Tatas not to fund political parties
MUMBAI, Dec 23 — The House of Tatas has adopted a common code of conduct, with seven of its leading companies deciding “not to support any specific political party or candidate for political office”.

600 youths to set up units
CHANDIGARH, Dec 23 — The Punjab Government today decided to grant a special package of incentives under self-employment scheme in all 364 rural focal points set up prior to 1997-98.

HP to float 64 crore loan SHIMLA, Dec 23 — The Himachal Pradesh Government has decided to float a loan of Rs 64 crore for the development programmes in the state.

Maruti among India’s top 20
NEW DELHI, Dec 23 — Car maker Maruti Udyog Ltd has been ranked among the top 20 Indian companies by the Hong Kong-based business magazine Asiaweek in its annual survey.

HC grants conditional clearance to Sterlite
CHENNAI, Dec 23 —The Madras High Court today gave clearance to Sterlite Industries Ltd to commence operations of its copper smelter plant at Tuticorin on an experimental basis for two months subject, however, to the Tamil Nadu Pollution Control Board giving a formal approval.

Enron jv with SCI
NEW DELHI, Dec 23 — US power major Enron today announced a $ 200 million joint venture with the Shipping Corporation of India and Mitsui O.S.K of Japan to transport liquefied natural gas from the Gulf for its captive consumption at the Dabhol power project.

STOCKS

Punjab to downsize government
Tribune News Service

NEW DELHI, Dec 23 — The Punjab Finance Minister, Capt Kanwaljit Singh, said today the State Government has decided to levy 1 per cent cess on agriculture produce and petrol to raise funds for infrastructure development in Punjab.

Addressing a seminar on “Building world class infrastructure - a blueprint for faster economic development”, organised by the (PHDCCI) here, Capt Singh said the agriculture produce would, however, exclude fruits, vegetables and pulses.

The seminar attended by the Delhi Chief Minister, Ministers and officials from the northern States, felt that regional cooperation between northern States, flexibility in economic planning, decentralisation, a focussed strategy and enhancing the role of the private sector were vital to the development of world class infrastructure in the region.

Capt Kanwaljit Singh said there was a need for the Union Government to increase budgetary support for development activities in infrastructure projects. He was critical of the fact that demand in infrastructure had out-paced the output and there was a shortage in every sector.

UNI adds: “We will be downsizing the government soon. In fact, a concrete announcement in this regard would be made in two to four days”, Captain Singh said. However, he refused to divulge details saying “Let some suspense remain for a few days.”

The Punjab Government is in the process of appointing a global strategic consultant to guide the state in developing infrastructure. The consultant would be finalised in a few days, Capt Singh said.

This is part of the special thrust which the government is placing on infrastructure development in the state, “Besides, we are in the process of finalising a policy-making committee with representation from the Centre, the state government and industry and trade. The committee would deliberate on all matters and determine state policies, particularly for attracting investment in infrastructure in Punjab.

Tatas not to fund political parties

MUMBAI, Dec 23 (PTI) — The House of Tatas has adopted a common code of conduct, with seven of its leading companies deciding “not to support any specific political party or candidate for political office”.

The code also decided “not to give or take any payments to obtain business or favours, or give donation to any government agency to obtain any favourable performance of official duties”.

The group of seven also signed the Tata brand equity and business promotion agreement which enjoins them to pay a subscription depending “on the extent of use of the group name, mark and other marketing indicia”.

Tisco, Telco, Tata Tea, Tata Chemicals, Tata Electric Companies, Tata International and Tata Industries along with several divisions of Tata Sons, representing 66 per cent of the group’s Rs 32,000 crore turnover, adopted the code.

600 youths to set up units in Punjab
Tribune News Service

CHANDIGARH, Dec 23 — The Punjab Government today decided to grant a special package of incentives under self-employment scheme in all 364 rural focal points set up prior to 1997-98. This was decided at a meeting presided over by the Chief Minister, Mr Parkash Singh Badal, who reviewed the focal points scheme.

Secretary Industries Ramesh Inder Singh, said at least 600 youths at various focal points had been identified and motivated to set up their units. The Industry Department had identified 120 youth and 100 cases had been sanctioned during 1997-98. During the current year, 122 cases have been identified. The Chief Ministry today spoke to the Union Petroleum Ministry on sanctioning petrol diesel pumps in the focal points. A survey had identified 153 focal points.

