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April 22, 1999   President calls Sinha, Kumaramangalam to discuss non-passage of Budget Earlier in the day, the BJP and its allies prevented the Lok Sabha from transacting any business over the alleged horse-trading being indulged in by the Congress. OTHER REPORTS Prudential ICICI launches Net-based banking for NRIs Apart from investors in the Middle East, the company is targeting investors from the UK, the US and the Far East for this scheme. Maruti to drop deisel Gypsy, launch diesel Esteem; new engines from April 2000 MUL will spend close to Rs 3 billion on direct fuel injection systems for its models. It will also strengthen the existing line-up to meet the challenge from new entrants. Credit Policy evokes mixed reactions: CRR cut hailed, unchanged interest rates flayed CII president Rajesh Shah said the policy has 11 clear positive plus points, including carrying forward of financial sector reforms, easing of credit availability and liquidity, and autonomy for banks. 
• BSE: Sensex 3464.54; up 21 points • NSE: Nifty 996.650; recovers 1.25 points • Forex: Rs 42.81 vs $ Rs 45.35 vs euro Rs 68.73 vs pound Rs 35.92 vs yen (100) April 21, 1999   RBI'S CREDIT AND MONETARY POLICY 1999-2000 CRR cut to 10 pc; repo and exchange rates unchanged, GDP growth put at 7 pc The reduction in cash reserve ratio is expected to release Rs 32.50 billion into the banking system. Easy liquidity is RBI's aim, forex scene is stable, says Jalan The inter-bank forex market is a transaction-oriented market and trading on different currencies without an underlying trade exposure is not good for the economy, the RBI governor said. Highlights: new mutual fund for government securities The RBI has mooted a high-power committee to review the performance of the urban co-operative banks and suggest measures for strengthening the sector. Money market mutual funds can offer 'cheque-writing' facility to their investors. RBI okays forward cover for FIIs, steers clear of price-control measures ''Assuming a normal monsoon and absence of unanticipated supply shocks, it would be possible to maintain reasonable price stability during the current year,'' the Credit Policy document stated. Banks to fix rate for loans to rural credit units; ceiling on investment in MFs linked to those in venture capital There is no change in interest rate ceilings and other terms in respect of loans under government sponsored programmes such as the IRDP. Industry hails move to empower banks to decide PLR SBI chairman G G Vaidya said the policy would lead to softer interest rates, flexible banks, transparent operations and faster credit off-take during the current fiscal. '100 pc forward cover against exchange risk for FIIs will keep the rupee stable' The proposed introduction of interest swaps and forward rate agreements will help develop a derivatives market and permit hedging of interest rate risks, forex analysts said. UTI, LIC, IDBI, MFs, FIs allowed to borrow through repos At present, they are permitted only to lend through reverse repos. FOCUS: INDIA AS SEEN BY OTHERS S&P's reaffirms India's ratings, says country's outlook is stable S&P's said India's ratings continue to be constrained by limited prospects for meaningful fiscal adjustment; however, the country's reliance on weak coalition governments is factored in at current ratings levels. IMF projects 5% growth in India, ADB says 6% Both the lending agencies pleaded for gearing up economic reforms to put the country back on the higher growth of over 7 per cent that was obtained during Narasimha Rao's rule. OTHER REPORTS HLL's net up 24 per cent to Rs 2.12 bn in Q1/1999 Higher rural incomes from better agricultural output will stimulate demand for our products. However, political uncertainty continues to affect trade sentiment, HLL chairman K B Dadiseth said. 82 steps for better goods movement! The Committee on Integrated Approach to Movement of Goods in International Trade felt there is a compelling need to bring about attitudinal changes to facilitate foreign trade.
• BSE: Sensex 3443.99; slips 7 points • NSE: Nifty 995.40; recovers 1.5 points • Forex: Rs 42.75/76 vs $ Rs 45.49 vs euro Rs 69.06 vs pound Rs 36.24 vs yen (100) April 20, 1999   THE REDIFF BUSINESS COLUMNIST Why FDI may rise in India in future, not now If we gave up the Planning Commission mindset of knowing what is best for the country and trying to control and influence it, perhaps foreign direct investment inflows might improve, says Bibek Debroy. OTHER REPORTS IT dept likely to go slow on Maruti; more raids likely on tax-evading MNCs Maruti apparently wrote to the government complaining that the income tax department had been rude to its employees during the surveys at the company's premises. Fiat to resume investments in Ranjangaon unit in 2000 ''Demand for the Uno has picked up fast and the initial response to the Siena is good. So, we are now looking at resuming work on the Ranjangaon unit,'' Fiat India's MD Gianni Ravina said. Bamford allowed to pick up controlling stake in Escorts JCB The Foreign Investment Promotion Board today cleared 27 proposals amounting to a total foreign direct investment inflow of Rs 7.70 billion.
