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May 15, 1999

Motilal Oswal Securities is tapping new media to sell sharesMotilal Oswal Securities is tapping new media to sell shares

FOCUS: AUTO, EURO AND ROW

Maruti sews up technical strategy to overcome Euro hurdle
MUL would be able to make the carburetor modification to match the Euro-I norms within ten days. But to comply with Euro-II norms, MUL is actively considering importing multi-point fuel injection engines from Japanese engine firm Denso.

SC lifts restriction on registration of Euro-1-fit cars in Delhi
Finally, the choked auto sector in the National Capital Region got a "breather". The directive is also expected to make compressed natural gas-powered cars popular.

Tata Indica exports after meeting domestic demand; moves afoot to make it Euro-II-fit
Telco will, however, commence development of the export model and will seek to meet all the norms of the markets abroad. It has booked close to 115,000 orders for the Indica; 60,000 have been retained for supply till March 31, 2000.

THE REDIFF BUSINESS COLUMNISTS

Children of a Lesser God
'Why are we hypocritical? We don't ban child labour, barring hazardous processes and occupations. Nor will an outright ban serve much purpose. But unionisation is one way of neutralising exploitation,' says Bibek Debroy.

OTHER REPORTS

Secy-level group formed to fine-tune India's stand on WTO
The group will deal with all WTO-related aspects of India's interface with foreign countries. The aim is to optimise India's negotiating leverage, and decision-making in the WTO.

No country has regulatory power over GDRs, says BSE director
$ 85 trillon are available in the international market.
If India succeeds in tapping even a small portion of it through GDRs and other suitable instruments, investment needs of infrastructure, education and health sectors would be met, Bhagirat Merchant said.

Markets
BSE: Sensex 4075.47; climbs 60 points!
NSE: Nifty: 1165.35, up 17points
Forex:
Rs 42.75 vs $
Rs 45.60 vs euro
Rs 69.04 vs pound
Rs 35.01 vs yen (100)

May 14, 1999

The Supreme Court has rejected car-makers' pleas for more time to be Euro-compliant

SPECIAL REPORT

Row over IA privatisation torpedoes similar plan for Air-India
"Instead of privatising Indian Airlines, the government should have gone in for the disinvestment of A-I at this juncture as the latter is in 'dire straits compared to the former'," an official in the civil aviation ministry told Rediff On The NeT.

OTHER REPORTS

Kinetic nurses plan to launch 500 cc Euro-compliant mini car at Rs 100,000
Development work on the car has been stalled. ''The project is still at the prototype stage and no investments have been made. We are waiting for the excise relief,'' KEL chairman Arun H Firodia said.

Maruti to roll out Euro-fit cars by Oct; cleaner Hyundai Santro countrywide launch by June
MUL is likely to meet the norms by importing certain critical components, pushing up production cost -- and price -- by about Rs 30,000.

Vittal presses for vigilance panel ordinance, bank computerisation
According to an earlier order of the Supreme Court and in line with the earlier ordinance, the caretaker government can pass another ordinance restoring the authority of the Central Vigilance Commission, the CVC said.

Dutch firms Scelta, Holco and India's Agro-Dutch Foods may form mushroom JV
Agro Dutch is negotiating with Union food processing ministry and Punjab Agro to buyback their shares. The equity will then be offered to the Dutch firms.

Markets
BSE: Sensex 4014.68; zooms 138 points!
NSE: Nifty: 1148.10, soars 37points!
Forex:
Rs 42.75/76 vs $
Rs 45.50 vs euro
Rs 69.20 vs pound
Rs 35.20 vs yen (100)

May 13, 1999

Relocation services are emerging as a business, and proving popular with foreign nationals working with MNCs in IndiaRelocation services are emerging as a new business, helping foreign executives settle down well in India

THE REDIFF BUSINESS COLUMNISTS

Monsoons, not ministers, will decide the fate of economy
"It is a good thing. But there is, of course, one snag. If the economy crashes, it is the ministers' heads that will roll. That is a good thing too!," says Jay Dubashi.

OTHER REPORTS

'Privatisation decision is a breath of fresh air, it will resurrect Indian Airlines'
IA officials and aviation industry analysts said the CCEA's move will help the cash-strapped national carrier to face competition from private airlines.

Telco's 98-99 net profit falls 67 pc to Rs 974.6 million
The board of directors has recommended a lower dividend of 30 per cent as against last year's 55 per cent. Programmes are on for cost reduction, restructuring, greater fiscal discipline and higher market share.

SAIL mulls closing Durgapur Alloy Steel Plant, VRS for Salem unit
''We are not in favour of closing down ASP provided we come across any viable option, but we can not go on with the burden of a loss-making unit at the cost of profit-making ones,'' SAIL chairman Arvind Pande said.

UP accords industry status to film sector, to spruce up NOIDA Film City
The film policy aims at developing Uttar Pradesh as a major film-making centre. No tax will be levied on theatres that install air-conditioners, a/c plants and sound systems.

Birla Mutual Fund launches India's first Payroll Savings Plan
Under the plan, BMF will transfer money directly from a salaried employee's pay cheque to a combination of its investment schemes. The minimum monthly investment is Rs 1,000. There is no upper ceiling.

Clean currency will overcome note shortage, says Bimal Jalan
India would need 16 billion notes by 2000. Only four billion notes are currently available. Two billion more notes will be introduced shortly. Currency in Rs 1,000 denomination would be printed from January 2000.

S R Iyer appointed SBI's MD till May 31, 2000
The appointment marks Iyer's elevation from the post of deputy managing director and will be effective from the day he assumes charge.

