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April 15, 1999  Maharashtra hints at relief for automobile industry As 30,000 people, 11,700 enquiries and a business worth Rs 65 million marked the first regional auto show in Bombay, the state government decided to review sales tax and turnover tax on the auto sector. Price cuts push car sales up 38 pc in Q1 of 1999 Sales of passenger cars in the first three months of 1999 were at 109,595 units as against 79,454 units in the last quarter of 1998. THE PASSING OF AN ERA H P Nanda, 82, Escorts group founder, passes away After the Partition, Escorts under him moved from Lahore to Delhi. Soon after, it emerged as one of independent India's leading trading houses, representing major international names. OTHER REPORTS Goa pollution board probes Coca-Cola's alleged production without clearance Coca-Cola officials refused to react but admitted the fact that the production has started. "It is a trial production," one official said. Amid pro-ban cries, liquor raises Rs 2.37 billion for Kerala exchequer The ban on arrack has led to higher revenues from the liquor sector. But anti-liquor organisations are not amused and promise action. FOCUS: GAINS AND PAINS OF MNCs IN INDIA Govt raids MNCs in India, discovers income tax evasion LG, Samsung, Suzuki, Bank of Tokyo, Mitsubishi, Sumitomo and Hyatt Hotels are among the 'errant' MNCs. The government has mopped up Rs 5 billion from about 60 MNCs in a follow-up of its tax evasion detection drive. Indian industry resents relaxation of JV norms for MNCs If MNCs are allowed to float new companies in areas where they already have joint ventures, it will harm the interests of the Indian partners in the existing collaborations, industry bigwigs said.  Markets remained closed today on account of Ambedkar Jayanti. April 14, 1999   THE REDIFF BUSINESS COLUMNISTS Time for requiem for Indian economy The present government is lame-duck enough; the interim government will be a time-pass government, holding the fort until fresh elections, which could be anytime towards the end of the year. This is going to be a major disaster, says Jay Dubashi. OTHER REPORTS Anand Rathi unveils Vision 2000, seeks to infuse corporate culture into BSE The new BSE president said he will aim at: professional management, ethical standards, close ties with foreign and Indian exchanges, globally accepted practices, online surveillance, expansion of BOLT to 500 cities, own V-SAT network, clearing corporation, depository services, derivatives trading, investor service and protection. Above all, good relations with regulatory authorities. Hegde raps RBI for withdrawing cut in export credit interest rate The central bank has failed to take a long-term view of the exporters' requirements, the commerce minister said. Bass group of hotels eyeing acquisitions in India, to expand The Britain-based group will increase the visibility of its three group companies -- Crowne Plaza, Holiday Inn and Intercontinental -- in India. It has tied up with the Delhi-based Bharat Hotels Limited for new hotels in Bombay, Goa and Srinagar.
• BSE: Sensex 3464.52; steady • NSE: Nifty 994.25; down four points • Forex: Rs 42.68/69 vs $ Rs 46.34 vs euro Rs 68.94 vs pound Rs 35.62 vs yen (100) April 13, 1999  R C Mathur, BSE ED, resigns; board okays Vision 2000 document The BSE governing board has appointed a management committee consisting of senior officers to look after the administration. Pakistan body urges Indian industry to boost bilateral trade ties ''The opening of the trade between India and Pakistan will lend impetus to the integration of the SAARC economies," said Fazal-ul-Rahman Dittu, president of the Federation of Pakistan Chambers of Commerce and Industry. OTHER REPORTS Centre to check mining industry's eco-excesses in Goa The report on Goa's environment by the Tata Energy Research Institute is making news. The BJP has demanded Central aid of Rs 1 billion for safeguarding the state. ICICI disbursals up 22 per cent at Rs 192 billion ICICI's project finance assistance to the traditional manufacturing sector was 19 per cent of total approvals and 25 per cent of total disbursals. Ford to set up its global accounting hqrs in India The fledgling division currently employs just a few people. But in course of time, it is expected to recruit more than 200 finance profesionals.
• BSE: Sensex 3463.77; regains 23 points • NSE: Nifty 998.20; up five points • Forex: Rs 42.68/69 vs $ Rs 46.34 vs euro Rs 68.94 vs pound Rs 35.62 vs yen (100) April 11-12, 1999  THE REDIFF BUSINESS SPECIAL 'Indian managers must learn to look at the stars and count the grains of sand' The paradox of Indian industry is that it has access to the best raw talent in the world and at the same time suffers from poor management, says management guru C K Prahalad. SUNDAY SPECIAL A battery of detectives out to unravel Exide chief's 'kidnap' mystery The Calcutta Police are exploring the involvement of mafia gangs in kidnapping Ganguly even if it was by mistake. OTHER REPORTS Appellate Authority rejects J C Parekh's plea against SEBI order ''It is clear that the BSE president exceeding his powers (in allowing trading after official closing hours). There was a complete lack of transparency in this issue,'' the AA noted in its verdict. NSE chief urges investors to protect themselves R H Patil said the days of continuous and sharp appreciation in the equity market and reckless investing are over. Govt to set up 3.2 million tonne urea capacity; Brand Equity Fund to be raised to Rs 5 billion The government also decided not to increase the DAP and MOP prices in the current fiscal. to keep the overall fertiliser prices under check. Export promotion campaigns will also be stepped up.
