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Wednesday, May 13, 1998

	Germany freezes aid, Japan threatens to follow suit Reacting to India's nuclear tests, Germany decided to freeze fresh development aid worth DM300 million to New Delhi and Japan held out threats of reviewing its billion dollar aid. The freezing of the German aid followed cancellation of the three-day annual Overseas Development Aid talks after Germany condemned India for the nuclear tests.		Commodity trade cautious after N-test India's commodity trade will be hit if Washington imposes sanctions following New Delhi's nuclear tests, but the impact would be limited, trade officials and analysts said on Tuesday.
	NBFC prudential norms modified The RBI has directed non-banking finance companies (NBFCs) to take into account the value of underlying assets while making provisions for non-performing assets (NPA) in hire purchase and lease assets. It has also barred NBFCs from creating new assets by granting fresh loans or making investments as long as they are defaulters in repayment of public deposits.		FM promises sops to farm sector Union finance minister, Yashwant Sinha has assured the farmers that he would formulate adequate measures in the forthcoming budget to make the Crop Insurance Scheme more effective and viable. Sinha also welcomed suggestions in this connection from the farmers delegation who had called upon him under the leadership of the BJP Kisan Morcha president, Hukum Dev Narayan Yadav.

FIIs rule out capital flight
International investors will be keeping a wary eye on India's nuclear aspirations, but Monday's unexpected tests are unlikely to spark a panicky flight of capital, economists said yesterday. Indian markets were shaken by fears that the three nuclear tests would lead to international sanctions, as the United States mulled a freeze on aid and Japan said it would consider a review of official assistance.

N-test rattles stock markets, GDRs
Monday's nuclear explosion created tremors on the stock exchanges on Tuesday. The BSE Sensex fell by 77 points as speculators and foreign institutional investors (FIIs) resorted to panic selling amidst fears of economic sanctions by the US and the European Union. On the National Stock Exchange, the NSE-50 also dropped by 28.05 points from the previous close.

Forward dollar zooms
FIPB clears Alcan offer for Indal
Economists discount major impact from sanctions
"High risk" ICRA rating for plantation firm
Crisil profits spurt 30%
VSNL JV with Puncom