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September 15, 1999 'India is ready for divestment' 'The new government should pass the Insurance Regulatory Authority Bill as soon as possible and approve foreign investment in the sector,' says Tarun Das, the CII's secretary-general. Air-India eyes small aircraft for fleet expansion, offers sops to govt travellers While the 150-seater are considered ideal for high frequency, short flights to the Middle East, the 250-seater aircraft are expected to be used for destinations like London and Paris. Maruti hikes prices of five models Prices of the Maruti 800 STD, Maruti 800 EX, Maruti 800 DX, Zen LX and Zen VX models have gone up by Rs 4,000 to Rs 10,000. Maruti price-hikes take market by surprise Industry analysts say the price-hikes are bound to set other car-makers thinking. Dealer reports suggest that with the increase in prices come higher discounts too. Ford launches Ikon in Delhi 'We hope to sell about 20,000 units in 2000, and this target does not include exports. We will place the Ikon in the Esteem and Sienna category. But it's still premature to fix the price,' Ford India's vice-president John Fink said. Hyundai to launch new car Accent in October Powered by 1500 cc engine, the 12-valve, four-cylinder Accent will have an indigenisation level of 70 per cent from the start of its commercial production in India. Investors' preference for risk-laden China over safe India baffles D&B official Joachin Bartels, senior vice president, Dun & Bradstreet is, however, certain that foreign investment in India would increase manifold once a stable government is in place in Delhi.  • BSE: Sensex down 18 points to 4731.12 • NSE: Nifty down 20 points to 1370 • Forex: Rupee gains a tad to Rs 43.51 vs US $ September 12-14, 1999 Plug Those Holes Dilip Thakore on how to sustain the stockmarket boom. Govt moots action against directors of loss-making companies The Department of Company Affairs also favours an active role for non-executive nominee directors of financial institutions in companies. Tobacco units' future to go up in smoke as Goa enacts green Act The Goa Prohibition of Smoking and Spitting Bill, which as passed by the state legislature in July 1997, has recently got the presidential assent. Travel industry's new hotspot is icy Nathula on Indo-Tibet border The new destination in Sikkim is the Millennium Year gift to the Eastern Himalayan travel and tour operators. Tours will be conducted under the friendly guidance of the armed forces. TI Cycles drags France to WTO over non-tariff barriers France, one of the company's lucrative export markets, has ruled that bicycles not assembled in its land are not safe. TI cycles will, however, continue to focus on Europe because 'the pro-China US is not a renumerative market'. Murugappa Group recast on: tiles and audio arms sold; insurance JV planned The group would focus on plantations, sugar and related industries, abrasives, chains, sanitaryware, financial services and insurance. By 2005, rest of the non-core businesses will be either sold off or the group's stake in them cut. September 11, 1999 The Great Indian Gold Rush When the world dumps the precious yellow metal, Indians buy it. Peerless sells shipping arm to French company Stena India's largest non-banking finance company has also put on the block its housing finance firm. It will focus on its core competence, and exit areas unrelated to its main line of business. IRA chief rules out 100 pc arms of global insurance companies in India The Insurance Regulatory Bill permitting only 26 per cent equity holding by foreign firms, which is yet to be passed by Parliament, would be taken up by the new government after the elections, Rangachary said. Malaysia's Proton eyes 5 pc market-share of car market in India The company is looking at an alliance with Hindustan Motors. It also wants to assemble completely knocked down units in India. Its initial offering could be its mid-size sedan Wira. Scooters India to launch three-wheeled car The state-controlled company is planning several other variants on the same electric three-wheeler platform: ambulances, an open-bodied version, a load carrier and a pick-up version. • BSE: Sensex down 18 points to 4748 • NSE: Nifty down 5 points to 1390 • Forex: Rupee steady; Rs 43.52 to the US dollar September 10, 1999 Thought for food Tardy monsoon may affect kharif crop yield, fear scientists. 