Tuesday, April 27, 1999
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B U S I N E S S | Tuesday, April 27, 1999 |
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A 3,000 cr gamble for a stable
govt NEW DELHI: Finance Minister Yashwant Sinha on Monday asserted that “political instability” has triggered the rapid downslide in stock markets and it has nothing to do with the state of the economy. Indian-Pak businessmen
plan pharmaceutical jvs |
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India fifth largest economy: WB WASHINGTON, April 26 — India is the world’s fifth largest economy in terms of purchasing power parity, behind only the USA, China, Japan and Germany, the latest World Bank statistics released today show. NRIs
came to India’s rescue |
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CRASH
... bears run amok ... 161 pts lost Rupee
ends mildly lower against dollar Phone
on demand by 2002 likely
ICICI
net rises 7 pc CII
to set up lab on environment Markfed
plant’s turnover up 65% Marico
to pay 55 pc |
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It’s a 3,000 cr gamble
for a stable govt NEW DELHI: Finance Minister Yashwant Sinha on Monday asserted that “political instability” has triggered the rapid downslide in stock markets and it has nothing to do with the state of the economy. “The decline in the stock market is because of political instability and has nothing to do with economic fundamentals, which are sound,” Sinha told reporters after the meeting of the Union Cabinet, which recommended dissolution of the 12th Lok Sabha. Mr Sinha said he did not expect any further fall in the rupee vis-a-vis the dollar. MNCs hopeful: Unless a stable government is formed, investments earmarked for India by MNCs can be diverted to other friendlier destinations, representatives of a number of MNCs told PTI. “Going for elections is a good move. This will give a stable government,” an official of Hyundai Corporation said. “For making long-term investments in India, there is need for a stable government and continuity in policies. Political instability would not help economic development and multinational companies will be reluctant to invest in the country,” representative head of French energy major Gaz de France Harve Jourde said. Vice-President (Marketing) of LG Electronics Rajeev Karwal said “This situation should never have happened in the first place. But despite the uncertainty, I doubt if the reforms process will be reversed.” Economists worried: “Con-fidence of foreign investors in the economy has been shaken. This combined with the political instability will cost the economy considerably” Prof V.R. Panchamukhi, Director of Research and Information System told PTI. Prof S.D. Tendulkar of Delhi School of Economics said: “Cost involved and instability both will have an adverse impact on the economy, especially for domestic as well as foreign investment.” Prof B.B. Bhattacharya of the Institute of Economic Growth said: “Though the Budget has been passed, but, if the new government seeks too many or major amendments changing the direction of the Budget, it will lead to uncertainty in the market.” The election process will increase the fiscal deficit by about Rs 3,000 crore. About Rs 1,000 crore will be spent on the election along with about Rs 2,000 crore will be spent by the candidates. Dr Jayati Ghosh of Jawaharlal Nehru University said: Foreign investors have not been coming to India for the last one year. At the most they would continue not to come after these developments. Huge FII selling unlikely: Stock markets are likely to remain stable with foreign investors not to go in for panic selling. “Currently, FIIs do not have redemption pressure on their funds and they are unlikely to offload holdings in the current political uncertainty,” DBS Securities research head Subroto Ray said. Jardine Fleming Resident Director Raghunath Srinivasan said” “Elections are definitely a setback but we are here for the long term.” Industry relieved: CII President Rajesh V. Shah said the Cabinet’s recommendation would set at rest the uncertainty. “Any delay in completing the elections would only damage the process of economic recovery.” FICCI President Sudhir Jalan said: “Experience dictates that a stable government with a clear mandate is imperative to give a direction to the growth process and for signalling investment both from India and abroad.” Assocham President K.P. Singh said fresh elections would be a costly affair. “Yet, having a continued political stalemate will prove to be more expensive to the nation.” Mr Ashok Khanna,
President PHDCCI, said the political stalemate has come
at a time when crucial economic Bills were pending before
Parliament. “Fears are expressed in certain quarters
that the reform process will get stalled at least for
another six months.” |
