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June 6-7, 1999 Siva to offload TMB equity to Nadars, stake for ICICI likely The first part of the Rs 2 billion deal is expected bring the irrevocable power of attorney and voting rights back to the Nadars. They will reciprocate by withdrawing cases filed against the Sterling chief. NEWS Software IPOs may energise dormant primary market The phenomenal capital appreciation of software companies is drawing finances from retail investors, FIIs and mutual funds, some of whom have even floated infotech funds. Peugeot re-entering India to make scooters with Hero Motors "Our core competency is two-wheelers and we intend to concentrate on these, not passenger cars," Hero Motors's sources said Karnataka international airport project work to take off in July He said global tenders for the project would be invited in a day or two. The state government and the Centre would invest 13 per cent each on the project, the rest would be through the bidder. Delhi court finds Wall's ice-cream advert obscene, orders action Chief Metropolitan Magistrate R K Gauba said the advertisement could prima facie be termed as obscene within the meaning of the expression used in Section 292 of the Indian Penal Code and would also be punishable under the Indecent Representation of Women (Prohibition) Act 1986. 
• BSE and NSE Weekly Review: FII investment in May falls; Sensex vaults 7 pc, Nifty 6.8 pc on prospect of peace June 5, 1999    Birla-led Sebi panel moots measures for shareholder protection Kumarmangalam Birla mooted the idea of division of the corporate governance committee to focus on three constituents identified by it: shareholders, board of directors and the management. NEWS Delhi lifts curbs on sale of Maruti, Mahindra and Ford vehicles Prior to this, the Delhi government had permitted registration of over 22 car models that comply with Euro-I emission norms. Delhi police nab Kuber group chairman on cheating charges The police acted on complaints from investors that Praduman Kumar Sharma had misappropriated huge deposits. Industrial production in 1998-99 falls by 40 per cent From 6.6 per cent in 1997-98, the figure fell to 3.8 per cent. Growth rate of the manufacturing sector fell to 4.1 per cent from 6.7 per cent.
• BSE: Sensex 4042.52; up 66 points • NSE: Nifty 1155.05; up 18.4 points • Forex: Rs 42.94 June 4, 1999  UP withdraws ST sops to Coke, Pepsi, others over jobs issue Pepsi and Coca-Cola had given assurances of providing jobs to 2,000 people which they did not fulfil. SPECIAL Saving Rs 25 billion for corporate India! Market- and savings-savvy transnational banks popularise corporate cards, and emerge as travel managers for business houses. NEWS Tata group launches fund for life sciences, technology The initial offer period for the new scheme opens on June 7. The fund will invest in consumer goods, infotech, engineering, pharma, software and FMCG sectors. Taskforce dumps plan for corporatisation of 4 airports Difficulties in valuing the land of the airports have led to an alternative plan for long-term lease of airports, process for which will get underway in August. Diet Pepsi launch to coincide with cricket-time promos The Pepsi variant will be launched in cans and pet sizes and, unlike in other markets, will be priced lower than the normal cola in India. Piaggio name to go off LML scooters ''We are presently assessing the validity of the termination of the JV. But now that the partner had exited from the venture, its name would also be removed, though not with immediate effect,'' LML sources said.
• BSE: Sensex 3976.88; up 41 points • NSE: Nifty 1136.65; up 11.5 points • Forex: Rs 42.94 June 3, 1999  Piaggio, Singhanias part ways in scooter JV, trade charges Piaggio has said it was forced to withdraw because of the breach of trust by the Singhanias, a charge that the latter dismissed as 'frivolous and baseles'. The Italian company is planning to float a subsidiary in India. COLUMNIST Textile industry needs a policy that can revive other sectors too 'Instead of treating mills as so much real estate, their potential to revive certain sectors, predominantly spinning, should be safeguarded. Only an elected government with people's mandate should frame the new textile policy,' says Darryl D'Monte. NEWS Maruti's Omni, Gypsy remain Euro-unfit, to be made compliant with Y2K norms 'We are not in a hurry with these models as we have ample time. Besides, demand for these vehicles is not high. We expect to get the certificates for these soon,' MUL officials said.
• BSE: Sensex 3935.82; up 24 points • NSE: Nifty 1125.15; up 1.35 points • Forex: Rs 42.93 June 2, 1999   FM favours privatisation of banks, time-frame to tackle revenue deficit Sinha has called for political consensus over the national competition policy and the demand for protection for the domestic industry. COLUMNIST The Minimum Economic Agenda 'If we can get an eight per cent rate of growth, the percentage of population below the poverty line will come down to something like 15 per cent within a span of 20 years. Other countries like China and Indonesia have done it, and so can we,' says Bibek Debroy. NEWS Delhi to ban dirty 2-wheelers, diesel buses, taxis Conversion of petrol-run vehicles to diesel would be banned. The Delhi government would offer a ten per cent subsidy on purchase of CNG-run three-wheelers. Pepsi to foray into drinking water business ''We will start with a soft-launch in select towns in a few months and by the year-end would make it commercially available across the length and breadth of the country,'' Pepsico's officials said. FOLLOW-UP Hyundai rolls out first Euro-II compliant Santro Sales of the Euro-II Santro would be restricted to the National Capital Region for the time being while the demand in the rest of the nation would be serviced with the existing Euro-I compliant cars.
• BSE: Sensex 3912.00; down 52 points • NSE: Nifty 1123.80; sheds 8.5 points • Forex: Rs 43.95 vs US dollar Rs 44.78 vs euro Rs 68.82 vs pound Rs 35.47 vs yen (100) June 1, 1999 
FIPB clears 31 plans involving Rs 14 bn; Fiat Auto to raise capital to Rs 20 billion Loral Space and Communications's proposal to establish a Rs 850-million joint venture with the K K Modi group in the media software sector has been approved. NEWS 'India must seek cuts in tariffs of US, EU at WTO talks in Seattle' 'The long-term objective should be to move towards one or two levels of basic bound rate of duty for agriculture and industrial products,' the Assocham said in a study paper. RBI detects changes in bank deposit patterns The share of deposits of non-resident Indians was the highest in semi-urban areas at 13.1 per cent, followed by metropolitan areas at 12.5 per cent and rural areas at 4.6 per cent. M&M 98-99 net profit down 8 pc to Rs 2.3 billion The company proposes to pay shareholders a dividend of Rs 5.50 per Rs 10 share. Sales were at Rs 34.63 billion, up 2.7 per cent. REJOINDER Tata group denies browbeating greens over car emissions The Tata Group joins issue with Rediff columnist Darryl D'Monte over a newspaper column that it feels portrayed the Tata vehicles in poor light.
• BSE: Sensex 3963.56; down 190 points • NSE: Nifty 1132.30; sheds 51 points • Forex: Rs 43.85 vs US dollar Rs 44.79 vs euro Rs 68.63 vs pound Rs 35.25 vs yen (100)
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