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Top stories this week…

Jan 6, 2001

Outperforming expectation...
The Gross Domestic Product (GDP) for the second quarter of the current fiscal year registered a growth of 6 percent as against 5.7 percent in the corresponding period of the previous year. This was primarily led by sharp growth in exports in the first half of the current fiscal year (more than 21 percent). However, both agriculture and manufacturing sectors showed a marginal drop in growth. (Dec 30) Daewoo on a role...
Daewoo Motors, the Indian subsidiary of the Korean giant, reported a 248 percent in turnover during fiscal year 2000. The sales jumped from Rs 3.7 billion (US$ 79 million) last year to Rs 13 billion (US$ 278 million) in the current year. (Dec 30)

Bullishness persists...
Foreign Institutional Investors (FIIs) have invested more than US$ 1.5 billion in Indian markets in the calendar year 2000. FIIs, reportedly have made net purchases of Rs 781 billion (US$ 16.8 billion) and sold Rs 713 billion (US$ 15.2 billion) worth of stock on the bourses in the calendar year 2000. With this, their cumulative net investments have reached US$ 11 billion. (Jan 2)

Sluggish markets...
Money mobilised from the primary markets have shown an increase of more than 36 percent from Rs 22 billion (US$ 471 million) in calendar year 1999 to Rs 31 billion (US$ 663 million) in the current year. However, this is nowhere near the estimated target of Rs 200 billion (US$ 4.3 billion). The primary reason for such a huge shortfall could be attributed towards the re-rating of the information technology scrips on stock exchanges and its concurrent effect on the primary markets. (Jan 2)

Tisco goes abroad...
Tata Iron and Steel Company (Tisco) has plans to acquire a ferro-chrome plant in Australia. The Australian plant has a manufacturing capacity of 0.12 million tonne ferro-chrome per annum. Reportedly, the deal was valued at US$ 70 million. This is believed to be a step, which would bring the company closer to become a global player in the steel and the allied business. (Jan 3)

The HLL effect...
Modern Foods Limited, the public sector undertaking acquired by Hindustan Lever Limited early this year, has reported a 100 percent jump in sales for the current fiscal year. However, the company is expected to post profits only after two years, after which the company could be merged with its parent company, HLL. (Jan 3)

CRISIL net up 18%...
Credit Rating Information Services of India (CRISIL) has reported an 18 percent in net profits for the third quarter ended December 2000. Net profits were Rs 45 million (US$ 1 million) in the third quarter of the current year compared to Rs 38 million (US$ 0.8 million) recorded in the corresponding quarter of the previous year. (Jan 3)

Banking regulated...
The Reserve Bank of India has barred corporate houses from promoting banks in its new bank licensing guidelines. However, these corporates would be permitted to invest upto 10 percent of the paid up capital of banks. Besides, the apex bank has also permitted non-banking finance companies (NBFCs) to convert themselves into a bank provided their minimum net worth is Rs 2 billion (US$ 43 million). But, once the bank is in place, the net worth has to be increased to Rs 3 billion (US$ 64 million) in three years. Also, NBFCs would be allowed to convert themselves into a bank only if their non-performing assets are below 5 percent and capital adequacy ratio is above 12 percent. (Jan 4)

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