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March 14-15, 1999 FIPB clears 34 FDI proposals The proposals involve an inflow of Rs5 billion, including nine applications involving the information and broadcasting ministry. Fiat moving towards higher stake in Ind Auto The FIPB has allowed Fiat spa of Italy to subscribe to preferential shares worth Rs1.06 billion in Ind Auto Limited, which, if converted to equity, will raise the Italian automobile giant's stake from 51 to 81.4 per cent. Fire continues to rage in ONGC gas well The blaze has been localised, though, by having an umbrella of water poured over the leaking well. Air-India losses mount due to bureaucratisation, excess staff The airline has a staff-strength ratio of 699 per aircraft compared to the global average of 190. It has also suffered enormous loss of business opportunity and market share because of delays in aircraft acquisition. ESOP catching up in India A recent study by Noble & Hewitt reveals that 31% of Indian companies have Employee Ownership Plans. Foreign firms hunt talent at IIM Calcutta as never before Catch 'em young. That is the motto of the top multinationals scouting for talent. Of the recruiters on the IIMC this year, 51% were multinational. And the packages they offered were, in a word, stunning! Naidu's parleys with Centre yield Rs 6.63 billion for AP The state could get relief to the extent of Rs2 billion if the Union Cabinet agrees to the state proposal seeking 50% reimbursement of the expenditure incurred on anti-Naxalite operations. Godrej dubs economic reforms 'ineffective' The managing director of Godrej and Boyce Manufacturing Company Limited said haphazard and incomplete reforms are of no use and will not bring economic development. 
• GDR Weekly Review: Skindia GDR dips a marginal 2.98 points March 13, 1999 Bankers reach wage settlement Following the agreement with the Indian Banks Association, the employees have called off the indefinite strike that was to have begun on March 17. Under the pact, the staff will get a 12.25 per cent increase in emoluments, inclusive of retirement benefits. Gas well ablaze at Bombay High The crew of the rig has been evacuated and a firm experienced in the control of oil well fires called in. Pak entrepreneur suggests common airline, bank, open university for South Asia An indifferent approach from the SAARC governments and industry has forced S M Inam to look beyond the region for funds for his dream projects. Rajya Sabha also clears Companies Amendment Bill Leftist members opposed the bill, describing it as "delinquency-friendly" and a measure that would lead to the diversion of funds, artificial raising of prices, and depletion of working capital. Sanctions have had modest success, says US economist Business worth less than 1 per cent of India's GDP was affected, and even most of that was covered up by the Resurgent India Bonds, says C Fred Bergsten, director of the Institute of International Economics. 'Germ plasm hasn't been smuggled out' The Kerala Agriculture University has issued a white paper denying that a foreign institute clandestinely patented the germ plasm of the Vechur cow. Capital market, investors react positively to Sinha's measures for mutual funds But some analysts warn that while mutual funds and investors stand to gain from the move, the government could end up the loser. Sub-groups to find ways to finance expressways The groups comprise experts from the National Highway Authority of India, financial institutions, and the Planning Commission.
• BSE: Sensex 3702.81; up 29.30 points • NSE: Nifty 1072.55, up 13.05 points • Forex: Rs 42.4350/44 vs $ Rs 46.35 vs euro Rs 69.36 vs pound Rs 34.43 vs yen (100) March 12, 1999 Stockbroker Hiten Dalal, Canfina dealer Ashok Kumar convicted A special court has convicted nine brokers and bank employees for causing losses amounting to Rs3.74 billion to Canfina. Sanctions on the way out, says expert But Raj Dheer, principal commercial officer and consul at the US Commercial Service, expressed concern about the slow growth of the Indian economy and various difficulties faced by American industries. Sinha rules out rollback in diesel prices "Don't forget that only two months ago the same government reduced the cost of diesel by a rupee. We have only gone back to the earlier rate," the finance minister argued. THE REDIFF BUSINESS INTERVIEW 'The economy should get going this year in a big way' "We have been quite conservative in our expectations (of reducing the fiscal deficit)." Dr Shankar Acharya, chief economic adviser to the finance minister, in an exclusive interview. OTHER REPORTS Kumarappa was a greater economist than Dr Sen: Dr Lindley "The late Kumarappa, who was the Mahatma's economist, had properly assessed and grasped the risk of ecological factors in technology and development," said Dr Mark Lindley of Columbia University. MSRTC to develop 'mega cities' to support expressway The Maharashtra Cabinet has cleared a proposal to develop two large townships to make good the deficit of Rs1.88 billion to complete its Rs4.7 billion Bombay-Poona expressway. Minister suggests oil companies can invest in Kazakhstan They could acquire equity stake in upstream projects in the oil-rich Central Asian country and form strategic alliances and joint ventures there, Vazhapadi Ramamurthy said. Farooq tries to sell new Budget The Jammu & Kashmir chief minister has exhorted the citizens to bear with the increased taxes. "The mopping up of additional resources is important for self-reliance and a sound financial base," he said. THE REDIFF BUSINESS SPECIAL Ladies, this way please! Greater NOIDA, fast coming up as a 21st century industrial township on New Delhi's periphery, is out to woo women entrepreneurs. THE REDIFF BUSINESS COLUMNIST Sinha's 3-F formula 'Yashwant Sinha's second Budget is tailored to meet the doubts of foreign investors. It is, in fact, an anti-swadeshi Budget, a word he does not even mention in his speech. He does not mention foreign investment either, but everything in the Budget is tailored to their requirements,' says Jay Dubashi.
