New hydel policy to allow pvt participation; fresh initiatives for power proj.
The new hydel policy will announce a series of incentives for private sector participation in undertaking hydel projects either as a joint venture with a public sector undertaking or even independently. The Union power ministry said the the hydel plan and policy initiatives for mega power projects and the new liquid fuel policy would be made in the coming session of Parliament.
Normal rains again this year, forecasts the weatherman
The rainfall is likely to be normal all over the country for the eleventh successive year with the south-west monsoon set to reach Kerala around June 1. There will be no adverse impact of the recent nuclear tests according to the Indian Meteorological Department director-general RR Kelkar. The monsoons are expected to reach Mumbai around June 10, Calcutta around June 15 and Delhi by the third week of June.
Budget to target 5.5% fiscal deficit, says Merrill Lynch
Merrill Lynch, in its pre-budget review, has said that the forthcoming union budget would be a compromising one, combining fiscal stimulus and an attempt to reduce the deficit. The fiscal deficit would be targeted at 5.5% of the GDP from the current 6.1% for which revenue increases would be sought and certain sectors, such as insurance, may be opened up for limited foreign participation.
Dhoots step up open offer bid for Videocon Intl to Rs 165 a share
The Dhoots have revised their open offer price to the shareholders of Videocon International to Rs 165 from Rs 140 per share for a 2% stake hike permitted under the takeover code. The move follows a stellar performance by the group flagship's scrip, which rose from around Rs 60 at the time of the public announcement to Rs 150.60 on Monday, much above the initial offer price.
Indian Oil, Gail likely to lead divestment rally
The centre is likely to kick off its disinvestment programme for 1998-99 by offloading a part of its holding in the Indian Oil Corporation (IOC) and Gas Authority of India (Gail). The government is also of the view that the divestment could be attempted in the local market if a GDR is not found feasible.
Standard & Poor's alters six companies' foreign-currency rating outlook
Global rating agency Standard & Poor's (S&P) on Monday revised the foreign-currency rating outlook of six Indian corporates, including Reliance Industries and Telco, and three financial intermediaries -- IDBI, ICICI and Bank of Baroda -- from stable to negative. The long-term ratings have, however, been retained at BB-plus (BB+).
