A "Max I love you" sign on the shirt of this model, also wearing a fake leopard skin miniskirt and matching bag at D & G, the youth line of designers Domenico Dolce and Stefano Gabbana, at their Spring-Summer fashion collection in Milan on Sunday. — AP/PTI

Sigma plant inaugurated at Mohali CHANDIGARH, Sept 27 — Indo-German joint venture plant, to manufacture anti-vibration rubber parts was inaugurated today at Mohali by Mr Konrad Ellegast, Chairman, Phoenix AG of Germany, Mr Vinod Raval, Executive Director, Telco, was the guest of honour. Maruti declares 30 per cent dividend NEW DELHI, Sept 27 — The shareholders of Maruti Udyog Ltd at the company’s 18th annual general meeting today approved a 30 per cent dividend for 1998-99 amounting to Rs 39.69 crore and ratified the appointment of Jagdish Khattar as Managing Director of the company.

Him Futuristic grows 116 per cent
SOLAN, Sept 27 — Himachal Futuristic Communications Ltd has recorded a growth of 116 per cent after achieving an all-time high net sales of Rs 392 crore during the last fiscal year as against the turnover of only Rs 181.1 crore in 1997-98.

FDI flow to India declines: report
NEW DELHI, Sept 27 — Foreign direct investment inflow to India fell sharply during 1998 with analysts attributing the drop primarily to the South East Asian crisis and economic downturn in the region.

Zee Telefilms’ share value changed to Re 1
MUMBAI, Sept 27 — The board of Zee Telefilms Ltd today decided to split its Rs 10 share into 10 shares of Re 1 each. In its notice to the Bombay Stock Exchange the company said its extraordinary general meeting seeking shareholder approval would be held on October 25, 1999.

NSE and BSE trade timings rescheduled
MUMBAI, Sept 27 — The BSE and the NSE have rescheduled trading period for the current and next week to compensate the lost time as a result of “sun outage” affecting the VSAT network.

Reliance acquires Raymond Synth
MUMBAI, Sept 27 — Reliance Industries Ltd today announced that its polyester filament yarn capacity would rise by 30 per cent following the acquisition of Raymond Synthetics Ltd by its associate company, Silvassa Yarn and Investments Ltd.

Sinha for free hand to tackle poverty

WASHINGTON, Sept 27 (UNI) — Finance Minister Yashwant Sinha has sought a free hand for nations to evolve their overall strategy for the alleviation of poverty.

In a statement at the annual meeting here of the Development Committee, the policy-making body of the World Bank, he welcomed the World Bank’s proposal to link debt relief to poverty alleviation. "We consider that all available resources must be effectively used to achieve the goal of poverty reduction and the HIPC (Heavily Indebted Poor Countries) debt initiative cannot be viewed in isolation,’’ he added.

He, however, said that the World Bank’s willingness to build its poverty reduction strategy, on the existing framework within each country to revolve around a clear set of outcome oriented goals was a welcome feature.

Mr Sinha supported the bank’s enhanced HIPC framework providing "deeper, broader and faster’’ debt relief to HIPC countries, hoping that the developed countries would contribute additional resources generously in meeting the cost of the enhanced HIPC initiative.

The minister said the transfer of resources from the World Bank’s net income should be avoided since that could only be at the cost of its financial integrity or reduced availability of funds for the development and poverty alleviation. "Already substantial part of the net income has been diverted even against the will of the developing countries,’’ he remarked.

He supported the demand for enhanced relief to facilitate poverty reduction in vulnerable countries.

Referring to the proposed international financial architecture and the role of the World Bank, he said, "we should avoid a one-size fits all model and instead recognise the specificity of local circumstances and capacities, in tailoring our interventions.’’

Mr Sinha said developing countries should also be prepared to safeguard their interests and ensure that they realised fully the benefits that were expected to accrue as a result of the obligations assumed in the Uruguay round.

PTI: India and China have agreed to further boost mutual cooperation between the two countries in various fields as both the neighbours have common approach on many issues.

Finance Minister Yashwant Sinha and his Chinese counterpart agreed at a meeting here yesterday that the two countries, should further interact towards boosting bilateral ties, Shankar Acharya, Chief Economic Adviser to the government and V. Govindarajan, Additional Secretary in the Ministry of Economic Affairs, told reporters here today.

