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Markets recover from Peregrine shock
Markets, the world over, seemed to be recovering from the effects of the collapse of the Hong Kong-based Peregrine Investments. On Tuesday, the BSE Sensex rose by 36 points to close at 3431.72. The Hong Kong and Indonesian markets have led the recovery in other Asian markets with share prices rising by 7.4% in Hong Kong and 9.1% in Indonesia.
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Peregrine exposure pegged at $200 mn
The collapse of Peregrine Securities is likely to have a major effect on Indian bourses. SEBI has pegged Peregrine's investment in India through the participatory notes channel to be in the region of Rs 600-800 crore ($150-200 million). Peregrine's investment via the FII route is, however, a comparatively negligible $15 million (Rs 60 crore).
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Peace moves at Maruti Udyog
The Indian government and Japanese auto giant Suzuki Motor Corporation (SMC) finally seem to be appearing for peace. SMC and the Indian government, the joint owners of Maruti Udyog Limited (MUL), have for some time been at loggerheads over the appointment of a head for MUL. But SMC is now calling for a truce, with an advertisement in the press, detailing its fruitful association with the Centre in MUL.
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"Accent" to use Peugeot engine
Korean car giant Hyundai Motor Company is planning to fit its new range of cars under the "Accent" range with Automobile Peugeot's TUD5 diesel engine. The new range will be launched in India in the latter part of 1999 and will also be available in a petrol version.
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