• BSE: Sensex 3673.51; down 70 points • Forex: Rs 42.44/4450 vs $ Rs 46.28 vs euro Rs 68.89 vs pound Rs 34.23 vs yen (100) March 11, 1999 Lok Sabha passes Patents Amendment Bill The Rajya Sabha had already passed the bill in the winter session of Parliament. With this, India has met the WTO deadline of April 19, 1999, to introduce product patenting for pharmaceuticals and agricultural chemicals. Insurance bill to be introduced in current session 'All the major legislations are being considered by the Standing Committee and are ready for discussion. We are now in a position to get them through in Parliament,' the finance minister said. Dated laws are damming FDI flow: ASSOCHAM The fragmented Indian market and the myriad restrictions on the free flow of goods threaten to undermine India's attractiveness as a destination for foreign investment, and perpetuate lop-sided regional development, the industry chamber said. Strikers tell Kashmiris not to pay taxes The Kashmir traders, supported by the State Employees and Bar Association and various transport outfits, were campaigning against "harsh" budgetary proposals. THE REDIFF BUSINESS COLUMNISTS Privatise railways, and spread anarchy! 'The problems in the wake of the attempt to sell off the country's rail system are likely to be daunting... No tycoon will be in the vicinity to assume charge of the burden,' says Ashok Mitra. OTHER REPORTS RBI panel calls for ceiling on guarantees to contingent liabilities The committee the RBI has constituted to study state government guarantees has, in its report, recommended a ceiling on guarantees to contingent liabilities, which should be operationally relevant through legislation. IA likely to get more funds The civil aviation ministry is considering the possibility of finding a strategic partner for Indian Airlines. Tax anomalies to be redressed, says revenue secretary But, he said, the government should not be expected to correct each and every instance of inverted tax structure. Otherwise, the whole Budget will be affected. CII to woo people to pay taxes The Confederation of Indian Industry is preparing television ads to urge people to pay their taxes and "sleep peacefully". India to launch three more remote-sensing satellites IRS P4, IRS P5 and IRS P6, to be launched over the next three years, are expected to increase the availability of data on the extent and state of natural resources in India. Uno sales zip past Maruti's Maruti Udyog Limited's passenger car sales continued its south-bound journey slipping by 13 per cent in February 1999 compared to sales the same month last year; Ind Auto Limited, riding on demand for its stripped-down Uno, whizzed past the competition. United Airlines teams up with Indian firm The world's largest airline and the Chatterjee Group are to set up a Rs4.2 billion state-of-the-art software development centre in the country. Volvo not hurrying engine manufacture in India The company feels manufacturing the engines at its Hoskote plant will help it control costs, but it needs volumes -- out of the question in the current recession -- to actively pursue the idea.
• BSE: Sensex 3743.37; down 40 points • NSE: Nifty 1078.85, up 0.5 points • Forex: Rs 42.4450/4500 vs $ Rs 46.50 vs euro Rs 68.86 vs pound Rs 34.19 vs yen (100) March 10, 1999 Maruti turnover expected to dip 7 per cent According to an internal assessment by the car major's finance department, its sales are likely to drop by more than 5 per cent during the year, as against the 327,240 units sold in the domestic market in 1997-98. IOC disinvestment deferred A Cabinet minister admitted that the decision on disinvestment had been deferred because, at the present price, that would amount to a "distress" sale. India must clamp penalties on short-term borrowing, says economist And it should pursue capital account convertibility as a distant goal, said Jeffrey Frankel, till recently economic adviser to US President Bill Clinton. Tisco transfers cement business to Lafarge Lafarge has also entered into an exclusive long-term deal to continue to source slag from Tisco. Ayurvedic experts object to inclusion in Patents Act The Ayurvedic Protection Council has alleged that India has succumbed to US pressure and agreed to enter into a dialogue with American officials in Geneva. THE REDIFF BUSINESS COLUMNISTS Caught in a steel trap 'The big question is whether the unstable BJP-led government can act on and administer the good plans outlined in the Budget. If the mess it has made with its bold plans to privatise the bleeding public sector is any indication, highly unlikely,' says Dilip Thakore. 'Precious little was done to prop up the market until Sinha was forced to take concrete steps' A N Shanbhag warns that UTI may not maintain its current dividend policy for the US-64 scheme for long.
• BSE: Sensex 3778.44; up 46.34 points • NSE: Nifty 1078.35, up 6.25 points • Forex: Rs 42.470/475 vs $ Rs 46.15 vs euro Rs 68.27 vs pound Rs 34.92 vs yen (100) March 9, 1999 NABARD plans Rs10 billion issue The priority sector bonds will permit the right to retain oversubscription up to Rs1 billion. THE REDIFF BUSINESS INTERVIEW 'I don't see signs of India fulfilling its potential' The Indian economic situation, according to Hongkong and Shanghai Banking Corporation Capital Markets chief executive officer Shaun Browne. OTHER REPORTS ASSOCHAM calls for modified exim policy Exporters should not be penalised for export obligations under individual licences, Chamber president K P Singh said in a memorandum to the commerce ministry. Maruti fails to recover dues from PSUs Having failed to recover more than Rs220 million from two ailing public-sector undertakings, Maruti Udyog Limited has frozen all further lending to PSUs.
• BSE: Sensex 3732.10; up 83.04 points • NSE: Nifty 1072.10, up 17.65 points • Forex: Rs 42.49/50 vs $ Rs 46.37 vs euro Rs 68.20 vs pound Rs 34.97vs yen (100) March 1-7, 1999
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