A Chinese delegation is expected to come to New Delhi some time in November to study the Indian process of budgetary allocations, they said.

Mr Sinha also met his Russian counterpart and discussed with him IMF’s new "architecture", Acharya and Govindarajan said.

During the meeting, India and Russia agreed that the developed countries should contribute more to debt relief for the highly indebted poor countries and that "money for the poorer countries should not come from poor countries’’ through depleting the resources of the World Bank beyond its capacity to contribute.

Prices of gold zoom to 11-month high

MUMBAI, Sept 27 (PTI) — Gold prices today zoomed up to touch an 11-month high with 22-carat gold touching Rs 4095 at the opening of the local bullion market following a steep rise in prices in Hong Kong and Australian markets. In Hong Kong, the price of the yellow metal shot up by US $ 17 in a single day to touch $ 284.00 per ounce, while the prices in Australia rallied by almost six dollars to $ 274 per ounce.

In the local market, the previous highest for 22-carat gold was Rs 4060 per ten gram registered on October 8, 1998. Standard gold went up to Rs 4425 as compared to a previous high of Rs 4390.

In the Delhi bullion market the gold prices zoomed up by Rs 225 to Rs 4450 per 10 gram.

Silver too followed the firm trend and scaled up to display a remarkable rise.

A pledge by European commercial banks at their annual meeting on Sunday not to exceed official gold sales from 400 tonnes annually over the next five years and total sales for the period would not top 2000 tonnes, had a positive effect on the market sentiment.

In a joint statement issued by 15 ECBs, led by the European Central Bank, said: “Gold will remain an important element of global monetary reserves”.

“A rise of Rs 225 per 10 gram in gold prices was remarkable and boosted the market sentiment when there was hardly any buying in the market these days”, said Suresh Verma of Omsons Jewellers.

The firm trend which had emerged after the second sale by the Bank of England got strengthened with this news and the gold prices were expected to reach new heights.

People normally do not buy anything new during these two weeks of “sharads”, considering as inauspicious days in Hindu mythology.

Marketmen said the International Monetary Fund’s decision to offload 14 million ounce of gold to some leading central banks of the world and avoid selling in the open market was another favourable news.

They said gold was traded around Rs 4400 per ounce in the first week of May this year. Thereafter, it continued to seek lower levels in the absence of any worthwhile support.

The following were today’s quotations in Delhi: silver .999 (ready) 8030 and delivery 8050, silver coins buyer 11,000 and seller 11,100, standard gold 4450, ornaments 4300 and sovereign 3750.

Him Futuristic grows 116 per cent
From Our Correspondent

SOLAN, Sept 27 — Himachal Futuristic Communications Ltd (HFCL) has recorded a growth of 116 per cent after achieving an all-time high net sales of Rs 392 crore during the last fiscal year as against the turnover of only Rs 181.1 crore in 1997-98.

HFCL Managing Director R.M. Kastia, while addressing the annual general meeting of the company here today said that the substantial increase in the volume of sales has resulted in a spectacular growth in profits. The company made a net profit of Rs 39.95 crore which represented a healthy growth of 154 per cent over its previous year’s figure of Rs 14.14 crore.

He declared a dividend of 10 per cent on equity shares, 14 per cent on redecmable preference shares and 14.5 per cent on the cumulative ones. The company would have paid a much higher dividend but for “the heavy capital expenditure for enhancement of capacities in anticipation of significant growth of the telecom sector which for reasons, that were well known, could not take place”.

HFCL had run into rough weather after the fall of former Union Communications Minister Sukh Ram and subsequent phase of stagnation in the telecom sector.

Dr Kastia said that the company now seemed to have achieved a turnaround. The net profit of Rs 8.33 crore during the first quarter of the current year was about 205 per cent higher than the profit of Rs 2.73 crore in the corresponding period of the previous year.

Outlining the future growth areas of his company, Dr Kastia said negotiations for the export of COR DECT and Wireless Local Loop systems to Botswana and Brazil were at an advanced stage.

HFCL would also lay stress on creating its own Intellectual Property Rights in the field of application software in the telecom sector. There was a complete vacuum in this particular field in the country as all telecom software was at present being imported. The company proposed to strengthen its R&D Department by raising its present strength of about 100 engineers and technocrats to 300 shortly.