• GDR Weekly Review: Skindia index down 33 points to 618.90 • BSE and NSE Weekly Review:Sensex down 245 points, Nifty down 70 points April 10, 1999  
SPECIAL REPORT It was kidnap, mistaken identity, says Exide chief Ganguly He was blindfolded the moment the kidnappers overpowered him last Friday morning, and kept like that for seven days. Then, he was given Rs 225 and put on an A/C 3-tier coach of a train to Howrah. From the station, he hired a cab and reached his home. VOICE OF THE FINANCE MINISTER Parliament nod to Budget as scheduled, hints Yashwant Sinha There will be no problems in the passage of the Budget and the Finance Bill as all political parties are aware of their responsibilities. "Each one is aware of the danger to the system if they are stalled or delayed.'' 'Govt will no longer hold industry's little finger to help, industry has to keep pace with world' Import tariff levels will be lowered, procedures for exports simplified and industry encouraged to brace up for global competition. Sinha hoped Parliament will pass the Budget. 'No role of finance ministry in fixing exchange rate' However, the government is interested in ensuring that the foreign exchange market remained orderly, similar to the stock exchanges, he said. OTHER REPORTS Dealers cut Maruti Zen-D price by Rs 60,000; Daewoo unveils Nexia, Cielo Executive The Zen diesel model is currently priced at Rs 426,052. But a dealer said sales have been embarrassingly low, though other Maruti models command a premium. So the massive rebate. Pallone to move bill for suspension of sanctions ''A more permanent and less discretionary, less conditional approach (for waiving sanctions) is now necessary,'' the Democratic Congressman said.
• BSE: Sensex 3441.19; plunges 97 points! • NSE: Nifty 993.40; down 27 points • Forex: Rs 42.69 vs $ Rs 46.00 vs euro Rs 68.39 vs pound Rs 35.16 vs yen (100) April 9, 1999   RIB funds invested in non-infrastructure areas, govt's debt appetite 'insatiable', says Kelkar The finance secretary hinted at ushering in a soft interest rate regime and promotion of the concept of employee stock options. SPECIAL REPORT Daewoo slashes Matiz prices; GM's Opel Astra sales up; Fiat sews up Siena promos Daewoo has joined the war for the small car market. The 796cc Matiz would now be available in the range of Rs 250,000 to Rs 327,000, almost Rs 100,000 less than the recent price. OTHER REPORTS WB puts India's 1999-2000 GDP growth rate at a low 4.8 per cent India will have to overcome restrictive trade policies, high public sector deficit and supply bottlenecks to achieve high growth in the medium-term, according to the World Bank's Global Development Finance Report for 1999. Tarapore suggests revival of gold bank plan "The gold bank should have the right to import, export, trade, lend and borrow gold and deal in gold derivatives," the former RBI deputy governor said. "Its role should be that of an intermediary in gold transactions, providing liquidity to holders of gold."
• BSE: Sensex 3538.17; sheds 49 points • NSE: Nifty 1020.35; down ten points • Forex: Rs 42.65/66 vs $ Rs 46.08 vs euro Rs 68.39 vs pound Rs 35.32 vs yen (100) April 8, 1999 Kelkar may discuss interest rate cut with Jalan, asks banks to shape up for Y2K The finance secretary has asked the banks to retrain staff for proper implementation of the gold deposit scheme proposed in the Budget this year. SPECIAL REPORT Nadar-Siva battle rages for control of Tamilnadu Mercantile Bank The Nadars are raising funds to buy back the majority stake in 'their' prized venture, and seek to prevent the Sterling group chief from selling his stake to the FIs. OTHER REPORTS Exide chief tells family, Bengal govt, he is safe and will return ''We got information that he is alive, all right and is not not under any pressure,'' and that he will be coming back soon, the Bengal home minister said. European Union urges India to join world trade talks, allays Third World fears of imbalance ''Given the excellent human resource base in India, services are an obvious area for expansion in our bilateral trade,'' Sir Leon Brittan, vice-president of European Commission, said. Hotel groups vie to set up shop in Gurgaon Radisson, Haryana Tourism, ITC and DLF are pumping in billions to develop hospitality property near Delhi. 'Dumping, high excise duty are ripping polyester market apart' Trade bodies say Korea, Thailand, Indonesia and Taiwan are offloading surplus production in India. Worse, the ''common man's clothing material'' reels under 30-plus per cent excise while televisions and refrigerators attract only 16 per cent duty. Appellate Authority refuses interim relief to Parekh, verdict on SEBI order on Apr 9 The former BSE president's appeal against the SEBI order asking him to relinquish his post was no longer relevant since his term had already expired on March 31, the AA said.
• BSE: Sensex 3586.80; recovers 17 points • NSE: Nifty 1031.05; up seven points • Forex: Rs 42.67/68 vs $ Rs 46.07 vs euro Rs 68.04 vs pound Rs 35.32 vs yen (100) April 1-7, 1999
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