Sebi rejects demand for valuing investments in unlisted firms
Mumbai: The Securities and Exchange Board of India (Sebi) has rejected the demand for formulation of norms for valuation of investments made by MFs in unlisted companies. Sebi however, has norms in place for valuation of thinly traded, illiquid and other listed securities.
As per Sebi rules, the sum of unlisted, thinly traded and illiquid investments by a MF can account for 15 per cent of the net assets of the scheme in valuation terms. Any exposure above this level is to be valued at zero.

While listed investments are to be valued at the last-traded market price, an elaborate formula involving market values, book values and price earning ratios has been prescribed for valuation of thinly-traded and illiquid securities.

A section of the mutual fund industry had written to the Sebi asking the regulator to prescribe norms for valuation for such investments, as there is no standard policy being followed by the fund houses.
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Inflation shoots up to 8.29 per cent
New Delhi: Annual inflation rate shot up by 0.13 percentage points to 8.29 per cent in the week ended January 20, due to costlier primary and manufactured items. The inflation rate based on wholesale price index for all commodities (base: 1993-94 = 100) moved up to a new high after remaining static at 8.16 per cent during the previous three weeks and was only 3.92 per cent a year ago.

The WPI meanwhile has risen by 0.1 per cent to 158 as against 157.8 in the previous week. The index was 145.9 a year ago. The final WPI stood at 158.2 during the week ended November 25 as against the provisional figure of 157.6. The inflation rate based on final index was higher at 7.84 per cent as against the provisional figure of 7.43 per.

The rate of inflation based on consumer price index for industrial workers (base: 1982 = 100) also increased to 3.48 per cent during December from 2.47 per cent in the previous month and 0.47 per cent a year ago. Although prices of fuel, power, light and lubricants remained unchanged, prices of primary items rose by 0.2 per cent while manufactured products' prices were up by 0.1 per cent during the week.
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India’s automobile exports go up
New Delhi: Figures released by the Society of Indian Automobile Manufacturers (SIAM) say that despite sales decline in the domestic market, exports of 'Made-in-India' vehicles have increased during April-December this fiscal. All the industry segments except multi-utility-vehicles and three-wheelers posted positive growth in exports.

Strong performances by the two South Korean carmakers Hyundai and Daewoo have helped cars register a 8.1 per cent growth in exports during the review period at 15,879 units over 14,686 units in the same period of 1999-2000. Hyundai Motor India, which has started car exports to Algeria, Indonesia and Bangladesh in this fiscal touched 3,720 units over 20 units during April-December last year.

Daewoo Motors India exported 1,287 cars, up 112.7 per cent as against 605 cars exported in the year-on-year period while Tata Engineering sold 437 cars over 82 cars in the same period of 1999-2000.

Export of Maruti cars however, fell by 23.2 per cent to 10,360 units during April-December 2000-01, as compared to 13,507 unit in the corresponding period last fiscal. MUV exports, dropped by 8.8 per cent to 2,942 units from 3,229 units in the year-ago period.

Commercial vehicles sales which fell in the domestic market rose by 75.2 per cent overseas as medium and heavy vehicles exports went up by 25.2 per cent while light commercial exports went up 143.5 per cent in this fiscal.
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