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Drumbeat: Ad Buzzaar
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Saturday, May 30, 1998
RBI directs banks not to go long on dollars
The Reserve Bank of India (RBI) has directed large banks not to go long on dollars as speculators tried to rule the forex market, pushing the rupee down to 41.77/80. The rupee closed at a new low of 41.65/70, losing 30 paise during the day. The central bank also made it clear that it will not hesitate to take any action to ensure continued orderly conditions in the forex market.
Industry hails Railway budget, silent on passenger fare hike
The industry has lauded Union railway minister Nitish Kumar for leaving the freight rates almost untouched in the BJP-led government's maiden railway Budget. Interestingly, the industry have not given any comment on passenger fare hikes. It felt that the government should continuously try to increase their freight loading capacity and make adequate investment in the rail infrastructure.
Market-savvy adjustments to boost core sector, hike traffic
The railways made an overture to the market and stopped plucking on their golden goose, revenue from freight. Railway minister Nitish Kumar managed to flesh out some revenue, however, despite the across-the-board freeze on freight rates. Kumar made a token contribution to infrastructure-building, by reducing freight rates by one per cent at distances beyond 2000 km for cement, coal and iron and steel.
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SAIL net sinks 74% to Rs 133 crore, cuts dividend
The Steel Authority of India (SAIL) predictably notched a massive 74 per cent dip in profitability last year, but managed to increase its turnover marginally by 3.6 per cent. The board of directors recommended a dividend of 31 per cent of profit, entailing a payout of Rs 41.30 crore, which thins out to roughly 1 per cent of the nearly 400 crore SAIL shares
L&T net up at Rs 531 cr, to pay Rs 6.50
Larsen & Toubro (L&T) has posted a net profit of Rs 531.44 crore for the year ended March 1998, a 29 per cent jump from the previous year's figure of Rs 411.35 crore. The sales and service revenue increased by 7 per cent to Rs 5,676.77 crore from Rs 5,304.74 crore. The board has recommended a dividend of Rs 6.50 per share, up from Rs 6 per share last year.
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CORPORATE
 Nocil net slumps 37% to Rs 38 crore
Rhone-Poulenc net slips 36% to Rs 13 crore
ECONOMY
Pakistan faces no threat from India, says Vajpayee
Centre may offer tax concessions for housing sector
EXPRESSIONS
DSP Equity Fund turns uncompetitive
Investors should opt for a blend of growth and value funds
MARKETS
Market gears up for "swadeshi" budget
Sensex slips 36 points in yo-yo market
LEISURE
Uno diesel version unveiled
Jobless rise a part of Japan's economy cure
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