Apple wine launched

SHIMLA, Dec 23 (UNI) — Himachal Pradesh has launched apple-based wine for marketing. Horticulture Minister Narinder Bragta said here today that HPMC has started production of wine at its Jarol plant near Sundernagar.

Initially the HPMC will sell wine at its shops at Jarol and Jabli on National Highways 21 and 22. Later, more retail outlets will be opened.

The wine, marketed under the brand name of “Kalpa Apple Wine” is unfortified and made from pure apple juice as per international standard having alcoholic contents up to 20 per cent.

HP to float 64 crore loan
Tribune News Service

SHIMLA, Dec 23 — The Himachal Pradesh Government has decided to float a loan of Rs 64 crore for the development programmes in the state.

It was announced officially here today that the loan, which has Centre’s approval will bear an interest of 12.50 per cent per annum. The interest would be payable half yearly.

The loan proceeds would be utilised for financing the capital expenditure in connection with the development programmes of the state.

Sharif tops list of big spenders

LONDON, Dec 23 (PTI) — Despite the arrest of a former Chilean dictator, Gen Augusto Pinochet, London continues to be the most favoured shopping destination for some of the world’s political bigshots with cash-starved Pakistan’s Prime Minister, Nawaz Sharif, topping the list.

From Pakistan to Zimbabwe, leaders of countries facing financial turmoil have been reported going on such huge shopping sprees that often vans have to be hired to transport all their goods to the airport, The Daily Telegraph reports.

Topping the list of Christmas big spenders is Nawaz Sharif, whose country is in the throes of a big financial crisis and is seeking IMF bailouts.

Nawaz Sharif was here just a week back after seeking financial help from President Bill Clinton. He spent three days shopping in one of the world’s most exclusive shopping stores, Harrods, exhausting his bodyguards, who were later quoted as saying that they could now draw floor plans of the store.

“With his trusty American Express Card and wads of fifty pound notes, Sharif brought a mechanised bed costing £5,000 and exclusive Thomas pink shirts and bedsheets at £300 a piece,” the paper said.

Power sale delayed

ISLAMABAD, Dec 22 (PTI) — The finalisation of an agreement between India and Pakistan for the sale of electricity is expected to be delayed as the Pakistani delegation postponed its trip to New Delhi this week apparently due to lack of preparation.

The Pakistani team was expected to reach Delhi this week to finalise the agreement for sale of power by Pakistan to India but the visit has been postponed because the officials concerned failed to prepare the papers on the basis of which the talks were to be held, the Frontier Post reported quoting, official sources.

Enron jv with SCI

NEW DELHI, Dec 23 (PTI) — US power major Enron today announced a $ 200 million joint venture with the Shipping Corporation of India (SCI) and Mitsui O.S.K of Japan to transport liquefied natural gas (LNG) from the Gulf for its captive consumption at the Dabhol power project.

While the Japanese shipping giant will hold 70 per cent equity in the venture, Enron will have 20 per cent stake with the SCI holding the rest, Enron India Country Manager Sanjay Bhatnagar said .

Maruti among India’s top 20

NEW DELHI, Dec 23 (PTI) — Car maker Maruti Udyog Ltd (MUL) has been ranked among the top 20 Indian companies by the Hong Kong-based business magazine Asiaweek in its annual survey.

The survey, Asiaweek 1000, is based on various parameters including sales, net profit, assets, equity, employees, market capitalisation and profit ratios, MUL said in a statement here today.India’s largest car maker has been ranked eighth among the top 1,000 Asian companies.

STOCKS
Coming holidays halt shares’ rally

MUMBAI, Dec 23 (PTI) — Select pivotals suffered a fresh setback on profit-taking at higher levels and squaring-up positions on end account considerations at the Bombay Stock Exchange (BSE) here today.

Dealers said in the wake of poor support from foreign funds who were on Christmas holiday, activity was dominated by speculators and domestic funds and institutions.

The market staged an early rally to touch a high of 3016.91 on speculative buying induced by the tabling of the Patents Bill and the changes in the norms of buyback of shares and prices shot sharply on bull support.

However, the long week-end holidays and the current settlement scheduled to and tomorrow reverted the trend with players reducing their early positions on profit-taking.

Activity was mainly focussed around pharmaceuticals, software, multinationals and consumer scrips. Among the software scrips, Infosys Tech flared up to touch a high of 3045 on news of bonus shares in the ratio of one share for every share held.

However, the scrip closed at 2945 on squaring-up positions. Pentafour Software shot up sharply on speculative buying.

Shares of MDS Cement, GA Cement, SBI and Reliance were supported by the local institutions while Hind Lever declined on profit-taking.

