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Wednesday, May 27, 1998

	Govt announces new IIP, admits flaws The government yesterday announced an expanded index of industrial production (IIP), including 191 more items in the IIP basket, and shifted its base year from 1980-81 to 1993-94. However, the government has admitted that the revised index of industrial production (IIP) suffered from lack of data and information due to which its estimates of growth may not reflect ground realities.		Indal takeover war hots up; FIs call meet The takeover battle for Indian Aluminium (Indal) has intensified with both Alcan of Canada and Sterlite Industries taking the matter to the Securities and Exchange Board of India (SEBI). The merchant bankers of Sterlite met top SEBI officials on Tuesday to present their case following a complaint filed by Alcan on Monday.
	CCEA okays RINL capital revamp The Cabinet Committee on Economic Affairs (CCEA) on Tuesday approved a second round of capital restructuring of Rashtriya Ispat Nigam (RINL) in a bid to bring the company's books back into black. The Cabinet committee gave its nod to converting more than Rs 1200 crore of government loans into non-cumulative preference shares and to writing off Rs 295.49 crore of RINL's losses.		MTNL net profit rises by 21% The state-owned Mahanagar Telephone Nigam Ltd (MTNL) has posted a 20.73% increase in its net profit to Rs 544.39 crore for the half year ended March 31 1998, up from Rs 450.89 crore during the same period last year. According to the unaudited financial results announced by the company, its total income went up from Rs 2,043.18 crore to Rs 2,404.52 crore, an increase of 17.68%.

Cabinet clears projects worth Rs 15,000 cr
Six major projects worth Rs 15,000 crore including an international tourist city project at Pen-Alibag in Maharashtra, the Rs 6,300 crore 1320 MW Cuddalore thermal power plant and expansion of Mangalore refineries to nine million tonnes have been cleared by the Cabinet Committee on Foreign Investments (CCFI). The proposal of Essar Commvision for amendment in foreign collaboration to their Rs 1,400 crore basic telephone services project was also okayed in the meeting.

IPCL net profit drops by 52 percent
Indian Petrochemicals Corporation Ltd (IPCL) has reported a sharp 52% drop in net profit at Rs 243.69 crore for the year-ended March 31, 1998 against Rs 510.20 crore during the same period in the previous year. The crash in net profit could have been worse, but for a Rs 35 crore rise in other income.

Bizbits
Re continues downhill
Siemens cuts down losses
Sidbi net up 28%
Sensex sheds 33 points
S&P rating takes toll on GDRs
Jindal Vijaynagar downgraded
Morgan forecasts further fall in Re
World Bank stalls $ 1 billion loan