EMS NamboodiripadFormer Kerala chief minister and veteran CPI(M) leader EMS Namboodiripad died in Thiruvananthapuram on Thursday. Namboodiripad, who was admitted to a private nursing home around noon after he complained of breathing trouble, passed away soon after. Namboodiripad headed the first Communist-led ministry in Kerala between 1957 and 1959, and later a seven-party coalition ministry between 1967 and October 1969.
Amex, Nasdaq boards back merger: The governing boards of the American Stock Exchange and Nasdaq agreed to merge on Wednesday, a statement said. The deal must now receive the backing of two-thirds of the Amex brokers' assembly, which is to be held in May. Even as a combined entity, Nasdaq and Amex will trail the New York Stock Exchange in terms of the market value of their quoted companies.
BSE to shift 50 B2 scrips to B1: The Bombay Stock Exchange plans to upgrade over 50 stocks to its B1 group from the non-specified B2 group. The shift in category, set to becarried out next month, will promote a slew of cement- and steel-industry scrips, including RPG Ricoh, Rain Calcining, Dewan Housing and Welspun Synthetics.
Goodyear sales up a tad: Tyre-maker Goodyear India has recorded a 25 per cent spurt in its net profit to Rs 10.32 crore for the year ended December 1997. Analysts say the company has shown a higher bottomline chiefly on the back of a higher other-income component what with its turnover from a year earlier having risen a marginal Rs 1 crore to Rs 546 crore.
Forward premiums dip: Premiums on the forward dollar sank while prices of government securities soared on Thursday, chiefly on the back of a 50-basis points cut in bank rate announced on Wednesday. While six-month forwards dipped to 8.20 per cent, gilt prices rose by almost 65 paise across the board.
Ashok Leyland bid to branch out: Hinduja group firm Ashok Leyland Finance is locked in talks with a slew of finance companies in a bid to acquire their two-wheeler assetportfolios. Analysts say the move will pave the way for Ashok Leyland Finance to branch out into consumer-financing as part of its larger diversification efforts.
Reliance Petroleum calls EGM: Reliance Petroleum has called an extra-ordinary general meeting next month in a bid to hike its share capital to Rs 7,000 crore from Rs 5,000 crore. The approval, should it come through, will pave the way for the planned allotment of three equity shares to replace every triple-option convertible debenture. Analysts say the move will bring down the company's leverage levels.
Country's markets a haven: The domestic equity markets constitute a safe investment haven for overseas investors, according to HSBC Capital Markets India chief executive officer Shaun Browne. The formation of a new government at the centre, he says, will in particular assuage opinion that the country has remained a veritable oasis amid the Asian storm. The policy statement of the BJP, too, is seen as not being inimical to theinterests of foreign investors.
Nike to cut jobs as earnings fall: Shoe-maker Nike Inc said on Wednesday that its earnings fell 69 per cent in the latest quarter because of economic woes in the Asia-Pacific, and an oversupply of product in the United States, its biggest market. The athletic-shoe and apparel company also said it planned to eliminate 1,600 jobs, or 7 per cent of its worldwide work force, and take a restructuring charge of $125 million to $175 million in the fourth quarter because of what it called a "difficult short-term market in the US and the Asia-Pacific."
Compaq, Digital merger-hiccup rumours: Rumours that the merger agreement between Compaq Computer Corp and Digital Equipment Corp was at risk of unravelling met with scepticism on Wall Street on Wednesday, although options-market activity suggested worries were mounting about the deal's prospects.
China unmoved on devaluation: The Asian financial crisis will not affect China's opening of its banking and insurancesectors, according to newly-elected premier Zhu Rongji. He also ruled out a devaluation of the local currency, the yuan, and said Beijing would defend the Hong Kong currency's link to the dollar at all costs. The streamlining of China's bloated bureaucracy would be completed by the end of the year, he added.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
