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July 15, 1999
Destination Point 5000: upbeat mood may catapult Sensex to new highs Lallubhai Nagardas, the 82-year-old stock broker and former president of the BSE, said he has not seen as big a rally as the current one, in his 60-year-long career. Sensex, Nifty close at an all-time high of 4710, 1341 The BSE Sensex breached the 4,700 mark for the first time ever, creating history at the 125-year-old bourse, following heavy buying by foreign funds and institutional investors in the index-based counters. NEWS Upsurge will continue in post-Kargil phase, say economists The government should have used the conflict which triggered a wave of nationalism, to push through reforms. The government could have made a beginning towards privatising the public sector units and slashing subsidies, say experts. Mauritius to invite Maruti, Telco to set up assembly units Mauritius, being a free port, is said to have the potential to be a springboard for these companies to export vehicles to other parts of the world. JK Corp cut 600 jobs in two years JK Corp has been cutting costs, improving efficiencies, bringing down consumption. It has also been able to reduce its manpower by 13 per cent. THE REDIFF BUSINESS INTERVIEW 'India's become like Italy: govts come and go, and industry takes care of itself' 'The MNCs have got the number of middle class people in India all wrong. So, they brought the Escorts and the Astras. Only the Santros, the Matizes and the Indicas will survive here,' says K Mahesh, CMD, Sundaram Brake Lining.  • BSE: Sensex closes at an all-time high of 4710; up 94 points • NSE: Nifty closes at an all-time high of 1340.95; up 19.5 points • Forex: Rs 43.24 to US dollar; Rs 43.98 vs euro; Rs 67.33 vs pound; Rs 35.75 vs yen (100) July 14, 1999 A day of buying frenzy, profit sales, all-time highs The BSE Sensex touched 4678, an all-time high, in intra-day trading while the Nifty closed at an all-time high of 1321. Foreign funds' investments are expected to rise further. With war clouds disappearing, Point 5000 looks within striking distance, dealers said. Hindalco chalks out plan to meet New Millennium challenges For sustained growth and maintaining excellence, we've taken measures in three dimensions: strategic thrust, structural initiatives and systems adoption," chairman Kumarmangalam Birla said. FRN bail-out eludes Essar Steel as FIs play it safe IDBI had apparently asked Essar to seek its foreign lenders' help in rolling over the floating rate note issue, thereby avoiding becoming the first Indian company to default in the international market. NEWS Enron back as a poll issue Sharad Pawar's NCP intends to rake up the issue targetting the Sena-BJP government in Maharashtra. The Enron agreement will be reconsidered if the NCP comes to power in the state. IBA briefs Sinha on talks over bank wage hike; 'govt may not intervene' The IBA intends to keep the wage negotiations bipartite, meaning only the trade unions will be involved in the issue. 'The government also has not asked us to do this or that,' IBA chief M N Dandekar asserted. Sri Lankan Airlines to expand operations in India The airline will soon start services to Hyderabad and Bangalore besides increasing frequency of its flights to Delhi. It is also expanding its services to SAARC country capitals. Assocham reels out feel-good economic facts and figures Credit offtake has picked up for the first time in four years even while industrial growth rate inches closer to the two-digit level. Monopolies body fines defunct PAL-Peugeot PAL-Peugeot failed to honour its commitment that the booking amount will be refunded on cancellation of the booking. This amounts to unfair trade practice, the MRTPC ruled.
• BSE: Sensex up 30 points to 4615.20 • NSE: Nifty up 6 points to 1321.45 • Forex: Rupee steady at Rs 43.23 vs $ July 13, 1999  From cloud nine to caretaker's care: Indian Airlines finances simulate a turbulent flight With President K R Narayanan opposing the government's move to restructure the national carrier, IA has entered a fresh phase of uncertainty. FIPB clears 30 plans entailing FDI of Rs 1.75 billion The board gave nod to Taiwanese computer major Acer to set up a 100 per cent owned subsidiary in Bangalore. AB Electrolux has been permitted to raise its paid-up capital by about Rs 450 million in Electrolux Kelvinator Limited.
