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INDIA-H  July 1998, Week 3

INDIA-H July 1998, Week 3

Subject:

Thu, Jul 16 1998, The P.M. edition

From:

India-D Editor <[log in to unmask]>

Reply-To:

[log in to unmask]

Date:

Thu, 16 Jul 1998 14:50:18 -0400

Content-Type:

TEXT/PLAIN

Parts/Attachments:

Parts/Attachments

TEXT/PLAIN (129 lines)

                  The India News Network Headline News

Brought to you in co-operation with India World

A publication of the India Network Foundation, Bowling Green, Ohio, USA.
**************************************************************************
             Visit our Web Site at http://www.indnet.org/health for
Visitor/Student/ Temp Workers Group Health Insurance Plan - Specially
designed by the India Network Foundation, Inc. for its members.
**************************************************************************

 Postal strike called off

    About 600,000 postal employees returned to work on Thursday after
    union leaders withdrew their eight-day-old strike, reposing "full
    faith" in Communications minister Sushma Swaraj's assurances that
    their demands would be settled sympathetically. (Aaj Tak)

 Ram temple at Ayodhya may take a decade to build, says chief architect

 Vajpayee to discuss Kashmir issue with Sharif at SAARC meet (DD)

   Rules out third party intervention on the issue

 Orissa: Two members of the Janata Dal expelled for indulging in
 anti-party activities (DD)

 AIADMK urges PM to take early steps to help resolve the Cauvery issue

    The case comes up for hearing in the Supreme Court on the 21st of this
    month.

 TMC rules out any plans of merger with the Congress (DD)

 North-East: Flood situation in the region grim

    About 17 lakh people in Assam, Tripura and Arunachal Pradesh have been
    badly effected due to incessant rains and flooding in the region. 23
    people in Arunachal Pradesh and 70 people in Assam have died in the
    floods. Nine districts in Arunachal have been cut-off from rest of
    the country.

 TRAI to have no jurisdiction over grant of licenses to private
 cellular operators (Star News)

    This was stated in a High Court judgment on Thursday.

 Chidambaram asks Govt to accord top priority to curb inflation

 BSE Sensex closed at 3488, up 123 on Thursday

    The RBI reference rate for the US dollar was 42.52 (-0.08).

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
                               BGFL FRESH FLASH

                                July 16 ,1998


STOCK MARKET UPDATE

   BSE closed the day with 123.05 points up at 3488.77 against 3365.72 on
   Wednesday. The NSEI is up by 33.65 points ending at 1005.05

FOREX UPDATE

   The Rupee Dollar rate is 42.54

CALL MONEY RATE

   Interbank overnight average rate was 5.12 pct.

OTHER IMPORTANT DETAILS

     * RBI receives and accepts two bids at 5.0 pct 4 day Repo.
     * The RBI is likely to change its rules governing cheap credit to
       exporters following complaints from trading houses.
     * ICICI said the public issue of its second tranche of safety bonds
       will open in July 18th.The bonds are of three types a regular
       income bond with interest payable quarterly, half yearly or annual
       intervals , a deep discount bond and a bond offering tax
       saving.The interests varies from 12.5%from one type of tax saving
       bonds to 14.2% on a deep discount bond.
     * SBI said its Resurgent Bonds issue will open on August 5 and will
       be available in three currencies .Bonds denominated in Dollars
       will pay 7.75%pa,Sterling denominated bonds will pay 8% and Mark
       denominated bonds will pay 6.25%.The bonds will carry a five year
       maturity.
     * The State Run Bank of Baroda is in talks to buy out stakes of two
       other Indian State Run Banks in a Hong Kong based banking Venture.

DEBT MARKET

   Govt Securities prices dropped by 10-15 paise after the announcement
   of 11.55% GOI 2001 issue.

MUTUAL FUNDS

   NAV as on July 15, 1998

   --------------------------------------------------------------
   Name of the Fund   Income Fund    ----- Equity Fund ----------
                       / Growth
                                    Current   30 days    1 year
                                               back       back
   --------------------------------------------------------------
   Templeton             Rs. 12.01 Rs. 8.57  Rs. 8.29   Rs. 11.96
   DSP Merill Lynch      Rs. 11.65 Rs. 12.07 Rs. 11.99  Rs. 11.77
   Alliance Fund         Rs. 11.83 Rs. 18.78 Rs. 16.86  Rs. 13.23
   ITC Threadneedle      Rs. 11.83 Rs. 13.54 Rs. 12.30  Rs. 12.71
   Birla Mutual Fund     Rs. 14.28 Rs. 14.29 Rs. 12.25  Rs. 12.60
   --------------------------------------------------------------

   While sufficient care has been taken to ensure the authencity of the
   data taken from the reliable sources, we may not be held responsible
   for inaccuracy. Any opinion expressed is our present opinion only.

   TO SUBSCRIBE to BGFL FLASH, send an email to [log in to unmask],
   with Subject: subscribe bgfl-flash

   BGFL - YOUR FINANCIAL GOAL KEEPER         http://www.birlaglobal.com

 ==========================================================================
 IndiaWorld Headlines is a free service, broadcast once a day via email.
 To unsubscribe, send an email to [log in to unmask] with the
 Subject as "unsubscribe headlines" (without the quotes).

 IndiaWorld is available on the World Wide Web at http://www.indiaworld.co.in
 ==============================================================================

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