Exim policy to be presented today
The Centre may seek to mollify exporters peeved by a rollback of tax concessions but it will keep reforms moving ahead in its latest Exim policy plan due on Friday, analysts and industry officials said. India has five-year-long Exim policies - the current one runs from April 1997 to March 2002. But it fine-tunes the policy every year.RBI to unveil credit policy on April 27
The Reserve Bank of India will announce its monetary and credit policy for 2000-01 on April 27. Governor Bimal Jalan will meet the chief executives of all commercial banks to announce the policy. Bankers are, however, expecting a cut in the bank rate and cash reserve ratio ahead of the policy.
Sebi may relax margins
Sebi said on Thursday an expert group had been set up to examine risk management in stock exchanges, including the issue of margins and circuit breakers. Sebi chairman DR Mehta said margins imposed on stocks could come down, as there was a perception they were too high.
MTNL appeal against I-T action
The Government on Thursday allowed the state-owned MTNL to appeal against the income tax department's refusal to allow licence fee worth Rs 198.68 crore in the assessment year 1996-97.
ICICI Bank ADS closes at $15
The ICICI Bank ADS remained a hot property on the second day of trading on the New York Stock Exchange. After listing at $14, the ADS closed Day 1 at $14.25. On Wednesday, the scrip consolidated its gains, and closed at $15.
Icra downgardes ACC debt plan
Rating agency Icra has downgraded a string of non-convertible debenture programmes of ACC, aggregating Rs 500 crore, to LAA from LAA+.
Modi Rubber stake
The Modi family is keen to acquire a controlling stake in Modi Rubber by buying the entire 44 per cent equity of financial institutions, ModiCorp chairman BK Modi said on Thursday. Modi said if the deal materialised, it would increase the family's share in the company to 58 per cent.
Maruti, Mercedes, Bajaj exports fall
The acceptance of `Made in India' vehicles in the global market showed a declining trend, as players-including Maruti, Mercedes Benz India, Mahindra & Mahindra, Bajaj, and LML-posted negative exports growth during the first 11 months of the current fiscal. Maruti car exports dipped by 11.7 per cent to 17,077 units in April-February of 1999-2000.
Ford may move MRTPC
Ford India is considering approaching the Monopolies and Restrictive Trade Practices Commission against Hyundai Motor and its advertising agency Saatchi and Saatchi for making disparaging comments on its mid-size car `Ikon' in an advertisement.
BoI cuts deposit rates
Bank of India has cut its three-year term-deposit rates by 50 basis points with effect from April 1. The deposit rates of other slabs remain unchanged. The rates on domestic term deposits for three years and above and non- resident (external) term deposits for three to seven years have been cut from 10.50 per cent to 10 per cent.
-- Compiled by S Hariharan
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.