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Thursday, May 28, 1998

	WB move creates jitters in major markets The World Bank move to postpone fresh loans to India and European Union's threat of imposing loans created jitters in major financial markets in Mumbai. While Sensex crashed by 97.87 points on the Bombay Stock Exchange, the rupee sank to a new low of 41.50 against the US dollar at the inter-bank foreign exchange market.		FIIs pulls out $ 155 mn from markets Foreign institutional investors (FIIs) have pulled out nearly $ 155 million (Rs 612.8 crore) from the Indian stock and debt markets in May alone. The FII sellout came after the sanctions imposed by the US and freezing of loans by World Bank and other agencies. According to the Securities and Exchange Board of India, gross purchases by FIIs during the period May 1-22 were Rs 521 crore, whereas gross sales amounted to Rs 1,133.9 crore.
	Lupin plans mega acquisition in US After Ranbaxy, it is the turn of Mumbai-based Lupin Laboratories to acquire a major pharmaceutical unit in the United States. The company is in `advanced' stage of negotiations and a decision is expected soon. The deal worth around Rs 130-140 crore, if concluded, would be the biggest acquisition by any Indian pharma company and outshine Ranbaxy's $ 18 million takeover of Ohm Lab and Wockhardt's $ 7.5 million buyout of Sun Pharma.		Kotak sells Asian Paints stake Adding a new twist to the eight-month old Asian Paints share purchase drama, Kotak Mahindra Capital Company yesterday sold off roughly half the Asian Paints shares it had bought on behalf of ICI Plc. While the British parent has lost a large amount on the deal -- at Rs 280 a share, the selling price is around a fifth lower than the purchase price and the rupee has also depreciated by a similar amount -- this also means that ICI India will now be able to get these shares transferred in their name.

Swiss bank shows interest in power project
Union Bank of Switzerland has expressed its keenness to lead-arrange foreign exchange loan for the two-phase Vypeen power project in Kerala. The promoters, led by Pembinaan Redzai SDN BHD of Malaysia, the majority stake-holder, however, are keeping their options open to secure the best terms possible.

SBICAP net profit up 63%
SBICAP, the investment banking arm of State Bank of India (SBI), has posted a net profit of Rs 27.91 crore for the year ended 1998, recording a 63% increase over the previous year. However its gross income has come down from Rs 141.44 crore in 1997 to Rs 140.49 crore in 1998. The reduction in interest cost from Rs 30.27 crore in 1997 to Rs 13.15 crore in 1998 also accounted for the profit.

Rs 4000 cr paper devolves on RBI
Canbank MF does well
NPPA hikes prices of 20 drugs
Bizbits