• BSE: Sensex 3451.43; recovers 124 points! • NSE: Nifty 993.90; recovers 27 points • Forex: Rs 42.86/88 vs $ Rs 45.62 vs euro Rs 69.32 vs pound Rs 36.35 vs yen (100) April 18-19, 1999  Govt's fall erodes BSE's market cap by Rs 350 billion Till such time the next government assumes office and the Finance Bill finds a smooth passage, the markets are expected to move cautiously on scrip-specific fundamentals. THE REDIFF BUSINESS COLUMNIST Rate cuts can wait; Jalan must recast banking A stand-alone credit and monetary policy will play havoc. By being proactive and by effecting interest rate cuts at an appropriate time, say three months hence, the RBI would contribute to economic recovery, says R C Murthy. THE RBI'S CREDIT POLICY 1999-2000 RBI likely to avoid micro-tinkering with interest rates The curbs imposed on forex market transactions may continue, especially in the current unsettled circumstances, though there may be broad hints on allowing an orderly move of the rupee in the export market, analysts said. Inter-Connected Stock Exchange gets off to a 'good start' The exchange is expected to emerge as a single window to its entire 14 member-exchanges nationwide. Indian Railways to buy high-speed German coaches The Rail Coach Factory has entered into collaboration with LHB to buy 24 high-speed coaches specially made for India. • BSE and NSE: Sensex 3326.98; crashes 245 points; Nifty 966.95. plunges 77 points! April 17, 1999  SPECIAL REPORT Two more agencies join race for copra futures centre The Indian Pepper and Spices Traders' Association and the Alleppey Oil Millers' and Merchants' Association have made the Forward Markets Commission's task of choosing the centre tougher. THE RBI'S CREDIT AND MONETARY POLICY 1999-2000 Industry urges RBI to cut CRR, bank rate and SLR The CII has called for a one per cent cut in bank rate and a 2.5 per cent cut in cash reserve ratio which is currently at ten per cent. Ideally, CRR must be three per cent as recommended by the Tarapore Committee, it said. NBFCs seek institution for financing, banks' statutory liquidity ratio The proposed institution should earmark nearly Rs 30 billion annually to finance those areas which depend on the NBFCs for funding requirements like truck operators and machinery manufacturers, leasing and financial companies said. OTHER REPORTS Pallone demands review of unilateral sanctions In a letter to Congress' foreign relations committee chairman Benjamin Gilman, Frank Pallone wrote: ''I believe it would be instructive to hear from a variety of sources how the sanctions and the entities list have affected the US." Daewoo to pay nine per cent interest for delay in Matiz delivery The interest would be payable from the eighth day of the payment by the consumer till the date of despatch of the car from the factory.
Markets will be open on Saturday • BSE: Sensex 3572.91; zooms 215 points! • NSE: Nifty 1044.45; soars 76 points! • Forex: Rs 42.73 vs $ Rs 45.65 vs euro Rs 68.73 vs pound Rs 36.06 vs yen (100) April 16, 1999   Industry's heart beats for Exim Policy "Government support by the way of incentives or whatever measures which are WTO-compatible will help push up exports," says Eicher group chairman Subodh Bhargava. THE REDIFF BUSINESS INTERVIEW 'The market may go up and down, but the undercurrent is positive' 'What is important is the sentiment. The Budget has said that the mutual fund industry is credible and that people can trust it. The confidence Sinha has given is more helpful than the sops,' says Kothari Pioneer MF CEO Vivek Reddy. OTHER REPORTS Ranbaxy to transfer select brands worth Rs 560 million to Galderma For nine months ended December 1998, the company recorded sales of Rs 10.64 billion, including exports worth Rs 4.41 billion. During the first quarter of 1999, sales touched Rs 3.62 billion. HMT's watch division ticking away to glory Though hit hard by the onslaught of private manufacturers and the grey market, the division will cross a major milestone in June when it produces its 100 millionth chronometer.
• BSE: Sensex 3358.00; crashes 107 points! • NSE: Nifty 968.65; down 25 points • Forex: Rs 42.81 vs $ Rs 46.14 vs euro Rs 69.04 vs pound Rs 35.96 vs yen (100) April 8-15, 1999
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