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RBI plans for better rupee
management
Mumbai: The Reserve Bank of India plans to meet the payments for debt
servicing and for oil, directly – out of India’s foreign exchange reserves -- so
that temporary gaps in demand-supply do not occur in the foreign exchange market. The
rupee closed 6 Paise higher at Rs.43.50 to the dollar compared to Rs.43.56 on 20 August
1999.
There was growing dollar demand from
foreign institutional investors, and a general weakness in the rupee owing to the nuclear
issue, border tension and forthcoming elections.
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Action
force says majority of power units is Y2K compliant
Mumbai: The planning commission’s Y2K action force has reported that out of the 315
power stations in the country, 295 are 100 per cent compliant with Y2k norms.
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Citicorp
to expand lease and hire purchase
Calcutta: Citibank’s retail wing, Citicorp, will be financing first
users of commercial vehicles. This is aimed at expanding its lease and hire purchase
business. It will be financing such customers either directly or through its franchisee
set up.
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Hughes
application rejected
New Delhi: Hughes Network Systems which wanted to decrease its holding in
Hughes Escorts Communications to 49 per cent from 51 per cent, has had its application
rejected by the Foreign Investment Promotion Board. This has been done, since the
earlier permission for the 51 per cent stake was given in 1992 by the Reserve Bank of
India.
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FIPB
clears Pfizer proposal
New Delhi: Pfizer’s proposal to set up a fully-owned subsidiary was
cleared by the Foreign Investment Promotion Board. The subsidiary will be manufacturing
and marketing five drugs and the initial investment will be $1 million.
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FDI in Delhi
New Delhi: Delhi has emerged as the top investment location in the
country, overtaking Maharashtra. About $2.7 billion was invested in Delhi, while
Maharashtra touched $2.3 billion between the period August 1991 and May 1999, according to
a report in the Economic Times. The other three states, in the top five are Karnataka,
Tamil Nadu and Gujarat.
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