Doomsday fear on Saturday prompted Mumbaikars to stay at their homes to avoid panicky-like situation even as rumours about earthquakes, floods, cyclones, wars and landslides were talk of the town, UNI reports. Be it trains or buses in the otherwise busy metropolis, less crowd was seen. Though, it was a Saturday (that too second Saturday), several of city-dwellers preferred to be at home rather going to their offices or area of work. People who were seen commuting in local trains, buses or by other means were seen talking about the doomsday fears and were discussing all kind of rumours. It all started when an astrological magazine predicted natural calamity on Saturday (May 8) because of a special planetary configuration.

Foreign exchange reserves dip

The total foreign exchange reserves of the country declined by $54 million (Rs 120 crore) to $32,538 million (Rs 1,39,328 crore) during the week ended April 29, 1999, according to the ReserveBank of India weekly statistical report on Saturday. The foreign currency asset also dropped by $13 million (Rs 179 crore) to $29,611 million (Rs 1,26,794 crore) during the same week.

Panel submits film financing report

The Indian Banks' Association's committee on film financing, chaired by Bank of Baroda CMD K Kannan, on Saturday submitted the report to the association chairman AT Paneer Selvam. The report will be taken up for discussion at the IBA management committee meeting on May 20. The panel has analysed the high risk business of film financing and recommended higher lending rates in this segment.

Pak may accord MFN status to India

In its bid to get into the Indian Ocen Rim Association for Regional Cooperation (IOR-ARC), Pakistan may finally agree to accord the Most Favoured Nation (MFN) status to India, which it has been holding back despite the latter according the same to Islamabad years ago.

NHPC net jumps 32%

National Hydroelectric Power Corporation on Saturdayannounced a 32 per cent increase in net profit for 1998-99 at Rs 393.87 crore compared to Rs 299.42 crore in the previous year. The turnover went up by about 8.7 per cent to Rs 1,222 crore (Rs 1123.48 crore), NHPC chairman and managing director Yogendra Prasad said.

Graphite India posts Rs 15.47cr net

Graphite India, a KK Bangur group company, posted a total income of Rs 220.45 crore for the year ended March 31, 1999 as against Rs 216.70 crore in the previous year. Net profit increased to Rs 15.47 crore from Rs 14.15 crore in 1997-98.

Moulinex, Gravs Appliances tie up

The $1.5-billion French small domestic appliances manufacturer Groupe Moulinex is setting up a joint venture company with Delhi-based Gravs Appliances for marketing a range of kitchen products in the country. The new company--Moulinex Home Appliances--is set to be operationalised in a few months.

Sashi Kumar to be advisor to Asianet

Journalist-turned-entrepreneur Sashi Kumar, who divested his entire stake inMalayalam satellite channel Asianet, has said he would continue to be an advisor to the channel while exploring other options including setting up his own television software production company.

Elder Pharma ties up with Italian firm

Elder Pharmaceuticals announced the launch of its new joint venture company, Earth, Wind and Fire (EWF) Pharmaceuticals Pvt Ltd in association with Rottapharm of Milan, Italy. Managing director Dr Anuj Saxena told reporters the company plans to launch a host of innovative products.

NIIT appoints US unit's CEO

James G Gionfriddo, a leading American information technology expert, has taken over as the president and chief executive officer of NIIT's US subsidiary. Vijay K Thadani, co-founder and CEO of NIIT, said Gionfriddo's exceptional management and technical expertise in IT consulting would play a significant role in realising NIIT's goal of emerging as a global IT services player.

IN Cablenet names president

IN Network announced the appointmentof Dileep Gupte as president of IN Cablenet, the cable division of IN Network, on Saturday. Gupte, a BE and an IIM - Ahmedabad alumni, has worked with HLL and the Birla group.

Decision on sugar import checking

Faced with a more than comfortable sugar supply in the domestic market, the Government may curb cheap sugar imports into the country in the next few days, Union minister for food and civil supplies Surjit Singh Barnala said.