India fifth largest economy: WB WASHINGTON, April 26 (PTI) — India is the world’s fifth largest economy in terms of purchasing power parity (PPP), behind only the USA, China, Japan and Germany, the latest World Bank statistics released today show. This is viewed as a clear indication of “India’s stunning potential to become another China if she manages to raise her growth rate to 7 or 8 per cent from a little more than 5 per cent now”, it said. However, in conventional terms (gross national product or total value of all goods and services produced in a country), India is 13th, behind the USA, Japan, China, Germany, France, the UK, Italy, Brazil, Canada, South Korea, Russia and Australia, with a per capita of only $ 370, the data revealed. At 5 per cent, it takes over 14 years to double the economy, and at 8 per cent, only nine years. To make a major dent in poverty in a reasonable time span, the International Monetary Fund (IMF), the WB and Asian Development Bank (ADP) view a 7 per cent growth as essential for India. Although India is the 5th largest economy in PPP terms, it is largely due, it is noticed, to the weight of her population. In conventional terms for the size of her economy, she has fallen behind despite her huge population. Even with a PPP per capita of $ 1.660 against the $ 370 in conventional terms, she is surpassed by too many countries. When PPP is calculated, China captures the second place while India takes the fifth. The US GNP in PPP terms remains $ 7.783 trillion, for US prices are regarded standard for PPP calculations. China’s GNP in PPP terms shoots up to $ 3.767 trillion, a sensational figure multiplying the population figure of 1.227 billion by the PPP per capita of $ 3.070. Japan’s is reduced to 3.077 trillion, followed by Germany 1.737 trillion. India is ahead of four members of the G-7 industrial countries with $ 1.598 trillion. The PPP economy of the UK is $ 1.222 trillion, Canada $ 659 billion. Brazil is ahead of Canada with a PPP economy of $ 1.039 trillion. Russia comes behind Canada with $ 630.474 billion and South Korea next with $ 617.659 billion. These figures are closely watched by the international business community for their actual and potential markets. Though India and China were equal before the Chinese economy began reforms, China is now way ahead of India. China’s per capita
in conventional terms is 860 and in PPP terms 3.070
against India’s 370 and 1.660 respectively. |
Indian-Pak businessmen plan
pharmaceutical jvs New Delhi, April 26 — The thaw in India-Pakistan relations has spurred businessmen to moot joint ventures, identifying pharmaceuticals and engineering industry as potential fields for cooperation. Businessmen from the two sides agree that there is an urgent need to set up joint venture companies to optimise the comparative advantages of both countries through equity participation and technology transfer for the ultimate benefit of the peoples of the region. A 65-member business delegation which recently visited Pakistan has submitted its report for the government’s consideration. The delegation, led by Federation of Indian Export Organisations (FIEO) president Navratan Samdria, visited Islamabad, Karachi, Rawalpindi and Lahore and met captains of industry and trade representing various chambers in Pakistan. During the visit, an agreement for cooperation between FIEO and the Sindh Industrial Trading Estate (SITE) and another for establishing a joint business council of FIEO and the Islamabad Chamber of Commerce and Industry were signed. The delegation’s deputy leader, K.K. Jain, told IANS that it took pains to set at rest any doubts in Pakistan’s business community that by opening up trade, Indian goods would flood Pakistani markets. The delegation agreed that the Pakistani government should protect its nascent industries and suggested that it draw up a short list of industries which should be protected from import from India. Mr Jain said the interaction between the two sides was marked by “considerable goodwill, understanding and bonhomie”. The example of Bangladesh was quoted in favour of liberal trade relations. Bangladesh, which imports Indian cotton fabrics, makes shirts which can compete with those made anywhere in the world, it was pointed out. He said for joint venture companies, pharmaceuticals held promise as its products, brought in by foreign collaborators, were selling in Pakistan at prices four to five times those in India. Similarly, he said, there was vast scope for joint ventures in the engineering industry as very few engineering items were being produced indigenously in Pakistan. For follow-up discussions, a SITE delegation in expected to visit India next month. The delegation was originally scheduled to come this month but the dates were deferred because of political uncertainty in India following the fall of Prime Minister Atal Behari Vajpayee’s government. At the discussion in Karachi, Sindh industrialists had expressed interest in setting up a software park in the province on the lines of the one in Bangalore. Businessmen from both sides noted that the setting up of dry ports in bordering cities like Amritsar and Lahore could greatly facilitate trade between the two countries. Because of constraints of shipping services between India and Pakistan, a suggestion was made that a ferry feeder service be opened for passengers and goods between Mumbai and Karachi. The discussions in Pakistan were not totally free from political overtones, the delegation noted. A small section from the Pakistani side raised the Kashmir issue which it felt should be resolved first for securing meaningful economic cooperation. The Indian side steered clear of controversy and said contentious issues, a legacy of the past, should not keep the two sides apart in the context of competing and emerging developments in the global market, particularly under the World Trade Organisation (WTO) regime. The Pakistani business
