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Drumbeat: Ad Buzzaar

Wednesday, May 27, 1998

	Rupee dips further, closes at 41.15 The rupee continued to sink on Tuesday and ended 17 paise lower at 41.15 against the dollar, compared with its previous close of 40.97. This is the lowest-ever closing price of the Indian unit. The State Bank of India did not lend a helping hand to prop up the rupee. The forward premiums, in contrast, eased with the six-month forward cover (annualised) ending at 9.13% as against its previous close of 9.31%.		Pending production-sharing oil deals likely to be cleared soon All the pending 12 production-sharing contracts for discovered oilfields are expected to be signed in the coming few weeks, in keeping with the Centre's thrust on speeding up oil exploration and production. Negotiations are now afoot at a frenetic pace to iron out glitches holding up 12 production-sharing contracts for discovered oil fields.
	Fernandes supports nuclear weaponisation The Centre's decision to impose a unilateral moratorium on further nuclear tests will not affect the country's weaponisation programme, union defence minister George Fernandes said. Fernandes said that the scientific community felt that Pokhran II has given them sufficient material for weaponisation.		State urban rehabilitation corporation on the cards The state government will soon set up the Urban Rehabilitation Corporation of Maharashtra (URCOM) to relocate and rehabilitate over 35,000 hutments along railway lines in Greater Mumbai. The state will hold 49% equity while the balance would be offered to private sector in this Rs 800 crore project.

MTNL net jumps 15% to Rs 1,073 crore
The state-owned Mahanagar Telephone Nigam (MTNL) has posted a 15.03% increase in its net profit to Rs 1,073.02 crore for the year ended, March 31 1998, up from Rs 932.78 crore the previous year. According to the unaudited financial results announced by the company, its total income went up 13.41%, from Rs 4,096.18 crore to Rs 4,645.54 crore.

Sidbi net profit spurts 28% to Rs 405 cr
The Small Industries Development Bank of India (Sidbi) has clocked a 28.2 per cent rise in its net profit to Rs 405 crore for 1997-98.

CORPORATE
IPCL net plummets 52% despite rise in sales
Siemens pares 6-month losses to Rs 13 crore

ECONOMY
Financial institutions to wait for the structured deal
Phased introduction of citizen charters on cards

EXPRESSIONS
Singing for rain
Available: A fine tool for infrastructure funding

MARKETS
Andhra Bank, South Indian Bank, IOB plan to tap market
Satyam Computers scales record BSE turnover, edges out blue chips

LEISURE
Generation X dumps angst-ridden Channel V for snazzy MTV
To-be-weds flock to Net to find right mates