The rupee went lower against the dollar on Tuesday to finish at 43.03/04, largely in reaction to a statement by RBI deputy governor Jagdish Capoor on Monday that the bank will allow the rupee to find its own levels. Forwards, however, eased with the six-month annualised forward cover closing at 5.35 per cent (5.40 per cent). The rupee has lost nearly 1.50 per cent in the fiscal till date having closed at 42.43 at end-March 1999.

Meet endorses Kargil action

A joint meeting of the high-powered National Security Council, Strategic Policy Group and National Security Board on Tuesday decided that all necessary steps should be taken to repulse Pakistani intrusion in Kargil and that the country should be prepared for all eventualities. The meeting, presided over by Prime Minister Atal Bihari Vajpayee, unanimously endorsed the combined army and air force operation in Kargil as the right response to the Pakistani intrusion across the line of control.

External debtfalls

The country's external debt stood at $95.72 billion at the end of December 1998 falling from a peak of $99.01 billion in 1991 evidencing the country's successful economic policies that kept debt at manageable limits. Finance minister Yashwant Sinha said India's external indebtedness position was one of the cornerstones of the economic policies in recent years.

Free flow of foreign capital

Globalisation has thrown open the biggest challenge of creating the best climate for the free flow of foreign capital and India should encourage the use of equity capital which is universal and not the market-driven speculative capital, said former US secretary for state and Nobel laureate Henry Kissinger.

JVG chief granted bail

A Delhi court on Tuesday granted bail to VK Sharma, chairman-cum-managing director of the JVG group of companies, which had allegedly duped investors to the tune of Rs 425 crore, in seven cases against him. Additional sessions judge SC Mittal granted Sharma bail on apersonal bond of Rs one lakh and a surety of the like amount while directing him not to leave the country without the court's permission and tamper with evidence.

Spic net dips 36%

AC Muthiah group company Spic reported a 36 per cent drop in net profit to Rs 50.84 crore for 1998-99, from Rs 78.96 crore last year, despite an increased sales turnover of Rs 2,381.46 crore.

Common TV rating system

Leading advertising agencies, private satellite channels and advertisers want the two television audience measurement systems-INTAM and TAM-to publicly declare by July 31 that they would work together to promote a unified rating system.

SN Malik inducted into MTNL board

Former MMTC chief SN Malik and two others have been inducted as non-official directors in MTNL as part of broadbasing its board to give it greater financial and administrative autonomy under the navratna package. The other two new non-official directors who have been nominated by the government to the telecom utility'sboard are former RBI deputy governor RV Gupta and retired civil servant MP Khosla.

Ranbaxy chief allays fears

Ranbaxy chief Parvinder Singh has allayed fears of investors on ``unproductive'' huge investments totalling about Rs 330 crore in subsidiaries. Some shareholders present at the AGM and contacted by The Financial Express observed that overseas investments of Rs 330 crore had proved ``unproductive.''

Holderbank eyes acquisitions

Switzerland's Holderbank, a world leader in the cement industry, is eyeing India for acquisitions and is planning to increase investments in China. According to Thomas Schmidheiny, head of the world's heavyweight in the cement industry, the Swiss major is looking for a market presence in India but feels its market is ``so fragmented'' that there is not a company sizeable enough to attract major investments.

ABCL appeals dismissed

The Mumbai high court on Tuesday dismissed on merits two appeals filed by ABCL against its earlier order whichdirected ABCL to pay Rs 30 lakh towards dues payable to three companies from whom it had procured blank cassettes and spools. The appeals were dismissed by chief justice YK Sabrahwal and justice SH Kapadia who upheld the earlier order delivered on December 3 last.

Dabur Pharma's $5m unit in Britain

Dabur Pharmaceuticals has set up its first overseas arm in Britain with a $5 million investment commitment and is considering similar ventures in Russia as well as South African countries. Dabur Pharma is a division of the Rs 915-crore healthcare major Dabur India.

Markets need more depth: Rathi

The domination of a few select big players is an anathema to the growth of a strong and vibrant capital market. According to BSE president Anand Rathi it is imperative to increase the number of big institutional players in order to give more depth to the market and reduce volatility.

GIC seeks consultant

GIC is planning to appoint a strategic consultant shortly to advise on the industry's Rs17,000-crore investment portfolio. Six to seven leading management consultants like Arthur Andersen, Arthur D Little and PricewaterhouseCoopers have already made a presentation to the institution.

Nashik corporation bond issue

Nashik Municipal Corporation's Rs 100-crore bond issue has been marginally oversubscribed. With this, NMC has become the first of the total 16 municipal corporations in Maharashtra to raise funds through private placement of bonds.