Mirroring the trend, the BSE sensitive index opened at 2987.31, traded in the range of 3016.91 and 2961.73 and closed at 2962.50, showing a loss of 15.08 points from the previous close of 2976.58.

The BSE-100 ended with a loss of 2.97 points at 1314.04 from 1317.01 previously. The BSE-200 closed lower at 304.29 and the Dollax at 119.06 from the last close of 304.90 and 119.36 respectively.

The total turnover on the Bolt system was Rs 1438.54 crores.

Pentafour Software was at the top of the traded scrips with a turnover of Rs 233.88 crore, Satyam Computers with Rs 182.12 crore, ITC Rs 124.80 crore, Zee Tele Rs 89.41 crore and Telco Rs 86.18 crore.

Pentafour Soft gained by 45.50 to 619.75, Satyam Comp by 0.25 to 639.50, Zee Tele by 2.00 to 607.25 and Telco by 0.60 to 157.30. ITC Ltd ended with a loss of 10.00 at 703.

HC grants conditional clearance to Sterlite

CHENNAI, Dec 23 (PTI) —The Madras High Court today gave clearance to Sterlite Industries Ltd to commence operations of its copper smelter plant at Tuticorin on an experimental basis for two months subject, however, to the Tamil Nadu Pollution Control Board (TNPCB) giving a formal approval.

The clearance for the plant to recommence production was given by a Division Bench on a plea by Sterlite to restart its controversial plant, closed down on November 23 on the orders of the court on the basis of a report by Nagpur-based National Environmental Engineering Research Institute (NEERI) on the functioning of the plant.

The Bench directed NEERI to inspect the plant and submit a report to the court before February 15 regarding the extent of emission of sulphuric gases from the plant. The judges posted the case for February 22.

Money withdrawal on plain paper ‘valid’

NEW DELHI (PTI): A Delhi court has ordered the Hong Kong Shanghai Banking Corporation Ltd (HKSBCL) to pay damages of Rs 10,000 along with 12 per cent interest and cost to a customer for refusing to honour an order for payment on plain paper in the absence of a cheque.

Civil Judge Tej Singh Kashyap in his recent order on a suit by Mohini Gupta, an account holder with HKSBCL, ruled that the bank should have honoured the order after satisfying itself that the letter was issued by the account holder.

“The letter meets the requirements of a cheque required to be submitted by a customer for encashment,” the Judge said.

He said during cross-examination bank officials had admitted that a letter written by an account-holder to the bank to transfer an amount from his/her account to another account is done accordingly.

Mohini Gupta, who was admitted to hospital for an operation on October 24, 1994, needed the money urgently but did not have the cheque book with her. She sent a withdrawal order for Rs 8,000 through her husband on a plain paper which the bank refused to honour.

She subsequently withdrew the money through the all time money (ATM) card thrice as only Rs 3,000 could be withdrawn on it at a time.

Claiming damages of Rs 10,000 for the “mental agony and harassment”, she said her husband had to go to the bank repeatedly when she was to undergo a surgery.

Frauds

NEW DELHI (PTI): The Central Vigilance Commission (CVC) today announced new guidelines to public sector banks and the CBI for preventing bank frauds and removing the “fear psychosis” gripping the bankers while disbursing credit.

Under a separate chapter on banking in the CVC manual finalised on Wednesday with RBI officials, senior executives of nationalised banks and the CBI, it was decided that the CBI should fully coordinate with banks in bank fraud investigations, Central Vigilance Commissioner N. Vittal told newsmen here.

The new chapter will be applicable from the New Year Day and will cover present and future bank fraud cases. A notification to this effect will be issued within a week.

It was also decided to set up advisory bodies in all the PSU banks under the supervision of the regional offices of the RBI within one month besides, the central advisory body (CAB) already existing at the RBI.

While the cases in the level of General Managers and above will be taken up with the CAB, the bank-level authorities will take up the other cases.

The advisory bodies for the banks will have honest and efficient retired bankers besides retired district judges and retired police officers in the rank of DIG.

When asked how the CVC will ensure the honesty of these persons selected for the post, Vittal quipped: “You don’t expect that the CVC will blindly agree to the names suggested. We will also verify from our end. Their names will have to be cleared by CVC”.

Interest rates

NEW DELHI, (PTI): Interest rates are expected to be under pressure during 1999 with huge government borrowings in the offing next financial year, PNB Gilts, a primary dealer in government securities has said.

