Following the recent downgrading of IFCI's long-term debt rating by Icra, Crisil on Saturday expressed concern over the asset quality of ICICI and IDBI and its consequent impact on the long-term instruments floated by the institutions. Crisil said its concern stems from the stress caused on the institutions' asset portfolios due to the continued weaknesses in certain sectors of the industry.

Badla rates shoot up to 19.5%

Badla rates on the BSE registered a sharp rise to touch an intra-session high of 19.5 per cent before stabilising at an average annualised level of 13.2 per cent. The rise was attributed to the rise in long positions at the exchange. According to brokers, the fear of an Indo-Pak war had seen several badla financiers move out of the market resulting in a sudden drop in the supply of funds in the system.

IT brand equity fund on cards

Department of electronics secretary Ravindra Gupta said the Government will soonfloat a fund for promoting brand equity for infotech companies on the lines of the recently-floated IT venture capital fund. The fund, which would be utilised for marketing the infotech products abroad, will take off within a year.

White Paper on environment

The Government on Saturday hinted at the possibility of making environment-audit compulsory and ISO 14000 certification mandatory for all industrial units. Prime Minister AB Vajpayee, while releasing the State of the Environment Report, however, made a feverent appeal to the industry and cautioned not to wait for either the Centre or the judiciary to enforce environmental laws.

Foreign currency assets up $89 million

The country's foreign currency assets increased by $89 million to $30,613 million during the week ended May 28, 1999. The forex reserves as on May 28 stood at $33,532 million, according to the Reserve Bank's weekly statistical supplement. The Government also reduced access to ways and means advances from RBI by Rs 3,759crore during the week ended May 21, 1999 to Rs 3,525 crore.

Chamera power project

Union power minister PR Kumaramanglam on Saturday laid the foundation stone of the 300mw Chamera stage II power project at Karian in Chamba district. The project will be constructed by NHPC at an estimated Rs 1,700 crore and is expected to be completed within five years. The project will generate 1500 million units of power annually. Himachal pradesh will get 12 per cent free power from the project.

Indo-Biocare tieup

Indo-Biocare has entered into a strategic alliance with global animal healthcare products major Lohmann Animal Health of Germany and Quatchem of UK for distribution of their products in the country. The company hopes to have manufacturing a tieup with the firm shortly.

Thermax's Operation Thunderclap

Thermax has completed Operation Thunderclap under which key portfolios were re-allocated and regional set-ups restructured. The recast at the top is to enable the group, which postedless than satisfactory results in 1998-99, to re-engineer its main business for higher profitability and growth.

Sintex eyes furniture market

Sintex Industries, which is already the largest plastic-tank manufacturer in the country, is now eyeing the Rs 14,000-crore plus domestic furniture market. According to director SB Dangayach, the company has planned a two-pronged marketing strategy to sell its PVC furniture. It will either sell pre-laminated sheets through retail outlets or sell them as furniture.

Dundee Mutual Fund

Dundee Mutual Fund, sponsored by Dundee Bancorp Inc, Canada, has announced the launch of Dundee Sovereign Trust - a dedicated gilt fund. This the second scheme from Dundee. The scheme has received RBI approval for investments by NRIs, overseas corporate bodies and FIIs.

Work on Devanahalli project soon

Work on the international airport project at Devanahalli will start before the end of next month, civil-aviation minister HN Ananth Kumar said on Saturday.Global tenders for the project would be floated in a day or two. The minister said an MoU had already been signed, under which the Airports Authority of India and the Karnataka State Industrial Investment and Development Corporation each would hold 13 per cent equity and the global partner the rest.

Hudco approves Rs 1,034cr projects

Buoyed by its impressive performance last year, state-owned Hudco has okayed Rs 1,034-crore projects in the first two months of the current fiscal. The projects cover both housing and urban infrastructure, CMD V Suresh said. Sanctions had crossed Rs 6,666.67 crore in 1998-99, he said. The projects include the Worli-Bandra sea-link project at Mumbai at Rs 412.37 crore.

Counting of votes for Goa assembly

Counting of votes polled in 39 assembly constituencies that went to polls on Saturday will be taken up at 0800 hours on Sunday. Of the nearly nine lakh electorate, 65 per cent voted in the elections. The entire balloting was done for the first time usingelectronic voting machines.

Vijayraje retires from politics

Senior political leader Vijayraje Scindia has retired from active politics and would no longer contest any election. In a statement here, her personal secretary SC Angre said that Scindia had decided not to fight the coming polls from Guna-Shivpuri constituency due to her prolonged illness. The BJP high command would decide the party candidate from this constituency.

Of art and art galleries

Coho circuit, a free-guided tour to art galleries in south Mumbai on the last Saturday of every month, is Mumbai's answer to London's Soho and Paris' Left Bank.

Net Stocks

Though Internet stocks are not so hot any more in the US, consumers' interest in online financial services is growing.

Cleaner bottomline

Clean Technology Initiative is making headway in sensitising local industry to the business sense in green practices.

Beyond colleges

Power System Consultants is organising a training programme in powerprotection systems this week.