community showed keen interest in cooperating with India
in the software sector, especially in resolving the Y2K
problem. Businessmen from both nations favoured a
proposal to set up bonded warehousing-cum-display centres
on either side of the Attari-Wagah border to facilitate
trade.— IANS |
NRIs came to India’s rescue WASHINGTON, April 26 (PTI) — Helped by NRIs’ contributions to “Resurgent India Bonds”, the Indian economy has not only survived the US-imposed economic sanctions, but also grown despite the Asian currency turmoil, several international economists have said. “India has managed a number of its economic policies well in recent years, certainly in the monetary sector, but the fiscal imbalance clearly needs redressing,” Managing Director of the International Institute of Finance (IIF) Charles Dallara told reporters here yesterday. Reactivation of structural changes, including in the private sector, was also needed immediately, he said. The IIF represents major financial institutions from around the world, including India. IIF’s chief economist W.R. Cline noted that NRIs’ contributions to the Resurgent India Bonds ensured that financial flows to India did not suffer due to the economic sanctions imposed by the US and other countries. However, there remains a “political challenge” in making fiscal adjustments, he said. Toru Hashimoto, Chairman of the Fuji Bank and the IIF’s Vice-Chairman, said that despite problems in the East Asian economies, India did “very well”. “All this suggests that in spite of the worsening trade deficit and other factors, there has been sufficient capital inflow (to India) to increase the foreign exchange reserves,” Hashimoto said. Dallara, in his annual letter to the Chairman of the interim committee of the IMF, said: “Recent action by the Paris Club to force Pakistan to seek bond rescheduling to achieve private sector burden-sharing seems ill-advised. “Countries that reschedule bonds are likely to jeopardise their access to new credit for some time. The adverse effects could extend to more creditworthy borrowers that are following sound policies and seeking to renew flows of private capital.” IIF Chairman John Bond said that while it appears that market sentiments regarding emerging markets have improved, business confidence remains fragile. William Rhodes, IIF Vice-Chairman, endorsed Dallara’s view that banks should not be forced to reschedule sovereign bonds. The IIF steering committee on emerging markets’ finance noted that of total net capital flows to 29 major emerging market economies for 1992-96, net private flows were almost eight times as large as those from the public sector. The IIF said that net
private capital flows to emerging market economies are
projected to remain modest in 1999 at $ 141 billion
compared with about $ 143 billion in 1998 and nearly 330
billion in 1996. |
S. Asia to halve poverty by 2015 WASHINGTON (UNI): China and South Asia, which includes India, are expected to halve their poverty by 2015, leaving fellow developing nations far away from the goal, according to a new World Bank report. Current forecasts for 1998-2001 suggest that only South Asia and China will grow fast enough to halve poverty by 2015, says the world development indicators 1999, its annual compilation of significant development facts and figures, made public here today. It says all developing regions have lost momentum in achieving their poverty goals. India and China, which together account for 38 per cent of the world’s population, have largely avoided the financial crisis that has shaken their Asian neighbours. Having opened to the global economy only recently, South Asia was insulated from the East Asian meltdown. However, its export growth and ability to raise project finance declined, compounded by the G-8 (Group of eight industrial nations) sanctions on India and Pakistan after they tested nuclear devices in May 1998. The sanctions were partly lifted in November last. It recalled how Pakistan came close to default on its foreign debt and its freezing of offshore accounts discouraged fresh inflows. Bangladesh was hit by floods. It, however, says that the region’s GDP growth slowed from 6.9 per cent in 1996 to 5 per cent in 1998. Even so, the region was a stabilising influence in Asia. The World Bank says that
regional GDP growth should recover to 5-6 per cent a year
in the next decade. The main risks are domestic: more
political will is needed to accelerate economic reforms,
it says. |
