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Drumbeat: Ad Buzzaar

Friday, May 15, 1998

	FM panel suggests compulsory market-making for new issues The Union finance ministry's informal group on capital markets has suggested compulsory market-making and pleaded for restricting private placement to qualified institutional investors (QIIs) or high networth individuals. With regard to market-making, the group was of the view that it should be made mandatory for a period of six to 12 months after the listing of the issue.		RBI may withdraw forward cover for FII debt investments The market expects the Reserve bank of India to withdraw the forward cover facility given to foreign institutional investors' (FII) investments in debt and NRE and FCNR(B) account holders to take the pressure off the rupee. The central bank may withdraw these facilities as a warning to the market about its seriousness in holding the rupee at a reasonable level.
	Insurance, companies bills dropped from Budget session The crucial Insurance Regulatory Authority (IRA) bill and the new Companies Bill will not be taken up in the Budget session of Parliament. The government has also decided against taking up the new Income Tax Bill, the draft of which was prepared by former finance minister P Chidambaram. With the decision, it has become more or less clear that status quo on the crucial question of opening of the insurance sector will be maintained.		Fresh policy for private mega power projects on the cards The power ministry will soon announce a new policy for development of mega power projects in the country's private sector. Significantly, the counter guarantees for the three fast-track projects including the Neyveli Unit-STS, Bhadrawati and Vizag power project will be issued by the government soon. Indications are that an in-principle clearance for counter guarantees for these projects has been given and the cabinet nod is expected soon.

Lakme Exports likely to be amalgamated with Lakme
Lakme Exports, which recently entered the retailing business, is likely to be merged into Lakme, the Tatas-owned erstwhile cosmetics market-leader. Lakme chairperson Simone N Tata unveiled a corporate plan entailing a Rs 120-crore investment over the next three years into retailing, and to achieve Rs 200-crore turnover over the next five years. Tata also admitted to the speculated merger of Tata Exports into Lakme.

RPG group sells venture stake to Japan's Ricoh
The RPG group has transferred its stake in RPG Ricoh Ltd to its Japanese joint venture partner Ricoh Corporation. Ricoh, via a preferential allotment, is set to hike its holding in the company to 76%, a RPG Ricoh release said. The company is also being renamed as Ricoh India. Ricoh had recently received the Foreign Investment Promotion Board (FIPB) clearance to increase stake in the RPG Ricoh.

CORPORATE
DCM board okays plan to hive off two divisions
Alfred McAlpine bags projects worth Pound 100 million

ECONOMY
Rupee crash may not boost textile exports
Minister's new-found morality may stump Calida's advertising campaign

EXPRESSIONS
Dr Reddy's pulls off a wonder
Corporate governance and its relevance

MARKETS
ITC-Agro rides on rising edible oil prices; appreciates 34%
Amfi plans to set up derivatives committee

LEISURE
ATN may launch Bengali channel in Calcutta on May 16
Golden Gate targets India for executive MBA programme