DoT is likely to drop its plan to set up a telecom services board as the operational arm of the proposed department of telecommunication services. Sources said there was stiff resistance to the creation of such a board during the transition phase of corporatising the department primarily because of sweeping powers recommended for the board by a steering group set up by the Telecom Commission.

Reliance Patalganga to sell power

The Maharashtra cabinet has allowed Reliance Patalganga to sell power to a third party in case the MSEB fails to make payment to the company for the purchase of power within 30 days. Mantralaya sources said Reliance will be entitled to sell power to high-tension consumers or any other creditworthy consumers acceptable to the company or its lenders within or outside the state.

Ministry wants lower export credit rate

The commerce ministry wants RBI to lower the rupee export credit rate by 100 basis points and restorethe 9 per cent rate in the slack season credit policy to be announced on April 20. Ministry officials have reportedly argued that the euphoria generated by the new exim policy would not last unless backed by requisite support from the Reserve Bank.

Fiat Siena priced at Rs 5.5 lakh

Fiat India Auto on Monday announced a Rs 5.50 lakh price tag for the base petrol model of its much-awaited world car Siena. The petrol ELX version will carry an ex-showroom (Delhi) price tag of Rs 5,50,457, while the ELX-ps version has been priced at Rs 574,995, said a company statement. Bookings will commence from April 15 on a first-come-first-served basis.

Ranitidine price revised

The national pharmaceutical pricing authority has revised the prices of the bulk drug ranitidine from Rs 1,203 to Rs 1,255 a kg. The prices of dimethyl cholorotetracycline HCL too has been enhanced from Rs 4,332 to Rs 4,559 per kg by a notification issued on March 31,1999.

Survival strategies for steelfirms

Institutions have been hemming and hawing about taking on more exposures to steel firms. How can the domestic steel industry best restructure itself? What has the experience of steel industries been in different countries? The Financial Express takes a look below at some of these issues.

VSNL plans to list GDRs on Nasdaq

VSNL has initiated an exercise to get its GDRs listed on Nasdaq. Company sources said a series of meetings are scheduled to be held this week to finalise the details. If VSNL succeeds in its plan, it would be the first instance of an Indian firm listing its shares on Nasdaq without making an offer in the US markets.

Lubrizol stake valuation before sell-off

The Centre is expected to appoint a merchant banker to assess the value of its 60 per cent holding in Lubrizol India. Indian Oil, which will buy the stake, has already done an independent valuation with counsel from I-Sec. The outgo has been estimated at roughly Rs 65 crore.

CoromandelFertilisers buy-back

Coromandel Fertilisers has decided to buy back 20 per cent of its paid-up equity capital of Rs 24.37 crore for Rs 65 per share. The offer will open in the fourth week of June. CFL shares, according to the board, has low liquidity and the buy back offers an opportunity to the shareholders seeking liquidity, it is said.

RBI announces 10-year paper auction

The Centre will kick off its borrowing programme for fiscal 1999-2000 with the auction of a 10-year paper to mop up Rs 3,000 crore on April 7. RBI announced the auction on Monday. The market expects the coupon for the 10-year paper to be pegged between 11.97-12 per cent.

BoI gold bond scheme

Bank of India has structured a gold bond scheme which will offer twin products-savings as well as fixed deposit accounts-to provide maximum liquidity to the bond holders. BoI has submitted its scheme to RBI and is currently awaiting the gren signal from the central bank.

BSES refinance deal

Bank of America has putthrough a $10 million, 2-year refinance deal priced at 65 basis points over Libor for BSES. The transaction helped refinance the residual portion of a $50 million longer tenure IFC loan that BSES had contracted a few years back. The balance had either been repaid or pre-paid by BSES out of its GDR proceeds.

NBFCs to file return on liquid assets

RBI has directed all non-banking finance companies to submit statutory quarterly return on liquid assets to the respective regional offices of its department of NBFCs. The return is required to be filed in the prescribed form irrespective of whether an NBFC holds public deposit or not and also by finance firms whose applications for registration have been rejected, an RBI release said on Monday.

I-Sec report on inflation

Inflation is expected to be very low in the curent financial year and there is a possiblity of deflation, ICICI Securities has stated in its latest debt market update. "Many growth figures are measured on a YoY basis. Since,according to this methodology, abnormalities in a year affect the growth for the following year, we may witness very low levels inflation towards the end of the calendar year", it said.

Tyre exports dip 11 per cent in Apr-Feb

Hit by South Asian currency crisis and poor demand from Middle East, tyre exports by major manufacturers including Apollo, JK Tyres and Ceat fell 11 per cent during April-Febuary 1998-99 as compared with the same period last year. Exports during the first 11 months were worth Rs 657.82 crore as against earnings of Rs 739.04 crore during the corresponding period last year.