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Gold
shoots up
Mumbai: Domestic and global gold prices
rose on 27 September 1999, following the decision of the
European Central Bank to limit the sale of the metal.
In Mumbai, standard gold closed at Rs.4,400 compared to
the previous close of Rs.4,230.
The European Central Bank president,
Wim Duisenberg announced Sunday that the 11 national banks
associated with the central bank, along with Britain,
Switzerland and Sweden had decided to limit gold sales
to 400 tonnes per annum for the next five years.
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India
gets a pat on its back
Washington: India’s consistent growth
has been applauded by World Bank president, James Wolfensohn.
He has said that, in spite of many adverse factors, India,
along with China, has been responsible in bringing global
stability.
For
the year ended 30 June 1999, the bank sanctioned $1.05
billion worth of loans to India compared to $2.1 billion
sanctioned in fiscal year 1998.
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Vysya
may name ING as partner
Bangalore: Vysya Bank Ltd. will take
in ING Bank as joint venture partner in its subsidiary,
Vysya Bank Leasing Ltd. The new company is expected to
be the umbrella company for all the retail financial
products of Vysya Bank.
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Cellular
operators may go to court
New Delhi: Private cellular operators
may go to court against the government’s decision
to allow Mahanagar Telephone Nigam Ltd. to come out with
a low cost cellular service. The operators are seeking
a level playing field. The operators are likely to sue
the licensor, the department of telecommunications.
In
the meantime, cellular companies, are resenting the Telecom
and Regulatory Authority of India’s move to introduce
the calling party pays system. They feel that this move
will lead to a reduction in revenues.
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FIs
want JK not to hive off cement division
Mumbai: J K Corporation, promoted by
Hari Shankar Singhania, has been asked by the financial
institutions to alter its plans to hive off its
cement division. The institutions want their debt to be
repaid by J K Corp.
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RBI
V-sat network by 2000
Bangalore: The Reserve Bank of India's
V-sat system is now running a trial, and will be operational
by end-2000. About 5,000 commercial bank branches in 1,000
centres, accounting for about 75 per cent of the commercial
transactions in the country, will be connected by V-Sat
by end-2000.
By
end-1999, all RBI offices will be inter-connected, and
the bank will be able to spruce up its monitoring operations.
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STCI,
DFHI profits down
Mumbai: The Securities Trading Corporation
of India has made a net profit of Rs.82.98 crore and gross
profit of Rs.127.36 crore for the financial year ended
1998-99. The figures for the financial year-ended 1997-98
were Rs.82.98 crore and Rs.151.72 crore respectively.
D Basu, chairman, STCI, attributes the drop in profits
to the adverse and subdued market conditions in gilts.
The
Discount and Finance House of India also suffered a decline
in gross profit and net profit to Rs.90.41 crore and Rs.58.41
crore in 1998-99 respectively. The figures for the financial
year-ended 1997-98 were Rs.105.11 crore and Rs.67.92 crore
respectively. P G Kakodkar, chairman, DFHI, has stated
that the drop in profits is due to lower profits in the
primary dealers business and the squeeze in interest spreads.
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