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Tuesday, May 26, 1998

	Rupee hits all-time low against dollar The Indian rupee declined to a record low on Monday amidst fears that foreign capital inflows would slow down after Standard & Poor's revised its ratings outlook on India to "negative" from "stable". The rupee fell below the 41-mark to touch an all-time low of 41.18/20 against the dollar at the inter-bank foreign exchange market. However, the stock markets ignored the S&P warning and closed steady even as S&P revised the outlook for six Indian companies.		Sebi advises against 4 plantation firms The Securities and Exchange Board of India yesterday advised investors not to put their money in four collective investment schemes that were rated as highly speculative. Sebi said that investors should not invest any funds in Swaranbhoomi Forests (India), Rose Valley Resorts & Plantations, Timber World Resorts & Plantations India and Hariyali Plantations (India) unless they can afford to take the risk of losing their investments.
	DoT mulls revenue sharing with bidder Telecom Commission chairman AV Gokak on Monday said the department of telecommunications (DoT) was considering a different methodology for the second round of bidding for basic telecom circles. The licence fee-based bidding system had rendered a large number of projects unviable and hence DoT was considering an alternate system of bidding, he said.		IOB profits move up marginally Indian Overseas Bank has posted a marginal 8% increase in net profit to Rs 113.1 crore for the year 1997-98 from Rs 104.50 crore in the previous year. The gross profit was pegged at Rs 154.3 crore as against Rs 129.4 crore recorded the previous year. This is the fourth consecutive year the bank has posted a profit in the post-reform phase of Indian banking.

Wipro net up 87%, software exports boost bottomline
Wipro, the holding company of Wipro Corporation, has recorded a sales turnover of Rs 1,500 crore during 1997-98 -- up by 15% -- and a profit after tax of Rs 107.9 crore, an 87% rise over the previous year. The market capitalisation of the company is Rs 7,700 crore which has increased by five times over the levels in the previous year.

Compromise budget ahead: Merrill
DSP Merrill Lynch has said that forthcoming Union Budget would be a `compromise budget' combining fiscal stimulus with an attempt to reduce the deficit. It said the fiscal deficit would be targeted at 5.5% of GDP from the current 6.1% by increasing revenue collection. And certain sectors like insurance may be opened up for limited foreign participation.

Pivotals remain steady
Pepsi charges Coke with more poaching of officials
Alcan cries foul; FIs studying new offers
Dhoots up offer price to Rs 165