Besides banks, venture capitalists should also be tapped for funds. THE REDIFF BUSINESS COLUMNISTS Why nuclear India should soften Japan to restore ADB aid The Asian Development Bank, now under Japanese sway, has linked normal aid for India to the G-8 sanctions. Tangible results will flow only from bilateral negotiations, says R C Murthy. OTHER REPORTS New LML mobikes to vroom on Indian roads in September The first four models would carry a price tag ranging between Rs 37,500 and Rs 45,000 ex-showroom (Delhi). Camera zooms up in Middle Class Indian's must-buy list A 1995 survey revealed that a camera was at the 15th place on the MCI's priority list. It has since leapt to the seventh place, prompting Canon to focus on the Indian market.
• GDR Weekly Review: Skindia Index posts highest ever weekly rise, up 28 pc to 800.77 points • BSE and NSE Weekly Review:Sensex soars 382.06 points, Nifty zooms 84.70 points May 8, 1999  Nadars-Siva battle for Tamilnad Mercantile Bank drawing to a close The Sterling group chief Sivasankaran is believed to be willing to offload his 60 per cent stake in TMB in favour of the Nadars for Rs 1.85 billion. Triangular battle for Asianet scalps Sashi Kumar; Malayalam TV channel market hots up The Bombay-based Rahejas have gained total control of the ground distribution company (cable network). The Moscow-based Raji Menon is at the helm of the holding company that owns Asianet. EMISSION EDICT EVOKES MIXED REACTIONS Car-makers' body seeks govt intervention to resolve crisis Car manufacturers have decided to chalk out the final strategy and the time schedule by when they would be able to meet the Euro norms on May 8. Daewoo Motors hails SC order; Matiz exports postponed; Cielo Executive new base model The SC's decision lays stress on environment protection. Industry has to respond to such a situation, DMIL's MD S G Awasthi said. OTHER REPORTS India's 23 projects nominated to German Expo 2000 ''On the threshold of a new millennium, Expo 2000 aims at giving a glance into the future,'' German ambassador to India H D Dieckmann said.
• BSE: Sensex 3707.75; up 59 points • NSE: Nifty: 1062.90, up 16 points • Forex: Rs 42.74 vs $ Rs 46.06 vs euro Rs 69.74 vs pound Rs 35.37 vs yen (100)
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