Though the RBI managed to improve sentiments during 1998 and interest rates fell. Next year will start with a number of critical factors which could swing the direction of markets, PNB Gilts said in its fortnightly money market report.

Nahar Spg, Rolta in demat form

MUMBAI, Dec 23 (PTI) — The National Stock Exchange (NSE) has added four new scrips in the depository segment from today. Essar Shipping Ltd Maharashtra Scooters Ltd, Nahar Spinning Mills Ltd and Rolta India Ltd have been included in NSE’s depository segment and would now be available for trading in the dematerialised mode, the NSE said in a statement here.

Punwire gets Rs 5.8 crore order

CHANDIGARH, Dec 23 (TNS) — Punwire has received a Rs 5.8 crore order from South Eastern Coalfields Limited (SECL) for setting up VSAT DAMA Network across its 13 locations. The network will provide Single Hope Voice and LAN connectivity to SECL for effective communication and managing its mining operations spread across Madhya Pradesh. Apart from VSAT based networks, the company provides communication solutions to its customers based upon radios, optical fibre cables or hybrid fibre coax networks.

Reliance voted No 1

NEW DELHI, Dec 23 (PTI) — Reliance Industries Ltd, has been rated the number one Indian company in “financial soundness” as per the annual readership survey conducted by the Far Eastern Economic Review magazine, RIL said today. The survey, Review 200, ranks the top companies in Asia every year on overall leadership and on five individual leadership parameters. The results of the survey will come out in the forthcoming issue of the magazine. Reliance was also ranked number one in “long term vision”.

ICRA downgrades Alpic Fin

NEW DELHI, Dec 23 (PTI) — ICRA has downgraded the fixed deposit programme (FD) Alpic Finance from MAA- to MA+ indicating adequate safety. It also placed Alpic’s FD programme under watch with negative implications, an ICRA release said here today. The downgrade takes into account the current adverse economic conditions that resulted in lower collection efficiencies by Alpic. Resource constraints are likely to result in slowdown in fresh disbursements.

SCL gets ISO 9002 certificate

CHANDIGARH, Dec 23 (TNS) — Semiconductor Complex Limited (SCL), SAS Nagar, has been awarded the ISO 9002 certificate for the manufacture and supply of electronic systems and sub-assemblies. The product range covered by the quality certification includes telecom products like digital pair gain system, high bitrate digital subscriber line (HDSL) systems etc, electronic energy meters. Other systems and professional boards for consumer and industrial applications.

D. Mark 25.46/48,
Jap Yen (100) 36.61/63.

The RBI reference was rate Rs 42.55

Gold loses
NEW DELHI, Dec 23 (PTI) — In thin trading, gold prices sought further lower ground on the bullion market today on lack of buying activities and finished with small losses. The quotations: silver .999 (ready) 7360 and delivery 7370. Silver coins buyer 10,400 and seller 10,600. Standard gold 4250, ornaments 4100 and sovereign 3725.

ST opposed
LUDHIANA, Dec 23 (TNS) — The Chamber of Industrial and Commercial Undertakings has opposed the levy of 5 per cent sales tax on sweets and bakery goods by the Punjab Govern-ment which comes into effect from today.

IDBI bonds
PATIALA, Dec 23 — IDBI is targeting an amount of Rs 1,500 crore through its fifth issue of Flexi Bonds, its Deputy General Manager K.P. Nair said here today. Addressing investors here, Mr Nair said the instruments offered are Infrastructure Bond, Regular Return Bond, Growing Interest Bond and Multi Option Bond.

Contracts Bill
NEW DELHI, Dec 23 (PTI) — The government today introduced a Bill in the Rajya Sabha to amend the Forward Contracts (Regulation) Act to allow option trading, define futures contract and give recognition to brokers in an effort to strengthen forward trading. The Bill, introduced by Food, Civil Supplies and Consumer Affairs Minister Surjit Singh Barnala, also clearly defines specific delivery and non-transferable specific delivery contracts.

Bank strike
NEW DELHI, Dec 23 (PTI) — The week-long demonstration by rural bank employees from across the country demanding the implementation of sixth bipartite wage revision settlement and against the entry of multinationals in the financial sector came to an end with a protest march here.

Loan schemes
AMRITSAR, Dec 23 (FOC) — The Oriental Bank of Commerce launched two new schemes for the benefit of importers and exporters. Addressing the customer’s meet bank officials said that under these new schemes, the bank would grant foreign currency loans to importers and exporters to reduce their interest cost on the advances.