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Drumbeat: Ad Buzzaar

Saturday, May 16, 1998

	RBI ups cut-off yield on 14-day, 91-day T-bills In a clear signal that interest rates are tightening in the short-end of the market, the Reserve Bank of India (RBI) yesterday hiked the cut-off yield of the 14-day and the 91-day treasury bills. The RBI move may be an indication that a cut in banks' cash reserve ratio (CRR) might be in the offing as there are signs of liquidity tightening and interest rates firming up.		Govt okays 18 output-sharing oil deals The Union petroleum ministry has approved 18 production-sharing contracts of the unincorporated joint ventures between national oil companies and the private sector. The nods, which were hanging fire for the last three years, pave the way for a total foreign investment of $ 40 million in oil exploration and production.
	Core projects plan to raise overseas loans sans political risk insurance A number of infrastructure projects have started exploring the possibility of raising long-term overseas loans without political risk insurance (PRI). The move is triggered by the decision of the J-Exim and the US-Exim to stop issuing guarantees following the tough economic sanctions announced by Japan and the US.		Sanctions not to affect disbursal of $8.1-bn cleared loans: IBRD The economic sanctions imposed by some countries would not affect the disbursal of more than $8.1 billion in World Bank loans to India. The banks lending portfolio of ongoing projects for India comprises 84 projects amounting to about $ 14.5 billion, of which 46.7 per cent of the total dollar amount is IBRD.

Valuations turn attractive again for star performers on bourses
The stock markets have once again turned into a hunting ground. The nuclear tests and the sanctions have opened yet another opportunity for discerning investors to step in. Read with some excellent corporate performance, the valuations have turned once again attractive. Take Hero Honda Motors for instance. It announced a whopping 52% increase in net profit for 1997-98.

Rupee slips further to close at 40.55
The rupee sank further yesterday to a new low of 40.80 before staging a recovery to close at 40.55/60 against the dollar. This is the lowest-ever closing price of the spot rupee. The State Bank of India (SBI) continued to sell dollars to save the Indian currency from a freefall.

CORPORATE
Bharat Earth Movers mulls overseas firm
Cable & Wireless forges contractual pact with Videsh Sanchar

ECONOMY
Steel industry lobbies cross swords over duty proposals
NCRPB for greater pvt role in project implementation

EXPRESSIONS
India now is a nuclear-weapon state: PM
Reliance Industries: A daring contrarian

MARKETS
Sensex completes correction, stage set for pre-budget rally
LIC MF's Dhanvarsha (12) mops up Rs 150 crore

LEISURE
Conservation of Ajanta-Varul caves in state to be affected
Giving apprentices regular employment not obligatory