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April 7, 1999   FOCUS: RUPEE FALLS, SENTIMENT RISES No cause for alarm, Indian currency is 'stable', all right Compared with yen, euro and pound, which fluctuate to the extent of almost one per cent every day, the rupee is not volatile at all. Today's movement has been just 0.77 per cent, after almost eight months of stability (since mid-August last year) around Rs 42.50 vs $. Infotech, pharma sectors will gain on rupee depreciation, say analysts The RBI is believed to have pumped in $ 40-50 million to arrest the rupee's fall. However, rupee depreciation, when orderly and fashioned, will have a positive impact on the stock market in the long run, say market observers. OTHER REPORTS Indo-Pak taskforce sets Rs 100 billion trade target The current direct trade between the two countries is only $ 250 million, though the actual volume, including diversion through a third country, stood at $ 1 billion. Calcutta police confirm missing Exide chief was kidnapped "We've found evidence at some places that he was there probably a few hours before we reached. He has been kidnapped but not for a ransom," a top police official said. Traders to fast on Apr 8 to protest Maharashtra taxes Traders and small-scale industrialists apprehend that the state government revenue will increase by Rs 20 billion this year. They feel industry and trade won't be able to absorb this because of recessionary trends. RBI may allow Rs 500 notes in Nepal after containing counterfeits Nepali importers cherish Rs 500 note whose standing is next only to the US dollar. They use it to pay for their highly under-valued imports from southeast Asia and the Middle East that are re-directed to India. 
• BSE: Sensex 3569.47; recovers 50 points • NSE: Nifty 1024.20; up 13 points • Forex: Rs 42.68/70 vs $ Rs 45.73 vs euro Rs 67.93 vs pound Rs 35.08 vs yen (100) April 6, 1999   Kelkar favours interest rate cut for industrial growth 'We've to bring back investors to the capital markets, ensure that interest rates continue to move downwards and have a greater vigilance on exchange rate,' the finance secretary told the CII. THE REDIFF BUSINESS COLUMNIST Exim Policy: tinkering is in, expertise is out, exports are down The commerce ministry has not had good ministers since P Chidambaram. The vision is lacking. So one tinkers around, hopes for the best and when exports don't grow, you can always blame world recession and protectionist barriers in developed markets, says Bibek Debroy. OTHER REPORTS Godrej Soaps to restructure The varied business activities of the company are being bifurcated into divisions to be headed individually by a president. One division will be for consumer products, the other for chemicals. Cops clueless about missing Exide chief Deputy Commissioner of Police Narayan Ghosh said, ''Although a number of people, including Ganguly's wife and some other relatives, had been questioned, no definite clue had been found so far.'' Fiat Siena priced at Rs 550,000; Honda City sales up 125 pc in March Honda Siel Cars India Limited closed its first full fiscal 1998-99 with a sales figure of 9,631 units. Since its launch in January 1998, HSCIL has sold 10,971 units. EU says India repeatedly violated MoU on textile products Indian authorities say that the MoU would put the domestic industry in a perilous position. Jaya against dilution of govt's Maruti stake The argument that such a move would influence the Japanese government to abandon its coercive and hostile economic sanctions had been found unsustainable, she added.
• BSE: Sensex 3519.39; nosedives 166 points! • NSE: Nifty 1011.40; crashes 52 points! • Forex: Rs 42.43 vs $ Rs 45.66 vs euro Rs 68.10 vs pound Rs 34.96 vs yen (100) April 4-5, 1999 The Great Car Crawl! Global car companies have found in the Indian market a tough road to race on. Automobile sales have dipped. A total of 387,481 units of passenger cars were sold during 1998-99 as against 383,130 units last year, a drop of 1.1 per cent. Exide CMD Ganguly's disappearance rattles corporate Calcutta "The police is investigating the matter. There are some court cases regarding his company. That is also being looked into,'' West Bengal Chief Minister Jyoti Basu said. SUNDAY SPECIAL A new design for jewellery retailing in India With India emerging as the largest gold consumer market, courses in retail selling are being planned in metros even as towns like Mangalore, Udupi and Ernakulam give a "very encouraging response" to the concept. OTHER STORIES BJP lauds govt's commitment to swadeshi economy The national executive of the BJP congratulated the government for bringing the economy "back on the right track and laying a strong foundation for sustained economic growth". Plantation owners, workers flay 'forest-friendly' Kerala govt's takeover move Environmentalists and stringent laws have made the business of plantation crops a difficult proposition. Shaw Wallace reaffirms resolve to become debt-free in three years 'With the available profit, we could have easily paid a dividend this year, but we decided to conserve the resources as cash flow has become extremely difficult,' the company's MD A K Jain told the shareholders. EU says euro will bolster India, Third World; Brittan to tour India from April 6 The competitiveness of Indian exporters shipping raw materials to the EU is expected to increase with the increasing use of euro as a preferred currency.