CRASH ... bears run amok ... 161 pts lost MUMBAI, April 26 (PTI) — The sensex went reeling down by 161 points under the onslaught of bear hammering on the BSE today following recommendation by the Union Cabinet for dissolution of the Lok Sabha. Punters resorted to reduce their positions unnerved by the country facing imminent mid-term poll after the Congress party decided not to form the minority government or support the Third Front. There was all-round selling by domestic institutions while the foreign funds remained sidelined awaiting for further developments on the political front. The market sentiment was also depressed by speculators covering positions for the settlement at the NSE with both the BSE and the NSE scheduled to remain closed tomorrow on account of Muharrum. Reflecting the market trend, the BSE sensitive index opened sharply lower at 3296.23 and after briefly rising to a high of 3322.89 continued to reel under selling pressure to close at 3245.27, down by 161.32 points from the previous close of 3406.59. The BSE-100 also fell sharply to close at 1408.80, with a fall of 73.05 points from the previous close of 1481.85. The BSE-200 ended lower at 321.94 and the Dollex at 124.79 from the last close of 338.57 and 131.89 respectively. Almost all scrips in the specified section closed with heavy to moderate losses, even a number of side-shares tumbled down on heavy bull liquidation. Pharmaceuticals and softwares shares were particularly sold heavily for reducing positions. Among the blue chips losers were ACC, Bajaj Auto, BHEL, BSES, Glaxo, Hind Lever, Infosys Tech, ITC Ltd, L&T, MTNL, Ranbaxy, Reliance, SBI and Telco. Whereas, in the side shares the prominent losers were ABB Ltd, Britania, Burrough Wel, Cadbury, Dr Reddy, Digital Equip, E. Merck, German Remedies, Guj Gas, Hero Honda, HDFC, Ind Shaving, Ingersoll Rand, Knoll Pharma, MDS Cement, MRF, Nicholas Lab, Pentafour Soft, Pfizer, Reckitt Col, Rhone Poulenc, Satyam Comp, SKF Bearings, Sun Pharma, Tata Tea, Thomas Cook, Wartsila, Wockhardt and Zee Tele. The total turnover on the Bolt system was Rs 1170.12 crore, ITC was the leader with a turnover of Rs 146.83 crore, followed by Pentafour Software Rs 146.46 crore, Satyam Comp Rs 98.54 crore, Zee Telefilms Rs 83.79 crore and Reliance Ind Rs 67.91 crore. ITC dropped by 51.75 to
888.25, Pentafour Software by 78.75 to 906.25, Satyam
Computers by 91.75 to 1058.25, Zee Tele by 67.50 to
967.50 and Reliance by 6.10 to 120.00. |
Rupee ends mildly lower against dollar MUMBAI, April 26 (PTI) - The rupee ended mildly lower against the US dollar after encountering tremendous early pressure due to the political uncertainties in fairly active two-way trade at the interbank foreign exchange (forex) market here today. The Indian unit closed at Rs 42.83/85 per dollar, slightly lower from the weekend finish of Rs 42.82/83 following an initial plunge to intraday lows of Rs.42.95/98 on a heavy rush to cover dollar positions by banks and importers due to the prevailing fluid political situation. The rupee opened distinctly weak at Rs 42.90/95. Rupee-dollar outright spot dealings were fairly hectic and buyer/seller spread wide, particularly in early morning business when the rupee came under severe pressure and dipped to intra-day lows of Rs 42.95/98 on a virtual scramble to cover dollar positions by banks. Nervousness gripped the forex spot trade owing to the fluid political situation, dealers said. The rupee, however, later attempted a rally on fresh dollar sales and unwinding of positions, partially discounting the political developments. “The rupee came under pressure mostly because of interbank play with hardly any notable corporate demand. Most corporates have a good part of their portfolio covered with the result there was no panic or excess speculation. Moreover, the rupee was contained within 43-dollar level,” a forex dealer commented. The Indian currency had breached the Rs 43.00-dollar psychological barrier and nosedived to Rs 43.10/15 in intraday trade on April 19 due to the political turmoil over the fall of the BJP-led government. In cross currency trades, the rupee attempted a mild rally against the euro and remained depressed against the British sterling. Opening slightly higher
against the single European currency unit at Rs 45.53/58
per euro from the weekend finish of Rs 45.56/58, the
rupee firmed up further at the close to Rs 45.45/47 per
euro. |
Phone on demand by 2002 likely NEW DELHI, April 26 — Countries of the Asia-Pacific region should evolve appropriate strategy for resolving issues relating to telecom accounting rates, the Chairman of Telecom Commission said here today. Inaugurating the third meeting of the Telecommunication Working Group for South Asia (Telework-S) organised by the Asia Pacific Telecommunity (APT) Mr Kumar said that electronic commerce, mutual recognition agreements and roaming in the region are becoming priority areas. The entire region is witnessing a phase of unprecedented growth with the introduction of new services like multi-media,intelligent networks, global mobile personal communication services and creation of information super highways. Digitalisation of communication links between India-Nepal and India-Bhutan has been completed and the process of dialogue is on for additional trans-border links. He said India is also initiating dialogue with Bangladesh and Pakistan in this respect. The New Telecom Policy, 1999, is aimed at ensuring universal services for all areas and new services for promoting the socio-economic development of the country, Mr Kumar said adding that the policy aims to make telephone available on demand by 2002. Member (Services)
