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Pakistan agrees to withdraw
from Kargil
New Delhi: The conflict on the
Indo-Pakistani border is ending. After a three-hour meeting with president Bill Clinton in
Washington, Pakistani prime minister Nawaz Sharif agreed that Pakistani troops and Islamic
mercenaries, who have crossed the line of control, will withdraw. Clinton conveyed the
outcome of the meeting to prime minister Atal Behari Vajpayee.
Broadly, the agreement works out like this: first Pakistan will
withdraw its troops and do so expeditiously; India will then verify and determine the
withdrawal; and only after that there will be talks with Islamabad -- on Indian terms.
The news had immediate impact on the stock and money
markets. While the Sensex went up in the Bombay Stock Exchange, the rupee gained by 17
paise.
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Bajaj's Chetak scooters
barred in Delhi
New Delhi: The Transport Authority of Delhi
has put a halt on the registration of the Chetak model of Bajaj Auto scooters in the
capital. The company has recently made changes in the Chetak engine, but has not submitted
the details to the authority, official sources alleged.
Chetak scooters account for the largest volume in sales in
the capital. Transport authorities are reported to have confirmed the ban. They have said
Bajaj Auto must provide an approval certificate from the Automotive Research Association
of India for the new model before they can allow registration of the scooters.
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Disinvestment panel's term
to be extended
New Delhi: The term of the Disinvestment
Commission is being extended to enable the commission to complete its task.
Union industry minister Sikander Bakht said the term will
be extended after reviewing the original functions of the panel and the extent to which it
has accomplished them.
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FIPB clears 26 proposals
New Delhi: The Foreign Investment Promotion
Board cleared 26 proposals for foreign direct investments worth Rs 202 crore. The
approvals include clearances for Madison Square Holding and for the restructuring of Modi
Xerox.
Madison Square Holding will invest Rs 33.6 crore in a
wholly-owned subsidiary. The company would be involved in the manufacture, research and
development of hair care and fabric care products.
Approval has also been given for transfer of shares
involving Fiat-Isovar.
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SBI investments in equities
Mumbai: The State Bank of India has made
equity investments worth Rs 1,014.1 crore till 31 March 1999. In 1997-99, the bank's
equity investments were Rs 693.8 crore.
The Reserve Bank of India permits banks to invest 5 per
cent of incremental deposits in the previous year in the capital market. The SBI had Rs
37,950 crore in incremental deposits in 1998-99, which allows it to invest up to Rs 1,897
crore in shares in the current financial year.
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GIC to seek advice on
actuarial studies
Mumbai: The General Insurance Corporation of
India will approach the American Casualty Actuarial Society for technical support in
actuarial studies relating to non-life risks.
This is seen as necessary for a scientific pricing of
insurance premium.
GIC chairman D. Sengupta said GIC plans to increase the
scope of cover in non-life areas such as crop insurance, health care and personal
accident. It will require expertise in pricing the products.
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Sterling transfers TMB shares
to Nadars
Chennai: The Sterling group, headed by
non-resident Indian C. Sivasankaran, has passed on the entire stake it held in the
Tamilnad Mercantile Bank Ltd to the Nadar community.
A. Subramanian, director of Sterling group, passed on
1,91,445 shares of the bank, representing some 67.29 per cent to B. Ramachandra Adityan,
chairman of the Nadar Mahajana Bank Share Investors Forum. Adityan presented a cheque for
Rs 20 crore as an advance amount for the share purchase. The entire deal is worth Rs 155
crore.
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Credit Suisse is
best bank
London: Credit Suisse First Boston has won
the International Financing Review's award for the best bank in the last 25
years. Announcing a range of awards in its 25th anniversary issue, IFR
said the bank also won the title of the best bond house.
Chase Manhattan Bank has been named best loan house,
Goldman Sachs the best equity house and Deutsche Bank subsidiary Bankers Trust the best
derivatives house.
Sovereign debt issuer Italy won the award for best
borrower.
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