'This may lead to a food crisis and slow down the economic resurgence.' HPCL nods to 2:1 bonus issue; to form JV with France's Totalfina for LPG storage The company is targeting sales of Rs 300 billion for the current fiscal. It plans to set up a Rs 98 billion refinery in Bhatinda, Punjab. Rolls-Royce sets up Indian arm, to enter power generation market The Indian subsidiary may have equity, financial and technical tie-ups with Indian firms to set up power plants. Tie-ups with corporates to build, operate and maintain captive power plants are also possible. FIs pick up ICICI shares worth Rs 5 billion under preferential allotment The LIC, GIC and UTI and their subsidiaries picked up the shares at Rs 73 as part of ICICI's Rs 21.65 billion equity issue. Goa CM bemoans politics of anti-industry agitations Luizenho Faleiro insisted that investments are waiting to happen but for certain politicians. "They are sending wrong signals to investors by evoking agitations for their selfish gains." HLL launches Aviance cosmetics for direct marketing niche 'The cosmetics market in India is growing at 15-20 per cent every year. So is the premium segment that we are targeting. Hence we see a huge market that can be tapped,' said Aviance business head Anil Chopra. Tata Indica declared Euro-II fit The relevant technology has been developed indigenously at the company's engineering research centres in Pune and Jamshedpur. Daewoo to launch CNG-powered Cielo in October Petrol- and CNG-compatible models of the Nexia (luxury class) and the Cielo (mid-size sedan) would be launched. However, there are no plans to introduce the Matiz (small car) in a similar option. • BSE: Sensex dips 15 points to 4766.63 • NSE: Nifty down five points to 1395 • Forex: Rupee down four paise to 43.52 Vs US $ September 9, 1999 Faster, Bigger, Better Pritish Nandy interviews Shashi Gopal, Magnasound's chief, who has completed 25 years in the music business. '600 megastores will open soon. The music market is growing bigger. New stars will emerge every week,' says Gopal. Law to protect investors from 'vanishing companies' valid, rules Madras HC The legislation aims at streamlining the functioning of the finance companies. It was brought to Tamil Nadu government's notice that these companies had cheated the public to the tune of Rs 1.95 billion. Rupee remains a good buy, will strengthen further, assert marketmen The Rupee is not in a hurry to climb to the 45.00 level to the US dollar. And the level of 50.00 seems to border on the impossible, save devaluation or an Indo-Pak war. Enron confident about Dabhol project "Enron has established positive relationships in the country and is confident that we can work with any political party in power," a spokeswoman said in response to the Congress party's threat to stop the second phase of the project. Dynavend to launch condom vending Karishma on commercial basis The Pune-based company is being sought for tie-ups by condom-makers. Next, the company plans to launch sanitary napkin vending machines all over India. Swiss Hero Jams launched in India 'We foresee an emerging trend for premium products in India and hope to capitalise on the same. We don't have immediate plans to set up a manufacturing facilitiy,' James Kfouri, Hero Group's GM, said. Ford to roll out three engine versions of Ikon While the 1300cc and the 1600cc versions would be petrol-driven, the 1800cc car would be a diesel version. Ford India hopes to export the Ikon from India and break even in 2001. Daewoo trims bus production to meet demand for Matiz Recessionary conditions and stagnant demand for buses have also put paid to Daewoo's planned foray into commercial vehicles segment. • BSE: Sensex recovers 8 points to 4782 • NSE: Nifty up 17 points to 1400 • Forex:Rupee up two paise to 43.48 Vs US $ September 8, 1999 Whodunit? Market watchdog SEBI has taken on the new avatar of a crime writer, earning the sobriquet, 'the middle class Indian investor's John Grisham'. ONGC, IOC strike strategic deal for global-scale play The companies have identified several opportunities that can be explored together like a vertically integrated oil major, equipped to compete for risks and rewards at par with world class players. BSE moots package for ailing regional exchanges The draft proposal suggests the regional bourses can join the BSE by floating a subsidiary or an entity of the exchange, acquire BSE membership and get the attendant privileges. S Kumar's to go solo into insurance sector The sector should be opened up to the private sector even if this means keeping the foreign firms off the Indian insurance market, company director Vikas Kasliwal said. India rejects demand for review of auto policy 'If all quantitative restrictions have to go by 2001, the auto policy would by itself collapse. But till such time, there are no plans to review the policy. The existing policy would stay,' D-G of Foreign Trade N L Lakhanpal said. Daewoo exports made-in-India cars to Egypt, eyes Rs 25 billion turnover in 2000-01 The Indian arm has emerged as an export hub and a key growth point in Daewoo's global strategy. Since the start of operations, Daewoo Motors India has exported components worth $ 79 million, said S G Awasthi, DMIL MD. • BSE: Sensex sheds 59 points to 4773 • NSE: Nifty recovers 15 points to 1383 • Forex:Rupee down three paise to 43.50 Vs US $ September 7, 1999 Lager and Hardy fight beer battles With guzzlers preferring hard stuff to mild beer, new brand war brews in Indian market. Software shares flare up; Sensex spurts 123 points to 4832 Dealers said that the prospect of a stable government