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October 15, 1999 Floating in No Man's Land The Indian rupee faces uncertain times due to new government formation and unrest in Pakistan. Decision on aircraft acquistion won't be delayed, says new aviation minister On the privatisation moves initiated by his predecessor Ananth Kumar, Sharad Yadav said he would go as per the government policy. Jumbo council for phase-II of economic reform Vajpayee said he "will have to take tough measures" and "usher in the second phase of economic reforms". But the size of his council of ministers and its composition is disconcerting, says Mahesh Nair. Kerala gets 50 MW power project after 25 years The estimated cost of the project, when the work began in April 1978, was just Rs 186 million. The costs over-ran to roughly Rs 1.5 billion by the time of project completion. French water management companies seek major role in India The march of the water companies into India will begin in November with a series of expositions.  • BSE, NSE and Forex: Sensex up 40 points to 5073, an all-time closing high; NSE: Nifty up eight points to 1505; forex: rupee up a tad at 43.42 to US $ October 14, 1999 'The world of tomorrow belongs to teams' Azim Premji on making the most of business opportunities in the Information Age. Gujarat Ambuja Q1 net up 195 pc to Rs 500 million, declares 1:1 bonus Despite stagnant prices, "cost reduction and improvement in productivity" have helped the company to boost its performance. Sales for July-Sept were up 20 per cent at Rs 2.43 billion. Coup could savage Pak economy, fear IMF, analysts "We were already at the brink and the coup can only help accelerate the downward spiral towards bankruptcy,'' one banker in Karachi said. Post-IPO, govt equity in Syndicate Bank to decline to 74 per cent The Rs 1.25 billion issue is being made to augment the capital base to meet future capital adequacy requirements and to augment the bank's long-term resources. Mahindra to launch three multi-utility vehicles by March 2001 The diesel- and petrol-powered models would be launched under M&M's Rs 6 billion Project Scorpio. The manufacturing plant will be set up in either Maharashtra or Andhra Pradesh. African consumers dump Chinese, European goods for made-in-India wares China is dumping cheap goods into Africa while European products are exorbitantly priced. So Indian manufactures are making inroads, according to the Federation of Engineering Industries of India. • BSE, NSE and Forex: Sensex down 24 points to 5033; NSE: Nifty up 10 points to 1497; forex: rupee steady at 43.43 to US $ October 13, 1999 IA set to pilot divestment plans With speculation rife about Ananth Kumar's return to Rajiv Gandhi Bhavan to man the civil aviation ministry, Indian Airlines officials are readying for a shake-up. Assocham draws up blueprint for first 100 days The chamber suggested passing all economic bills, establishing a national internal trade commission, making laws for debt recovery more effective, revamping various stock exchanges, introducing a truly 'open sky aviation policy', and reviewing the population control policy. 'If they had only listened to Harshad Mehta, no one would have lost any money' "Even if the judge deep down in his heart actually believes that Harshad Mehta is totally innocent, it is very difficult [with all due respect to him] to acquit him," says Mahesh Jethmalani. • BSE: Sensex up 26 points to 5057, an all-time closing high • NSE: Nifty up seven points to 1487 • Forex: Rupee sheds seven paise to 43.43 to US $ October 12, 1999 The French Drench France Inc seeks to swamp India with its products and services like never before. Industry reconciles to imminent tough times Industry leaders feel it is too early to comment but admit some "belt-tightening" is required to tide over the unsustainable fiscal deficit. Garment exporters want quotas to go by 2002 ''Industry is prepared for quota-free regime. The ten-year quota phase-out schedule should be preponed by three years from 2005 to 2002,'' the Garment Exporters' Association said. New government must try to catch up with economic superpower China China is leagues ahead of India on almost every index of national development. This is a good time to apply correctives to the system so that India can join the global socio-economic development race, says Dilip Thakore. Hyundai rules out new models for one year A four-month study on launching a new vehicle will begin in November. It may not necessarily be the multi utility vehicle. It will take a minimum of ten months before the model could be rolled out, a top company official said. • BSE: Sensex up 50 points to 5032, an all-time closing high • NSE: Nifty steady at 1479.25 • Forex: Rupee gains seven paise to 43.36 to US $ October 6-11, 1999 Sensex creates history by crossing 5,000 Leading foreign brokerage houses have now predicted that the Sensex may cross 6000 points by March 2000. October 5, 1999 Destination America Corporate India makes a beeline for the US bourses. October 2-4, 1999 Coolest ones trade warmth for wars in winter The cola kings have decided to play a different marketing game in the post-summer campaigns. India, EU hold talks on WTO Seattle round External Affairs Minister Jaswant Singh and European Commission's new Commissioner for External Affairs Christopher Patten, former Hong Kong governor, held talks in Brussels. India Investment Centre to be recast to attract NRIs All genuine concerns of Non Resident Indians will be addressed on a priority basis, according to P K Banerji, the new chief commissioner (investments and NRIs). Economic upturn to boost profits of banks, FIs SBI, ICICI and IDBI profits set to increase following higher economic growth. The morphing of World Bank into Big Brother The World Bank can't afford to focus on multiple objectives, feel academics such as Columbia University's Jagdish Bhagwati. For that amounts to distraction of vision, energies. It is trying to dominate all the agencies in the name of coordination, but is degenerating into a monopoly. • BSE, NSE and Forex: Sensex down 62 points to 4702; NSE: Nifty down 10 points to 1403; Forex: Rupee steady at 43.58 to a US $ October 1, 1999 End of a Dream Migration changes may dry up the petro-dollar flow to Kerala. WB to use India's expertise in rural development; Sinha presses for easing of sanctions The finance minister urged the Bretton Woods institutions to "at least widen the scope of the exempted category of 'basic human needs' to allow funding for the infrastructural projects". India's Q1 GDP put at Rs 2.74 trillion In April-June 1999, manufacturing grew at 6.2 per cent over the corresponding period of the previous year. Electricity gas and water supply grew at 5.2 per cent, construction at 6.7 per cent, hotels, transport and communication at 6.2 per cent. Goans oppose move to open casinos "Sex tourism is a natural offshoot of casinos," a religious body has said. 'Indian companies are unable to translate customer requirements into products' 'Indian managers aren't practical. They isolate themselves from reality. They think knowledge can be gained only by reading books and attending lectures. They don't roll up their sleeves and get into some action,' says Kaizen expert Masaaki Imai. • BSE, NSE and Forex:Sensex down 33 points to 4764; NSE: Nifty down two points to 1413; Forex: Rupee up one paisa vs US $ at 43.58
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