Dr Kastia also announced the company’s plans of giving its shareholders the option to convert their present HFCL “paper” shares into electronic ones in the near future. This facility would greatly enhance trading in the company’s shares. Of late HFCL shares, which had hit an all time low of about Rs 25 after touching a peak of over Rs 350, had bounced back and were being quoted at Rs 275 each. These had also come to be listed in the select list of 150 BSE-Forward/NSE scrips.

Sigma plant inaugurated at Mohali
Tribune News Service

CHANDIGARH, Sept 27 — Indo-German joint venture plant, to manufacture anti-vibration rubber parts was inaugurated today at Mohali by Mr Konrad Ellegast, Chairman, Phoenix AG of Germany, Mr Vinod Raval, Executive Director, Telco, was the guest of honour.

The joint venture, Sigma Phoenix India Pvt. Ltd (SPIL) is between Sigma Corporation India and Phoenix AG.

SPIL, having a 50 : 50 equity participation and a technical tie-up with Phoenix has been set up at a cost of Rs 20 crore. The plant and machinery have been imported from Germany. As per the agreement, the technology will be updated for the next 50 years by Phoenix AG.

Seventyfive per cent of the products will be exported to Germany for original fitment on European vehicles and the balance 25 per cent is proposed to be sold to domestic vehicle manufacturers, including Tata-Indica, Mercedes, Ford, G.M. Opel, Honda, Daewoo and Hyundai.

The company is expected to make exports worth Rs. 35 crore in the year 2000. In the second year, it expects to increase its exports to Rs. 45 crore.

Maruti declares 30 per cent dividend

NEW DELHI, Sept 27 (PTI) — The shareholders of Maruti Udyog Ltd at the company’s 18th annual general meeting (AGM) today approved a 30 per cent dividend for 1998-99 amounting to Rs 39.69 crore and ratified the appointment of Jagdish Khattar as Managing Director of the company.

The AGM also adopted annual accounts for the financial year ended March 31, 1999. During the fiscal, Maruti Udyog recorded a net profit of Rs 522.97 crore and a profit before tax of Rs 784 crore on a turnover of Rs 8180 crore, a company release said.

The shareholders approved Khattar’s appointment as the Chief Executive Officer of the company with effect from August 18, 1999.

The meeting was chaired by Khattar in the absence of Maruti Chairman Y. Saito.

FDI flow to India declines: report
Tribune News Service

NEW DELHI, Sept 27 — Foreign direct investment (FDI) inflow to India fell sharply during 1998 with analysts attributing the drop primarily to the South East Asian crisis and economic downturn in the region.

FDI to India fell to $ 2.26 billion during 1998 from $ 3.35 billion in 1997, according to the World Investment Report, 1999 which was released by the United Nations Conference on Trade and Development (UNCTAD).

Dr Nagesh Kumar, a senior fellow with the Research and Information System for Non-aligned and other developing countries said unlike China, India was more dependent on ‘unconventional’ sources of FDI which included Korea and Malaysia. Consequently, a crisis affected East Asia translated into lesser FDI flows into India.

The FDI inflows to developing Asia have weathered the financial crisis that hit the region in 1997-98 and the economic downturn that followed. Flows into the region were $ 85 billion, compared to $ 96 billion in 1997.

Zee Telefilms’ share value changed to Re 1

MUMBAI, Sept 27 (PTI) — The board of Zee Telefilms Ltd today decided to split its Rs 10 share into 10 shares of Re 1 each. In its notice to the Bombay Stock Exchange the company said its extraordinary general meeting seeking shareholder approval would be held on October 25, 1999.

Infosys Technologies proposes to split its each Rs 10 share into five shares of Rs 2 each to increase liquidity without changing the equity size, company sources said.

The company’s Board of Directors is expected to take up the issue on October 8 since the share prices have appreciated heavily and the retail investors are hesitant to participate in the stock, company sources said.

NSE and BSE trade timings rescheduled

MUMBAI, Sept 27 (PTI) — The BSE and the NSE have rescheduled trading period for the current and next week to compensate the lost time as a result of “sun outage” affecting the VSAT network.

While trading on the BSE will be held between 9 a.m. and 4 p.m. the NSE has revised market timing from 9.45 a.m. to 10.40 a.m. and 11.25 a.m. to 4 p.m. keeping pre-open time from 11.15 a.m. to 11.25 a.m. for cancellation of orders.