Markets
BSE: Sensex 3876.89; down 23 points
NSE: Nifty: 1110.90, down 5 points
Forex:
Rs 42.74/75 vs $
Rs 45.51 vs euro
Rs 69.22 vs pound
Rs 35.37 vs yen (100)

May 12, 1999

Indian Airlines unions will oppose privatisation planIndian Airlines employee unions will oppose privatisation plan

Delhi government permits unrestricted sale of Daewoo cars
Various models made at the Surajpur plant in UP comply with Euro-I and Euro-II norms. Dealership traffic has suddenly risen by seven times, sales and demand are soaring, so the production has been stepped up, the company claimed.

Bajaj Auto to revamp vendor base; four new models, eco-friendly vehicles planned
'Project Scorpio' envisages better relations with suppliers and process development. Four-stroke engines will mark scooters, mopeds and three-wheelers.

Ernst and Young extends entrepreneur programme to India
''Extension of our global awards to India is a way of telling hundreds of entrepreneurs that we recognise their amazing fighting spirit,'' E&Y chairman K N Memani said.

Tommy Hilfiger ties up with Murjani group, to enter India in 2000
By foraying into India, the US apparel major is seeking to repeat its success in Europe and South America.

Mercedes targets $ 30 million export turnover
A major chunk of it will be through components. ''It simply does not make sense to produce the cars in India and export them. These cars are produced for the Indian market and they should remain here," the company's MD and CEO TB De Freitas said.

Markets
BSE: Sensex 3900.49; soars 80 points!
NSE: Nifty: 1116.00, up 22 points
Forex:
Rs 42.74/75 vs $
Rs 45.95 vs euro
Rs 69.34 vs pound
Rs 35.26 vs yen (100)

May 11, 1999

Sex-enhancement medicines are multi-million-rupee business

Caretaker govt decides to allow Indian Airlines to tap capital market
As per the Kelkar Committee recommendations, the government will also contribute (Rs 3.25 billion) to the equity. The new capital will fund new aircraft acquisition. Part privatisation by dilution of the government equity is also being planned.

THE REDIFF BUSINESS COLUMNISTS

Indians hit big time in Britain
'The moral of the success story is that the government needs to focus on providing basic services and facilities. The rest can be left to the businessmen,' feels Dilip Thakore..

OTHER REPORTS

Centre asks states to keep prices of essentials under check
The government is actively considering a proposal to allow export of wheat in the wake of a bumper crop of more than 72 million tonnes.

IDBI, ICICI panels to usher in corporate governance in India
This is the first step towards stabilising the industrial scenario in the country, IDBI chairman G P Gupta said.

Auto emission order: Special bench may consider Centre's plea for modification
The government does not want to contest the SC order, but is seeking clarifications for evolving the modalities for implementing it.

FIPB nods to expansion plan of HPCL-Total JV; German firm to float pharma unit
In all, 35 proposals were approved today by the board, amounting to a total foreign direct investment inflow of Rs 1 billion.

Markets
BSE: Sensex 3820.25; soars 112 points!
NSE: Nifty: 1094.20, up 31 points
Forex:
Rs 42.72 vs $
Rs 45.87 vs euro
Rs 69.51 vs pound
Rs 35.35 vs yen (100)

May 9-10, 1999

The Supreme Court order on Delhi car emissions has sent the industry into a tailspin

'Big Opportunity beckons India's fashion industry'
Fashion gurus Rohit Bal and Tarun Tahiliani have said the industry has to develop a strong supply side. Besides banks, venture capitalists should also be tapped for funds.

THE REDIFF BUSINESS COLUMNISTS

Why nuclear India should soften Japan to restore ADB aid
The Asian Development Bank, now under Japanese sway, has linked normal aid for India to the G-8 sanctions. Tangible results will flow only from bilateral negotiations, says R C Murthy.

OTHER REPORTS

New LML mobikes to vroom on Indian roads in September
The first four models would carry a price tag ranging between Rs 37,500 and Rs 45,000 ex-showroom (Delhi).

Camera zooms up in Middle Class Indian's must-buy list
A 1995 survey revealed that a camera was at the 15th place on the MCI's priority list. It has since leapt to the seventh place, prompting Canon to focus on the Indian market.

Markets
GDR Weekly Review: Skindia Index posts highest ever weekly rise, up 28 pc to 800.77 points
BSE and NSE Weekly Review:Sensex soars 382.06 points, Nifty zooms 84.70 points

May 8, 1999

More and more companies are shifting offices out of metros

Nadars-Siva battle for Tamilnad Mercantile Bank drawing to a close
The Sterling group chief Sivasankaran is believed to be willing to offload his 60 per cent stake in TMB in favour of the Nadars for Rs 1.85 billion.

Triangular battle for Asianet scalps Sashi Kumar; Malayalam TV channel market hots up
The Bombay-based Rahejas have gained total control of the ground distribution company (cable network). The Moscow-based Raji Menon is at the helm of the holding company that owns Asianet.

EMISSION EDICT EVOKES MIXED REACTIONS

Car-makers' body seeks govt intervention to resolve crisis
Car manufacturers have decided to chalk out the final strategy and the time schedule by when they would be able to meet the Euro norms on May 8.

Daewoo Motors hails SC order; Matiz exports postponed; Cielo Executive new base model
The SC's decision lays stress on environment protection. Industry has to respond to such a situation, DMIL's MD S G Awasthi said.

OTHER REPORTS

India's 23 projects nominated to German Expo 2000
''On the threshold of a new millennium, Expo 2000 aims at giving a glance into the future,'' German ambassador to India H D Dieckmann said.

Markets
BSE: Sensex 3707.75; up 59 points
NSE: Nifty: 1062.90, up 16 points
Forex:
Rs 42.74 vs $
Rs 46.06 vs euro
Rs 69.74 vs pound
Rs 35.37 vs yen (100)

May 1-7, 1999

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