Telecom Commission, Mr P.S. Saran stressed the need for
the economies of the South Asian region to harness
regional skills and resources and consolidate themselves
as the trading block to fierce global competitions. |
HC breather for Amitabh MUMBAI, April 26 (PTI) — Mumbai High Court today ruled that the court receiver would not take possession of assets belonging to AB Corp Ltd, formerly called Amitabh Bachchan Corporation Limited (ABCL). Hearing the Canara Bank versus AB Corp Ltd case, justice A.P. Shah, citing Section 22 of the sick industrial companies (Special Provisions) Act, 1985 ruled that as the company had been registered with the BIFR, the receiver could not take possession of ABCL’s assets. In an earlier ruling on March 17, the court had appointed a receiver to take possession of the company’s assets following a petition filed by Canara Bank against it for recovery of dues to the tune of Rs 10 crore. At the hearing today, it emerged that AB Corp Ltd had already referred itself to BIFR on March 15. However, on a plea made by Canara Bank’s counsel today, the court agreed that the bank could request permission from BIFR for taking possession of the company’s assets. The next hearing for the case has been tentatively fixed for June 22, as both the parties agreed that the case cannot proceed until the BIFR makes its move. The case is expected to
come up for hearing at BIFR in the middle of May, only
when it can be determined whether ABCL could be
registered as a sick company or not. |
ICICI net rises 7 pc MUMBAI, April 26 (PTI) — ICICI Ltd today reported a 7 per cent increase in its net profit in 1998-99 to Rs 1,001 crore, despite substantially enhanced provisions and write-offs amounting to Rs 472 crore. The provisions and write-offs include general provisions aggregating Rs 131 crore for substandard assets charged directly to the profit and loss account and Rs 108 crore write-down of equity investments. Provisions and write-offs in 1997-98 aggregated Rs 289 crore including Rs 73 crore write-down of equity investments. ICICI has also recast its financial statements in accordance with United States’ Generally Accepted Accounting Practices (GAAP) to facilitate effective communication with its international investors and in the interests of increased transparency, ICICI Managing Director and CEO K.V. Kamath told a press conference here. The recast, done by accounting firm KPMG, puts net profit at Rs 745 crore, compared to Rs 926 crore in 1997-98 as per US GAAP. Net profit under Indian GAAP for 1997-98 stood at Rs 936 crore. Mr Kamath said the primary reasons for differences between US GAAP and Indian GAAP are the stipulations as regards provisions for non-performing assets, valuation of long-term investments, accounting for mergers and front end fees. ICICI’s net owned
funds increased by 24 per cent from Rs 5,000 crore in
1997-98 to Rs 6,201 crore in 1998-99. |
CII to set up lab on
environment CHANDIGARH, April 26 — The CII will set up a laboratory here for environmental testing and monitoring this year. Announcing this at a press conference here today, CII (NR) Chairman Sunil Kant Munjal said the laboratory will cater to the needs of small and medium enterprises in the northern region. Equipment for the lab will be procured form Canada under a bilateral project between the CII and the Canadian International Development Agency. Mr Munjal, who was accompanied by Mr Vinayak Chatterjee, Deputy Chairman of the CII (NR), presented his priorities based on the theme “Economic growth through competitiveness and administrative renewal at the State level”. Referring to the
CII’s ongoing dialogue with the Chief Ministers, MPs
and senior bureaucrats of the northern States, Mr Munjal
said that several pronouncements have been made from time
to time but we have seen little action at the ground
level. Populist schemes must get replaces by economically
viable policies and the Northern State must move towards
a common market. |
Markfed plant’s turnover up
65% CHANDIGARH, April 26 — Markfed’s vanaspati plant at Khanna has increased its turn over by 65 per cent to Rs 102 crore during 1998-99 against Rs 62 crore last year. Announcing this here today, Mr G.S. Sandhu, MD, Markfed, said during the last six years, the plant’s utilisation capacity remained 30 to 35 per cent and now it has increased to 81 per cent in one year. Before fixing the targets for the year 1998-99, special stress was given to strengthening the marketing unit. Targets were given to create new contacts for marketing the edible products. Different products amounting to Rs 30.70 crore were supplied to the new contacts. The production unit has
also been strengthened to run the plant at full capacity.