NSE has asked trading members not to log off during the period when the market is closed but to keep the trading screen on. BSE said that carry forward session will be held on Friday, October 1, on account of holiday on October 2.

Reliance acquires Raymond Synth

MUMBAI, Sept 27 (PTI) — Reliance Industries Ltd today announced that its polyester filament yarn (PFY) capacity would rise by 30 per cent following the acquisition of Raymond Synthetics Ltd (RSL) by its associate company, Silvassa Yarn and Investments Ltd (SYIL).

SYIL has entered into an agreement with Raymond Ltd to acquire the latter’s stake (36 per cent) in RSL at a price of Rs 5 per share and will make an open offer for another 20 per cent from the public and other shareholders.

In a statement here today, RIL said it would utilise RSL’s polyester capacities under a long term conversion agreement, in which RIL would supply the basic raw materials (PTA and MEG) for the entire polyester capacity of RSL.

With the addition of RSL’s polyester capacity, Reliance’s annual capacity is slated to increase from the current 2,28,000 tonnes per annum (TPA) to around 300,000 TPA making it the fifth largest PFY producer in the world, it claimed.

In terms of the domestic market, Reliance’s market share would further increase from 25 per cent to 32 per cent.

Ambala to have iceland project

VIJAYAWADA, Sept 27 (UNI) — Golden Projects Limited, a part of the Rs 3,100 crore Golden” group of companies, has tied up with an Australian firm to develop artificial “Iceland” at a cost of Rs 120 crore it in different parts of the country to promote tourism.

Disclosing this to newsmen from here at Ambala, its Chairman R.K. Syal said the artificial Iceland would be set up at Ambala on the Chandigarh-Delhi National Highway, also at Kotbilla (Haryana), Gurgaon and near Mussoorie.

The Australian firm will bear 90 per cent of the project cost including technology while the company will provide the land.

The group, which is developing a chain of tourist resorts, hospitals and public schools, has a tie-up with a Canadian firm for pre-fabricated structures for houses in different parts of the country, including Patiala, Mohali, Panchkula and on the outskirts of Chandigarh.

Mr Syal said the company had purchased more than 20,000 acres, 600 acres near Gurgaon, 250 acres near Patiala and 300 acres near Hoshiarpur for creating infrastructural facilities.

The Golden group will shortly set up a Rs 48 crore eco-friendly power project near Ambala to generate 13 MW of power from agricultural waste.

Corporation Bank likely dark horse

WITH the exit polls now suggesting that even this general election is unlikely to deliver a decisive verdict, there seems to be a recalculation on at the bourses and for once the FIIs seem to have been on a firm footing pressing sales in the past few weeks.

At the moment, it is only those operators who have built up large positions who continue to remain very positive about the post-results scenario. Yet, provided the corrective phase stretches-over the next couple of weeks, a rally could well materialise once the new government is in place.

But at the moment, all the action seems concentrated on the software sector with Infosys Technologies leading the rally as usual. Traders can contemplate taking up long positions at the counters of Aptech at Rs 870 (square up at Rs 915) and Pentafour Software at Rs 610 (square up at Rs 655).

Short positions could be considered at the counters of VSNL at Rs 1025 (cover up at Rs 990) and HDFC at Rs 280 (cover up at Rs 265).

The dark horse bet of this week is Corporation Bank, while a potential portfolio pick at the present low price level is BASF, which is a FERA company. As always, the parting line is — book a profit when you see it.

SBP branch
CHANDIGARH, Sept 27 (TNS) — The State Bank of Patiala has computerised its Sector 38-C, branch here with the introduction of Bankmaster. It is the 11th fully computerised branch of the bank here. Mr R.S. Nanda, General Manager of the bank, inaugurated it.

Canara Bank
NEW DELHI, Sept 27 (TNS) — The Internet subscription account of VSNL can now be opened and renewed through the branches of Canara Bank in the Capital. The 22 branches will handle Internet application where a subscriber can collect the application form and pay the subscription fee in cheque, cash or demand draft.

Elected
LUDHIANA, Sept 27 (TNS) — Mr Vishwanath Dhiri has been re-elected Director of the Ludhiana Stock Exchange for a three-year term. Mr Rajiv Kalra and Mr R.C. Singal have also been elected Directors of the LSE.