JM Morgan Stanley retail service in more cities
New Delhi: JM Morgan Stanley has said that it plans to extend its retail financial services in five more cities this fiscal and plans to distribute insurance products once the Insurance Regulatory and Development Authority (IRDA) comes up with necessary guidelines.

J M Morgan Stanley direct, the retail services arm of the leading investment bank, plans to open offices in Chennai, Pune, Hyderabad, Bangalore and Ahmedabad by March 31, 2001. The retail facility had been launched in Mumbai, New Delhi and Kolkata.
JMMS direct chief executive officer

Mr. Pallav Sinha has said that the company will leverage strengths of its group companies in the areas of investment banking and research to retail clients. The company now offers share-broking, borrowing and lending in securities system, automated lending borrowing mechanism, mutual funds and initial public offers to retail clients. JMMS currently has a network for 6,000 brokers and sub-brokers in the country.
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DPC invokes counter guarantee for the second time
Mumbai: The Dabhol Power Company (DPC) has invoked the central government’s counter guarantee for the second time after the Maharashtra State Electricity Board (MSEB) failed to pay dues of Rs 102 crore towards its bill for December 2000. The company had earlier invoked the state government’s guarantee to get the dues. MSEB owes DPC Rs 229 crore - Rs 102 crore for the December 2000 bill and Rs 127 crore for the January 2001 bill. The DPC had first invoked the counter guarantee on February 6 to recover Rs 79 crore due on the November 2000 bill. The MSEB subsequently paid the amount.
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Centurion’s retail assets stand at Rs 750 crore
Mumbai: Centurion Bank's retail assets have crossed the Rs 750 crore mark within last two-and-a-half years of commencing operations. The retail portfolio does not however, auto loans, which traditionally account for a huge portion of its retail book. Average disbursals in two-wheeler finance stood at Rs 25 crore per month. In the first year of its launch in 1999, the bank disbursed Rs 67 crore while in 2000, this figure stood at Rs 192 crore and is expected to cross Rs 294 crore by end-March 2001.

Mr. Ashok Khanna, executive director of Centurion Bank's for retail assets has said that bank built up a book-size of Rs 192 crore in the two-wheeler business, and Rs 240 crore in retail trade finance. Altogether, the retail division's asset financing has a total book size of Rs 750 crore, comprising commercial vehicle financing, construction equipment; two-wheelers and retail trade; and channel financing without venturing into auto-financing.
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REC plans bond issue
Mumbai: The Rural Electrification Corporation (REC) plans to hit the bond market with a capital gains exempt bond in the next fiscal. REC is examining the bond option, following the grant of capital gains exemption to its borrowing in the Union Budget 2001-'02. The modalities of bond issue will be worked out only after the Finance Bill 2001 is passed in April. REC is planning to appoint appropriate consultants for the bond issue after the Bill is passed. The corporation is expected to be in the region of Rs 1500 crore to Rs 2000 crore.
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NPPA brings down 5 drug prices
New Delhi: The National Pharmaceutical Pricing Authority (NPPA) has made a downward revision in the prices of bulk drugs - Potassium Pencillin G (first crystal), Sodium Pencillin G, Benzethine Pencillin G, Procaine Pencillin G and Ranitidine Hcl. In the case of Potassium Pencillin G, prices have been reduced from Rs 1,025 to Rs 727, Sodium Pencillin G from Rs 1,733 to Rs 1,094, Benzethine Pencillin G from Rs 3,217 to Rs 2,591, Procaine Pencillin G from Rs 1,820 to Rs 1,323 and Ranitidine Hcl from Rs 1,255 to Rs 1,061.

The revised notified prices will become effective within 15 days from the date of notification in the official gazette.
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Private sector steel output goes up by 44.29 percent
New Delhi: Sustaining the growth trend witnessed over the last five years, steel production in the private sector has risen by 44.29 per cent to 18.18 million tonnes in 1999-2000 from 12.6 million tonnes in 1995-96. Steel production in 1996-97, 1997-98 and 1998-99 stood at 14.2, 14.83 and 16.18 million tonnes respectively.

The production in the public sector had been more or less constant over the last five years and contributed 8.53 million tonnes of the national production of 26.71 million tonnes in 1999-2000. The public sector steel output in the previous four years was 7.54, 8.54, 8.5 and 8.8 million tonnes respectively.

The country's total production stood at 23.82 million in 1998-99, 23.37 million 1997-98 and 22.7 million in 1996-97, 21.4 million in 1995-96.
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