During the financial year ending March 31, the plant
produced 24000 MTs of refined oils and vanaspati against
last year’s production of 16011 MTs. |
Marico to pay 55 pc NEW DELHI, April 26 (UNI) — Marico Limited’s Board of Directors today announced a final dividend of 55 per cent for 1998-99 having recorded a 24.9 per cent surge in net profit during the year. Net profit in the financial year stood at Rs 37.51 crore, as against Rs 30.04 crore a year earlier, a statement issued here today said. Marico’s sales during the period was 550 crore, up 12.2 per cent from Rs 490 crore in the previous year. Marico achieved a total revenue of Rs 553.1 crore during the period, a growth of 12.5 per cent over the previous financial year. The sluggishness in the market during the first half of the year was reversed in the second half. As against a growth of 9.1 per cent in the first half, revenue in the second half recorded a 15.5 per cent growth over the corresponding period in the previous year. Marico posted pre-tax
profits of Rs 44 crore, a growth of 20.7 per cent. |
China may be WTO
member before Nov At the end of US-China talks here today aimed at resolving remaining issues that had been a stumbling block in China’s admission into the WTO, Chinese chief WTO negotiator Long Yongtu said China and the USA both think the current round of talks are “constructive and beneficial to both sides,” Xinhua news agency said in a brief report. Last Friday top negotiators from the two sides had conducted two days of intensive talks but parted without obvious results. But, today they suddenly resumed negotiations on China’s WTO accession issue with the intention of speeding up the process. AFP reports from Paris: China will become a member of the WTO before November, Director General Renato Ruggerio told the International Herald Tribune daily in an interview published on Monday. “I believe we can have China in the WTO before November when the WTO begins its next trade round in agriculture, services and electronic commerce,” Ruggerio said. China’s
growth China’s gross domestic product (GDP) totalled 1.6784 trillion yuan (202.22 billion U.S. dollars) in the first three months of 1999, representing a growth of 8.3 per cent. China’s total foreign debt at the end of 1998 was $ 146.04 billion an increase of $ 15.08 billion or 11.5 per cent higher than a year earlier. Quoting figures from the State Administration of Foreign Exchange, Xinhua news agency said China’s long-term foreign debt, with maturity of one year or more, rose $ 15.88 billion to $ 128.7 billion, while short-term debt declined by $ 800 million to $ 17.34 billion. In 1998, China borrowed $ 45.66 billion and repaid $ 42.78 billion. Trade surplus The surplus, which has now gained for two fiscal years in a row on a Customs-cleared basis, is the second largest since it hit 14,401.7 billion yen in fiscal 1986. Despite the substantial
rise in the year ended March 31, a ministry official said
the growth in the trade surplus has been steadily curbed
and that such a trend will continue in the future, kyodo
news agency reported. |
HCL launches
cheaper PC BIFR declares
Paam Pharma sick Philips to sell
Pune Components KEC Intl books
Rs 1800 cr order |
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| Forex rates MUMBAI, April 26 (PTI) — The following were interbank forex and RBI rates (in rupees per unit). US $ Rs. 42.83/85 Gold rises Lens care Power tariff Competition Phones |
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