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Drumbeat: Ad Buzzaar
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Thursday, May 14, 1998
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Overseas borrowing to be hit
The sanctions imposed by the US government are likely to affect the prospects of Indian companies planning to raise funds in the international markets. Infrastructure projects in the power and port sectors will also be hit as several governments have threatened to review assistance to such projects. The external commercial borrowings (ECB) market for Indian corporates may also witness fluctuations.
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Sensex crashes 162 pts, GDRs too dip
The nuclear test and its fallout rocked the stock exchanges in the country on Wednesday. The market sentiment took a severe beating as economic sanctions and the second round of nuclear explosions haunted the stock exchanges for the second successive day. The Sensex nosedived by 162.37 points, or 4.11%, in the selling avalanche. Taking a cue, shares (GDRs) of Indian companies listed on overseas stock exchanges also crashed.
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Unused aid to counter sanctions impact: MoF
Economic sanctions will neither affect government finance nor impact ongoing projects as large tranches of bilateral aid is currently lying utilised, finance ministry officials said. They added that multilateral aid will not get affected as it does not come in the ambit of the sanctions and stated that by volume bilateral aid does not amount to much.
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Industry still optimistic
The corporate sector feels that it will, at best, only be marginally affected by the nuclear tests conducted by India and the consequent controversy. Corporate managers have sounded notes of optimism, mixed with regret at threats of sanctions against India. Overall, however, sanctions will slow down investments for a while, felt the corporate bigwigs.
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