and economic revival continued to buoy the sentiment. Operators and FIIs bought huge quantities of cyclicals and software shares. Kinetic not to merge Kinetic Engineering and Kinetic Motor Company "If we have a complex organisation, decision making becomes slow. So, we do not intend to sacrifice quick decision-making by merging the two entities," Kinetic chairman Arun Firodia said. Hindustan Motors moves HC against Bengal labour panel ruling on lay-off plan The Labour Tribunal had said that HM should not prune its staff, but could launch a scheme for manufacturing small cars. SEBI eases FII-related investment norms Earlier, FII-related sub-accounts needed 50 investors, and each investor could not hold more than five per cent of shares or units of the fund. Now 20 investors are enough and ten per cent of shares or units can be held. Indian Oil's net up 30 pc to Rs 22bn Sales turnover at Rs 694.30 billion was up from Rs 591.70 billion in 1997-98. The board has recommended the highest ever dividend at 130 per cent or Rs 5.06 billion. Daewoo Matiz wins efficiency test for small cars: auto magazine The Maruti 800 still offers the best fuel economy while the Tata Indica (petrol) shared the top spot in terms of engine performance. Birla Mutual launches open fund aimed at equities, debt and money markets This is A V Birla group's first fund after its tie-up with Canada's Sun Life Assurance. Investors can enter with an initial subscription of Rs 3,000. Additional sums may be invested in multiples of Rs 1,000. JM Mutual launches open fund for gilts The scheme will have three plans: short-term, regular and provident fund. Minimum investment: Rs 5,000 per unit-holder. • BSE: Sensex spurts 123 points to 4832 • NSE: Nifty recovers 15 points to 1390 • Forex:Rupee strengthens to 43.47 Vs US $ September 3-6, 1999 Runways on Fire Fare cuts give only a momentary high for airlines, plenty of fun for passengers. Congress demands re-negotiation of Phase I of Enron's Dabhol project The Maharastra State Electricity Board will incur a loss of Rs 3.70 per unit on purchase of power from Enron. This translates to a loss of Rs 43 billion every year, Congress leader Suresh Kalmadi said. Citibank helps Indian customers to operate accounts from other countries The innovation is in tune with the RBI's deregulation of the use of foreign exchange through credit cards. However, the RBI would withdraw the facility if it is used for money laundering. Maruti's August sales at all-time high; joint ventures with vendors planned Passenger car sales at 35,978 units during August 1999 (35,407 units in July) are the highest ever for a month. JVs with component-makers are to financially support the vendors in their expansion programmes. • BSE: Sensex down 95 to 4730 • NSE: Nifty goes low-key, sheds 34 points at 1376 • Forex:Rupee down five paise to 43.52 to US $ September 2, 1999 Taking Stock, Exchanging Ideas India's premier bourse, the Bombay Stock Exchange, hurtles towards a New Age. Reliance raises petro-product prices and hopes of good H2 show The price hike for four of its products range from 1.79 per centto 8.52 per cent. This signifies improved profitability prospects. Indica sales rise 11 pc to 4,537 The Indica has acquired a market-share of 6.5 per cent of the passenger car market in the April-July 1999 timeframe. Hyundai sales up 41.4 pc Sales during August touched 7,002 units as against 4,949 units in July. Sales touched 33,835 units in 1999. Hyundai is well on its way to achieve the sales target of 52,000 units for 1999. SC orders closure of 53 coal-based iron foundries in Agra Of the 168 iron foundries in Agra that houses the Taj Mahal, 53 of them have not agreed to use gas as fuel. Monsanto seeking dilution of biodiversity law, alleges Pakistan Monsanto has been sending ''unsolicited suggestions'' for incorporation into the Plant Breeders' Rights Act. It is pulling powerful strings to influence the legislative process in its favour, Pakistan officials said. • BSE: Sensex down 73 to 4825 • NSE: Nifty goes low-key, sheds 9 points at 1403 • Forex:Rupee up one paisa to 43.47 to US $ September 1, 1999 'Fiction doesn't sell' Hemu Ramaiah, owner of Landmark mega bookstore in Madras, on the books biz. Enron pulls out of Kannur Power Project in Kerala Neither Enron nor Nambiar-promoted Kannur Power Project consulted the state government before dissolving their partnership that was formed for the venture. ICICI, IFCI to invoke personal guarantees to trim NPAs The total non-performing assets of the Indian banking sector have exceeded Rs 450 billion, forcing the financial institutions to consider extreme steps to stay afloat. Maruti to introduce 3 new Zen variants by March 2000 The company's strategy is to tap more markets as also take care of emission-related technology requirements. • BSE: Sensex moves in a narrow range, down seven points to 4898 • NSE: Nifty goes low-key, sheds 10 points at 1412 • Forex:Rupee up one paisa to 43.48 to US $
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