• BSE: Sensex up 223 points to 4585.63 • NSE: Nifty up 61 points to 1315.35 • Forex: Rupee up nine paise to Rs 43.23 vs $ July 10, 11 and 12, 1999    'Let's make PSUs lean, mean, and efficient,' says Sinha PSUs are overstaffed because politicians and bureaucrats considered it their birth right to get their own people employed in PSUs. A public sector company's employee strength, he recalled, skyrocketed from 14,000 to 28,000 in one year. THE REDIFF BUSINESS INTERVIEW 'Car loans must be taxed and money used to improve environment' 'The presence of banks with global-scale exposure in India is bound to improve the general attitude to work in all banks. So will computerisation,' says M N Dandekar, secretary of the Indian Banks' Association. THE REDIFF BUSINESS COLUMN Time to build corporate and brand reputations In India, advertising should be the icing on a substantial, carefully baked cake. The current recession is an opportunity to build corporate and product brands, and creating and developing markets, says Dilip Thakore. NEWS Tamilnad Mercantile Bank sizzles: directors exhume Nadar-Essar deal details, stir row Vikraman, one of the directors, said TMB's shares are available in the market at Rs 3,500 and claimed he had no knowledge of the Nadar forum buying the shares from C Sivasankaran's Sterling group at Rs 8,000 per share. ABCL is a sick company, rules BIFR; Big B promises second coming 'We are trying to restructure the operations of ABCL and put it back on track,' Amitabh Bachchan said, minutes after his dream company, which has accumulated losses of Rs 708.2 million, was declared sick. HDFC to foray into consumer finance HDFC is planning to offer mortage-related products and financial assistance for buying consumer durables, furniture, fixtures and motor vehicles. Jardine Fleming expert pats FIIs for shoring up Indian markets There is no ground to accuse FIIs of being partial to specific companies. FIIs eye companies that are accountable to shareholders and adhere to principles of corporate governance, Jardine Fleming India's chief investment officer U R Bhat said.
• BSE: Sensex up 36 points to 4362.87 • NSE: Nifty up 10 points to 1254.00 • Forex: Rupee up nine paise to Rs 43.31 vs $; Rs 44.15 vs euro; Rs 67.22 vs pound; Rs 35.42 vs yen (100) • Bullion: Gold (Rs/10 gm) Rs 4,075 (+5); Silver (Rs/kg) Rs 8,030 (steady) July 9, 1999   THE REDIFF BUSINESS SPECIAL 'No one wants to recommend UTI to any investor' Sensing investor ire, the fund is going all out to implement the Deepak Parekh Committee recommendations to give its beleaguered portfolio a fresh lease of life. The equity portfolio is being revamped and scrips from high return companies such as FMCGs, pharma and infotech have been added. UTI plans to double its investible funds over the next three to four years which will take its corpus from Rs 610 billion to Rs 1.2 trillion. NEWS RIL posts Rs 5 billion profit in first quarter But MD Anil Ambani said the current momentum is unlikely to be sustained because of signs of weakness in product selling prices. SBI's A N Joshi named BSE ED R C Mathur had resigned from the post two months ago following the controversy over price manipulation of some shares in 1998. Amend rules to boost venture capital: Mashelkar The CSIR director general said the flow of funds towards venture capital was nil seven years ago in the US. But now it is about $ 4 billion. Escorts Yamaha to cut jobs to stay trim This will be over and above plans to withdraw several casual workers, Joint Managing Director Nikhil Nanda said. Honda seeks lifting of import curbs The company says it has achieved the 70 per cent localisation level. THE REDIFF BUSINESS COLUMN It is too early for champagne! A few straws in the wind certainly seem to indicate, on the face of it, that the pall of recessionary gloom may have finally begun to lift its depressing veil. S H Venkataramani examines the bitter truth that lurks within.
