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Monday, May 11, 1998

	Stagnating exports The country's foreign trade is under pressure. This has received less than due attention because foreign currency reserves have shown a sustained bulge. In 1997-98, exports increased by just 2.7%. Import growth was somewhat higher at 5.79%, according to commerce ministry data. This resulted in a trade deficit of $6.8 billion against $5.4 billion in 1996-97.		Too late in the day The I&B ministry has proposed to permit 100% Indian owned firms to start full-fledged broadcasting operations. This includes allowing uplinking and broadcasting from India by private players. The significance of such a move can be judged by the fact that currently the I&B ministry allows only limited uplinking for certain special events.
	Forward trading, contracts and badla rates It is rather surprising that the top officials of the Reserve Bank of India (RBI) hold the view that badla financing is "speculative in nature and the central bank cannot be seen encouraging speculation". It is necessary to know the background of badla and badla financing before analysing the stand of RBI.		A good locational advantage Both Pratap Steel Rolling Mills (PSRM) and Marmogoa Steel Ltd (MSL) have similar business profiles and are currently suffering from high cost structures because of messy financials. A consequence of which has been the reference of both the companies to the BIFR.

Knoll Pharma rewards investors
Knoll Pharma's decision to issue a bonus in the ratio of 1:1 is a bonanza for its shareholders. The bonus issue which otherwise is just a book entry should increase shareholders' value in terms of improved liquidity and higher discounting in the case of Knoll. The stock has already shown a jump of Rs 130 in three trading sessions.

The Index
Contrary to the general downturn in the textile industry, Raymond Limited has posted impressive results. Net sales for the twelve months ended March 1998 have increased by a sizable 22% to Rs 1,192.95 crore, thanks largely to a substantial 35% increase in gross sales of the textiles division.