THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Tuesday, May 30, 2000

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Page One

SEZ area declared `foreign territory'
THE Government's big ticket trade liberalisation initiative to establish Special Economic Zones (SEZs) has finally fructified, with the Finance Ministry declaring the area under the SEZs as `foreign territory' for the purpose of duties and taxes.

Tata Engg gets boost from other income
AUTOMOBILE major Tata Engineering and Locomotive Co Ltd has reported a 27 per cent dip in its net profit at Rs. 71.20 crores for the year ended March 31, 2000 as compared to Rs. 97.46 crores the previous year.

New guidelines for gem and jewellery units
GEM and jewellery units in the Special Economic Zones (SEZ) will be permitted to take out their products temporarily into the Domestic Tariff Area (DTA) without full payment of duty only for the purpose of display, according to the norms stipulated by th e Revenue Department.

Murugappa unit in marketing pact with Cadilla Pharma
THE newly-created Murugappa group company Parry Nutraceuticals Ltd, has entered into a marketing alliance with Cadilla Pharmaceuticals for marketing in South India, the Nature Way range of products. Nature Way is an American company dealing in dietary su pplements, some of whose products are produced in India by Cadilla under a licence.

Old economy, FMCG stocks in bull run
THE old guard continued its march forward on Dalal Street as rupee faced fresh selling pressure on Monday. The day belonged to old economy and FMCG stocks on the Dalal Street. Stock prices vaulted, taking the benchmark BSE-30 share sensitive index to an intra-day high of 4222.65 before closing at 4189.85, netting a gain of 105.14 points or 2.57 per cent over the previous close. On NSE, the S&P CNX Nifty closed at 1311.05 gaining 35.7 points or 2.8 per cent over previous close.

Entry into insurance foray -- PNB wants RBI to clarify about loss-making arms
PUNJAB National Bank (PNB) has sought the views of the Reserve Bank of India on whether the bank's loss-making subsidiaries would come in the way of the parent bank's proposed entry into the insurance sector.

`Sale and lease back' for Raichur project
THE sale and lease back method of financing power projects is back in flavour, as a method of keeping capital costs down, and Karnataka Power Corporation is expected to utilise this method for the 210 MW seventh stage of the Raichur Thermal Station.

11-year Govt stock devolves on RBI
THE Reserve Bank of India had a devolvement of nearly 98 per cent (Rs. 4,886 crores) of the Rs. 5,000-crore 11-year government stock auction held here on Monday.

Re weakens to close at new low of 44.50
CONTINUING importer demand for dollars saw the rupee end today at yet another record low of Rs. 44.48/50 against the dollar - a 12 paise fall over Friday's close of Rs. 44.36/38.

AP power hike: Eating into margins
THE hike of around 20 per cent in power tariffs in Andhra Pradesh may not augur well for the profitability of power-intensive units with a presence there.


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