• BSE: Sensex up 5 points to 4325 • NSE: Nifty steady at 1241 • Forex: Rupee down to Rs 43.40 July 8, 1999   THE REDIFF BUSINESS SPECIAL UTI: End of the dream 'The SUS 99 proposal was a desperate attempt to knock UTI back into shape. Though still shrouded in secrecy, this is one proposal UTI has accepted publicly and the government too has given its assent to the proposal,' says Nikhil Faleiro. NEWS Toyota-Kirloskar all set to sign MoU for 10-seater The first vehicle under the venture is based on the Kijang multi-purpose vehicle, which Toyota is currently producing in Indonesia. The vehicle will roll on to Indian roads in January 2000. Gold, silver prices take a beating The bullion market in Bombay went through a depression with prices of both gold and silver falling drastically after the British treasury decided to sell its gold reserves. ICI forms JVC with Orica of Australia ICI India would hold 51 per cent of the equity share capital in the JVC and would also have a majority representation on the board, including the positions of chairman and the managing director, MUL posts 17.2 pc rise in FQ sales According to a senior company official, sales during the first quarter this year stood at 87,143 units as against 74,385 units a year ago, while during June 1999, the company sold 24,578 passenger cars, up from 19,314 units in the same month last year. FIRST QUARTER RESULT HOCL's sales go up by 16 pc The total production during the first quarter improved by 7 per cent to 56,030 mt, as compared to 52,214 mt, while sales went up by 16 per cent to 45,221 mt. Capacity utilisation increased by four per cent over the corresponding period of last year.
• BSE: Sensex down nine points to 4321 • NSE: Nifty steady at 1241.75 • Forex: Rupee down four paise to Rs 43.31 vs $ July 7, 1999   Government to sell off more MTNL, VSNL, GAIL, ITDC shares A target of Rs 100 billion has been fixed for mopping up through divestment this year. The government claimed to have exceeded last year's target of Rs 50 billion by Rs 11.9 billion. THE REDIFF BUSINESS COLUMNIST The Great Comeback 'Indian Airlines must be allowed to define its own destiny. In fact, so must other public undertakings. That is what liberalisation actually means. That business must be run by professional managers and politics by politicians,' says Pritish Nandy. • BSE: Sensex up 26 points to 4332 • NSE: Nifty up 11 points to 1241.75 • Forex: Rupee down four paise to Rs 43.27 vs $ July 6, 1999  RANBAXY: AN ERA ENDS, A NEW ONE DAWNS Tejendra Khanna appointed chairman, Brar takes over as CEO and MD Accepting the new leadership, Malvinder and Shivinder, sons of late Dr Parvinder Singh, said that they distinguish 'ownership' from 'management' and believed in the 'critical importance of management to be based entirely on principles of competence and merit for maximisation of value for all shareholders.' Industry remembers Parvinder's penchant for technology and corporate governance CII president Rahul Bajaj said that Dr Singh was an outstanding business leader who had created in Ranbaxy an Indian multinational of global stature. THE REDIFF BUSINESS SPECIAL After months in a semi-coma, UTI staggers to its feet The biggest change is that UTI is now investing in growth stocks. Since July 1998, UTI has invested more than Rs 15 billion of US-64 funds in growth sectors such as pharmaceuticals, software and fast moving consumer goods. NEWS Plans of Reckitt and Coleman, Daewoo, Fiat get FIPB nod In all, 26 proposals were cleared by the board today amounting to Rs 2.02 billion foreign direct investment inflow. Bengal denies concessions to Dunlop, asks it to win back faith of FIs, BIFR and workers The West Bengal government is awaiting invocation of certain Acts by the Centre for temporarily taking over the management of the company. India agrees to EC plan to hold green workshop to promote clean tech The EC says this workshop will be unique since it will involve the entire society -- ranging from the government and industry to individuals and non-governmental organisations.