• GDR Weekly Review: Skindia GDR index up 34 points to 652.87 • BSE and NSE Weekly Review:Sensex up 88 points, Nifty up 22 points April 2-3, 1999 Hegde flays finance ministry, RBI for short-term vision on export credit rates 'In the long run, even a one per cent drop would have helped. It's no good if we become penny-wise and pound-foolish. If exports fall, it will be to the detriment to the economy,' the commerce minister said, a day after raising the rate from 9 to 10 per cent. Anand Rathi is new BSE president, Dina Mehta elected VP "I'd would like to make the exchange the world's number one bourse and improve its image among the investors and public and restore it to its former glory," Rathi said. THE REDIFF BUSINESS INTERVIEW 'I shall seek more powers for the BSE to expose 'vanishing' companies' 'It is in the interest of everybody to ensure that the relations between the stock market regulator and the country's oldest stock exchange are good,' says Anand Rathi. THE REDIFF BUSINESS SPECIAL Govt must review budget sops for the MF industry, say analysts Investors and mutual funds will gain, but the government might end up punching a hole in the exchequer as the proposals offer scope for financial jugglery. FOCUS: LIQUEFIED NATURAL GAS Awasthi panel moots mega LNG and pipeline project in Orissa The proposed Rs 218.32 billion project near Paradeep is expected to take care of the future feedstock needs of fertiliser plants, power projects and household fuel supply. TN govt defends award of Ennore project to Siemens-led consortium Chief Minister Karunanidhi said Tidco had strictly adhered to norms in the bid document and there were no irregularities as alleged by Union Petroleum Minister Ramamurthy. Two US companies eye Assam for LNG pilot project Liberty Fuels and Centennial Contract Service Inc will get "full cooperation" from Assam Gas Company Limited, Chief Minister P K Mahanta said. OTHER STORIES Santro sales surge in March, exports to Korea begin Hyundai Motors India's September-April sales target of 20,000 units fell short by 11.7 per cent as only 17,647 units were sold. Railways in loco tech tie-up with GM, to import lightweight coaches from Germany The technology provided by ABB has been absorbed in the Chittaranjan Locomotive Works in West Bengal for manufacturing 6,000 horsepower, four-phase electric locomotives.
• BSE: Sensex 3686.29; down 53 points • NSE: Nifty 1063.45; down 15 points April 1, 1999 EXPORT-IMPORT POLICY Thrust on export transaction cost-cutting; 894 new items swell free list of imports; free trade zones, agro exports hog limelight; govt refrains from fixing growth target "Once bitten, twice shy," Commerce Minister Ramakrishna Hegde said, referring to low export growth for the year ended. "However, the new policy will carry us into the new millennium." $ 1,000 only: economic, educational, financial benefits for Persons of Indian origin An estimated 15 million people would be eligible immediately for the PIO cards. 'TU TU MAIN MAIN -- II': THE SEBI-BSE FACE-OFF Sinha rules out intervention in 'unfortunate' BSE affair; 'SEBI needs a chance to work' The SEBI should prevent market manipulation from taking place rather than dealing with it after its occurrence, the finance minister said. BSE elections today: Merchant, Rathi, Dina Mehta in race for top slot If Dina Mehta gets elected as president, it would be for the first time that a woman would lead the country's 124-year-old premier bourse.
• BSE: Sensex 3739.96; up 56 points • NSE: Nifty 1078.05; up 23.45 points • Forex: Rs 42.43 vs $ Rs 45.46 vs euro Rs 68.35 vs pound Rs 35.64 vs yen (100) March, 1999
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