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Wednesday,
March 19, 2003, Chandigarh, India  
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A long war
can jolt economy Sensex may
jump on hopes of short war Nasdaq
expects 30 Indian listings French
perfumes for Chandigarh |
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Website
on US visa
Is Corpn
Bank good for long term?
Petro
dealers stir on Mar 20 likely
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A long war can jolt economy If war breaks out * Oil prices may shoot up by 45 pc New Delhi, March 18 When Saddam obliged India According to some analysts said Saddam Hussein's departure from the scene would adversely affect India's interests. They noted that when Saudi Arabia put India at the lowest priority during the oil crisis in the mid-70s, next only to Israel, then Prime Minister Indira Gandhi visited Iraq. Saddam Hussein immediately ordered diversion of Iraqi oil tankers from the high seas to India to meet its urgent requirements.
IANS Analysts say while India may manage to absorb the impact of a short war with little damage to oil supply, a long and messy military campaign will result in soaring oil prices, quashing the economy's attempts to right itself. A Ficci study on the impact of war on Iraq by the USA says that a prolonged war can actually push up the international oil prices to as high as $ 40 per barrel (48 per cent increase) creating a severe negative impact on the Indian economy. While the assessment by a team of experts at the federation says that probability of a prolonged war, that is more than three months, is very less, even a short war can lead to a 9 per cent increase in domestic oil prices in 2003-04. In case the war ends within a few days, the Wholesale Price Index is likely to go up by 4.5 per cent in 2003-04 against the 3.6 per cent increase estimated for 2002-03. The industrial growth may face slowdown by around 0.5 points , nearly 5.5 per cent in the next financial compared to 6.1 per cent that has been estimated for the current financial year. Supporting the estimates by past trends (Gulf War 1991), experts say the international oil prices would settle in the range of $23 to $ 25 per barrel, which is slightly higher than the normal levels. “The increase in oil prices in the recent past has mainly been a reflection of the market anxiety about the war and assigning of a war premium to oil prices. It is expected that as and when the tension in the Gulf subsides, oil prices will settle in the range of $23 to $25 per barrel”, the federation has pointed out. Another fact was the dismantling of the Administered Price Mechanism in the oil sector which existed till March, 2002, ensuring that the impact of any sharp fluctuations in the international prices was smoothened out through the mechanism of the Oil Pool Account. The experts have also ruled out the fears of oil supplies being cut off for a long time.
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Sensex may jump on hopes of short war
New Delhi, March 18 Analysts and traders expect the market to open firm and stage moderate rally in the early trade Wednesday after US President George W. Bush’s ultimatum to Iraq cleared uncertainty that had hung over global markets for months. The Indian stock markets were closed Tuesday for
Holi. “A relief rally in blue-chip equities will be perfectly in order when the market opens for trading tomorrow,” said Neeraj
Deewan, a stock market analyst. “Bush’s ultimatum to Iraq has cleared all uncertainties about war that wrecked investor sentiment in the past few weeks. The President's speech has left little doubt in investors’ minds a US-led attack on Iraq is imminent,” Mr Deewan said.
IANS
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Nasdaq expects 30 Indian listings
New York, March 18 According to Nasdaq officials, at least 30 to 40 Indian companies are likely to get listed on the exchange in 2004-05. "Some of the industries that are still important for the progress of India are exactly the industries Nasdaq really dominates and has made a great contribution to the world's capital markets," said David Weild, Vice Chairman of Nasdaq. "Today, we have three Indian companies listed on the Nasdaq (Infosys Technologies, Satyam Infoway and Rediff.com), compared to over 100 for Israel," Weild told a press conference here. "But I believe India ultimately could dwarf Israel in number of listings." Among the sectors Weild mentioned as having potential to list on the tech-laden Nasdaq stock exchange to raise capital include IT solutions, biotechnology, telecommunications and business process outsourcing. In the biotechnology sector, Weild saw a "great potential" in India, and said Nasdaq was the most suited route to access overseas capital market. Nasdaq's model of looking at growth potential rather than immediate profits were best suited for biotech firms given the fact that such companies have long gestations before returning profit. Weild also made it clear that in order to tap the true potential of listing on the Nasdaq, it was imperative for companies listed on it to have their equity research division based in the USA because of the time difference. "You cannot call somebody half way around the world to analyse a stock in the U.S.," he said, adding that that was one of the critical reasons for Israel's success with the American bourses. Weild said while 97 equity research analysts were covering at least one Israeli stock in the USA, the ratio was seven analysts for one stock for India. Alfred R. Berkeley, vice chairman of Nasdaq, said Nasdaq was looking at India with a 15-year perspective and said that was one of the reasons why it had established one of its few offices outside the U.S. in Bangalore.
IANS
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French perfumes for Chandigarh
Mumbai, March 18 Products from big names like Christian Dior, Baccarose, Nina Ricci, Escada, L’Oreal and Sonia Rykiel, so long available through the friendly neighbourhood smuggler, will soon hit store shelves even in small-town India. The French Government and India’s big retail chains have tied up for the “French Season in India”, a road show of the European nation’s cosmetic and fragrance industry. The French Season is moving from Mumbai to New Delhi, Bangalore, Ahmedabad, Pune, Kochi, Kolkata, Hyderabad, Gwalior, Chandigarh, Chennai, Goa and Pondicherry in the next three months. The first event in Mumbai, a three-day affair, was a glitzy do with the city’s celebrities flocking to the Taj Mahal Hotel downtown to be seen, and smelt. “The French Season was very popular in Mumbai. About 2,000 persons visited the exhibition,” Xavier Bertrand, commercial attaché, French Consulate, Mumbai, said. “It is a rare opportunity to study what people want. Sure we will be stocking a lot of perfumes from the exhibitors,” said Arvind Gala, a storeowner from the upscale Juhu Vile Parle Development area in suburban Mumbai. The French believe that the Indian market for perfumes is growing. Retailers who flocked to the show said the market for perfumes in India was about 20-30 million-strong. The fragrances still cost a bomb. A tiny 50 ml bottle of Baccarose is pegged at Rs 2,000 though a price conscious buyer may pick up the 100 ml bottle for another Rs 1,000 more. However, the French believe there is a market big enough to justify the hype and ad spends.
IANS
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Website on US visa
Washington, March 18 The website, http://unitedstatesvisas.gov/, is expected to serve as a single point of access to US visa information. With sections titled “Doing Business and Working Temporarily in the USA”, “Studying in the USA and Coming on an Exchange”, “Visiting the USA”, and “Coming Permanently to the USA”, it is designed to help users find information about current visa rules and procedures quickly and easily. The campaign aims to decrease the confusion associated with US visa policies.
IANS
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