• BSE: Sensex up 112 points to 4306.40 • NSE: Nifty up 32 points to 1230.25 • Forex: Rupee up 16 paise to Rs 43.24 to US $ • Bullion:Gold (Rs/10 gm) Rs 4,150 (steady). Silver (Rs/kg) Rs 8,130 (--70) July 4-5, 1999   Court clears Suresh Prabhu in Western India Finance fraud case The investors who lost money are, however, planning to challenge the order in the high court. The case pertains to bouncing of cheques issued by Western India Financial Services on whose board Prabhu had served. NEWS Auto-makers seek protection by way of higher tariff on vehicle imports This is expected to give the domestic industry enough strength to face the challenges of an open market under the World Trade Organisation regime. Speaker urges Kerala govt to fight Centre for airport project If the civil aviation ministry continues to be indifferent, the state government should not hesitate to mobilise resources for developing the international airport in Thiruvananthapuram, Vijay Kumar said. Industry status remains a mirage for dream merchants Thirteen months after the government granted industry status, the film industry is yet to see the facilities promised. Worse, the tax policies are breaking the cinema field's back, say stars and stalwarts. July 3, 1999 UTI sales up 18 per cent, announces 13.5 per cent tax-free income for US-64 investors The net asset value has increased, generating adequate income for distribution and wiping out negative balance of Rs 10.98 billion in US-64 reserves as on June 30, 1998. As on that date, the reserves had turned positive. The new sale and repurchase prices of US-64 units for July 1999 are Rs 13.50 and Rs 13.20 respectively. COLUMNIST Stop this well-planned mischief! In suspending the block plan assistance and recommending plan assistance on project-to-project basis to states, the caretaker Planning Commission has taken undue advantage of the Kargil-inflicted confusion, says Ashok Mitra. NEWS Deepak Shourie to spearhead Zee's print foray As operating partner and publisher, Shourie will be given sweat equity and stock options. UNDECLARED WAR: IMPACT ON ECONOMY Kargil will affect business confidence: ICRA study As hostilities continue, the political atmosphere will become increasingly focused on the military conflict and business and investor confidence in general is likely to suffer, says the study. Statistics show economy is healthy, so confidence is strong despite Kargil, says CII Demand for motor vehicles, steel, cement is improving with road construction and housing activities picking up. The demand for the basic sectors which had suffered reverses, is showing upward trend translating into higher production.
• BSE: Sensex 4194.55, up 50 points • NSE: Nifty 1198, up 15 points • Forex: Rs 43.40 vs $; Rs 44.39 vs euro; Rs 68.35 vs pound; Rs 35.81 vs yen (100) • Bullion:Gold (Rs/10 gm) Rs 4,150 (+25); Silver (Rs/kg) Rs 8,145 (+90) July 2, 1999   Euro-hit auto industry hits back at critics, presses for clean fuel Fuel quality standards are not keeping pace with the emission norms being stipulated by the authorities, the Society of Indian Automobile Manufacturers said. COLUMNIST No harm in allowing free imports of consumer durables 'There is nothing wrong with imports of second-hand cars at reasonable rates of duty, not 150 per cent. The more the competition, the better it is for the consumer,' says Bibek Debroy. NEWS Despite Kargil crisis, India remains foreign investors' favourite: CII CEOs of the world's 1,000 top corporates have ranked India the sixth most preferred destination for FDI, behind the US, China, the UK, Brazil and Mexico. Bengal floats JV for Rs 1 bn housing project for NRIs At least 500 large flats would be constructed in the proposed complex in East Calcutta with all modern facilities.
• BSE: Sensex 4144.52, up 3.8 points • NSE: Nifty 1183.20, down 4.10 points • Forex: Rupee steady; Rs 43.38 vs $; Rs 44.77 vs euro; Rs 68.56 vs pound; Rs 35.89 vs yen (100) July 1, 1999   Tisco to raise Rs 2.5 bn through preference shares Preference shares have become an attractive avenue of investment. They enable the issuer to reduce the overall cost of funds without reducing the post-tax yield to the investors, said Tisco's senior vice-president and executive director (finance) Ishaat Hussain. COLUMNIST White collar criminals wreak havoc on money markets 'A poor wretch who steals a few pennies is likely to suffer the most brutal third degree investigative punishment. But white collar criminals invariably receive kid glove treatment from the police and investigative agencies,' says Dilip Thakore. NEWS Gautam Singhania takes over as Raymond's MD 'On the eve of the millennium, we need new thinking, new ideas and young blood to enable the company to not only meet the challenges of the next century, but to convert them into opportunities. Gautam is a fine professional and my son, and I have full faith in his innate abilities,' chairman Vijaypat Singhania said. Rono Dutta is President of United Airlines After Rakesh Gangwal at US Airways, Dutta is the second Indian to head an American airline. Incidentally, both are graduates from IIT Kharagpur. IMF yet to decide on bailout for Pakistan The IMF has complained that Pakistan has a ''difficult'' macro-economic situation. The next tranche of $ 100 million of the $ 1.5 billion bailout package is due for release in July.
• BSE: Sensex 4140.73, down 30 points • NSE: Nifty 1187.30, down 3.60 points • Forex: Rupee steady; Rs 43.37; Rs 44.77 vs euro; Rs 68.33 vs pound; Rs 35.89 vs yen (100)
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