June 22, 1999
Forbes names Wipro's Premji as richest Indian
His net worth at $ 2.8 billion exceeds the wealth of N Lakshmi Mittal who commands
$ 1.9 billion, industrialist Dhirubhai Ambani and software
developer Shiv Nadar (both $ 1.2 billion), Kumarmangalam Birla
($ 1.1 billion), Adi Godrej and the Hinduja brothers ($ 1 billion each).
FEATURE
NEWS
Industry lobbies govt for larger funds for corporate sector
In 1998-99, scheduled commercial banks invested Rs 357.87 billion in government securities. Non-food credit increased by Rs 375.94 billion during the year. The total credit to the commercial sector by banks fell by Rs 47.58 billion between March 26 and June 4.
Ford India moving base from Nashik to Madras
Faced with low sales figures, Ford India has dropped plans to locally produce power trains for the Escort. However, the company intends to locally manufacture the engines and transmissions for the Ikon.
Hindustan Motors steps up drive to supply Euro-II cars
Company sources said the move follows the recent directive by the West Bengal government against registration of Euro-unfit cars after April, 2000.
• BSE: Sensex 4210.36; up 100 points
• NSE: Nifty 1202.70; up 28 points
• Forex: Rs 43.17 vs $
June 20-21, 1999
Why India is a 'rally'ing point for the FIIs
FIIs pump in funds into India not because 'economic fundamentals are strong', but because they have surplus funds earmarked for markets outside the US. The Indian core sector stocks were found cheap and hence picked up.
German police detain Indian farmers at G-8 meet in Cologne
They were protesting against the policies advocated by the World Trade Organisation and the inequitous world order.
UK's Asia trade show in August to showcase Indian products, services
There are about 1.8 million Asians in Britain, 750,000 of them in and around Wembley where the event will be held. Indian jewellers are expected to take part in the show which will feature a culinary taste of India, bridal products, tourism and Asian arts and crafts.
• BSE and NSE Weekly Review: Sensex vaults 3.5 pc, Nifty 2.9 pc as US snubs Pak over Kargil
• GDR Weekly Review: FII buying, punters' short-covering keep the market steady; Skindia GDR Index up 10.15 points to 764.13
June 19, 1999
Indian Airlines dithers on major decisions, purchase of aircraft put off
The heavy media glare on the 50-seater ATR aircraft project and the fact that the Lok
Sabha elections are round the corner, discouraged the board from taking a decision.
Reports about threat to life 'affect' Daler Mehndi's 'music business'
The bhangra pop singer has denied that Dubai-based dons threatened to kill him. Reports to that effect, he said, have created fears among his music-lovers, affecting ticket sales at his shows.
IBA accepts panel report on film financing framework
The IBA will not impose guidelines and will leave it to the banks
to frame their respective norms regarding lending to the film
industry.
• BSE: Sensex 4109.89; down 15 points
• NSE: Nifty 1175.15; down 1.2 points
• Forex: Rs 43.16 vs $
June 18, 1999
Fund managers discount Kargil, say Sensex may touch 5,000 by March
Emerging market fund managers said latest economic indicators hint at fresh spurt in demand for industrial output. This may lead to a larger rally shortly.
Bakht hardsells 'second generation reforms' to US business people
'The market India offers is enormous. The infrastructure sector
offers investment opportutnities of over 345 billion dollars. I am sure these opportunities would weigh greatly in the minds of prospective investors,' the industry minister told the Indo-US Business Council.
US govt, Congress differ over lifting of sanctions
'Until we see further progress on non-proliferation benchmarks,
we are not prepared to waive the remaining sanctions,' Under Secretary of State for Economic and Business Affairs, Stuart
E Eizenstat said.
Oriflame targets Rs 3.60 billion turnover by 2004
The Indian arm of the Swedish cosmetics major is planning to make India an export base for its Asian and European markets. ''A few trial shipments have been completed.
But it is too early to set export targets,'' the company's CEO Lajinder Bawa said.
Hyundai launches Euro-fit Santro in Madras
The company also proposes to introduce 1500 cc diesel cars by October.
• BSE: Sensex 4125.25; up 104 points
• NSE: Nifty 1176.35; up 28 points
• Forex: Rs 43.15 vs $
June 17, 1999
Coca-Cola India assures its products are safe for consumption
''There is no connection between Coca-Cola manufactured in India
and the Belgium issue,'' the company spokesperson said. In Belgium, the company's softdrinks were found to contain defective carbon dioxide and external odour.
Untapped non-life insurance sector seen as big investment opportunity
There is vast potential for private and
foreign investment in this sector. There is also a need for
investment in medical infrastructure to support the insurance
policies. These funds can be made available by expanding insurance covers and gathering premia on that account, an Assocham study has revealed.
Xerox Modicorp to buy 20 pc stake in Modi Xerox Fin Services
Xerox Modicorp has also made an offer to buy 6.45 million shares of Modi
Xerox Limited at Rs 135 per fully-paid equity share which constitutes
23.5 per cent of the total share capital of the company.
• BSE: Sensex 4021.40; up 120 points
• NSE: Nifty 1148.15; up 28 points
• Forex: Rs 43.13 vs $
June 16, 1999
 
Collateral damage
Every volley in the Kargil conflict is making the rupee, duck, slip and fall.
BPL, Videocon lock horns over Uptron
Despite being aware of its obligations towards the sick company, VIL did not pump in the requisite funds fearing that the sick company would never revive, BPL alleged at a review hearing of the BIFR.
Casio adds watches to India product line
Initially, the watches will be imported from Casio's manufacturing facilities abroad. Later, a select range will be decided for local manufacture.
India, Bangladesh to sign MoU
Former FICCI president A S Kasliwal and president of the Federation of
Bangladesh Chambers of Commerce and Industry Abdul Awal Minto will sign the MoU in the presence of prime ministers Vajpayee and Sheikh Hasina on June 19.
• BSE: Sensex 3910.73; down 49 points
• NSE: Nifty 1120.50; down 6.4 points
• Forex: Rs 43.31 vs $
June 7-15, 1999
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