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Wednesday, May 20, 1998

	GACL not to take over DLF Gujarat Ambuja Cement (GACL) has turned down a proposal by DLF Cement to buy out the ailing 1.4 million tonnes per annum cement company and said the takeover would not be financially viable. It is understood that Gujarat Ambuja's refusal to take over DLF Cement stems from the fact that DLF is all set to end the year with a loss in the region of Rs 50 crore.		Govt not reworking budget The Centre does not propose to rework the 1998-99 general budget to offset any damage due to the US sanctions nor does it anticipate a major liquidity problem for Indian commercial banks operating abroad.
	Ministry wants NRF hike The Ministry of Industry is seeking a three-fold increase in resources for the National Renewal Fund (NRF) for public sector units. In its budget demands to the Finance Ministry, the Industry Ministry has said that the funds are not enough to fulfill the demand for VRS in public sector units.		Port JV norms okayed The Cabinet has approved guidelines permitting joint ventures between major ports and private companies for development of ports. The detailed guidelines will be tabled in the Budget session. The guidelines will enable the port authorities to forge joint ventures which will result in quicker expansion of the port infrastructure.

Sanctions not to hit deal: Boeing
Boeing, the US-based airline company, on Tuesday reiterated its commitment in selling aircraft to India. Though the recently imposed economic sanctions by the US will close doors to seeking US Exim bank guarantee for purchase of its aircraft, Indian buyers will still have various options to fund the deal against assets, said Dinesh A Keskar, president, Boeing India.

Sensex gains 16 points
Select pivotals remained better on the Bombay Stock Exchange (BSE) today on speculative support. Sensex improved by another 16 points. After a steady start, share prices moved widely on alternative bouts of buying and selling. The closing rates showed widespread small gains. The volume of business remained moderate.

Bizbits
WB economist warns against convertibility
Steep fall in silver prices
DCR's concern over sanctions
IGF to move HC on plantation cos
HLL unit starts operations
Bank manager deposes for negligence in fraud case