Financial Daily
from THE HINDU group of publications

Wednesday, July 04, 2001








Page One

 Sinha orders kick-start steps -- Exhaust Budget allocations speedily, ministries told
THE Finance Minister, Mr Yashwant Sinha, today directed financial advisors (FAs) of various ministries to take immediate measures to step up capital and productive expenditure to reverse the downtrend and kick-start the economy.

 UTI working in for review
THE Government would review the entire functioning of the Unit Trust of India in the wake of the decision by the trust to suspend sale and repurchase operations in the US-64 scheme for the next six months, the Finance Minister, Mr Yashwant Sinha, said.

UTI move sends stocks tumbling
SUSPENSION of sale/repurchase under Unit Scheme-1964 (US-64) by Unit Trust of India rocked the markets today.

Re touches new low, recovers at close
DOLLAR sales from some nationalised banks helped to prop a sagging rupee which closed at levels of 47.1250/1350 to a dollar after the Indian currency had touched a new low of 47.21 earlier in the day. The rupee had closed at 47.15 to the dollar on Monday .

US-64 debacle tremors felt by Govt in SUS '99
THE US-64 debacle has hurt the Government also as its efforts to garner some funds in the form of a dividend on the Special Unit Scheme (SUS '99) have backfired.

A mockery of trades or conspiracy?
THE 52-week high/low of the ACC scrip reads as Rs 1/199.80; and that of Zee Telefilms as Rs 0.50/567.90 in the stock quotations of July 3. Were these `genuine' trades or was someone making a mockery of the new system?

HC asks Modi Rubber to defer offer closing date
THE Bombay High Court has asked Modi Rubber to extend the closing date for its open offer to July 16. The offer was to close on July 3.

Good response for HP's pay cuts
THE response to Hewlett-Packard Company's (HP) voluntary pay cut scheme has been ``extremely positive'' in India. ``By and large, all employees are participating in this scheme,'' said Ms Lakshmi Kanchan, Manager, Company Communications and Branding of H P India.

Monsoon exceeds expectations in June
IT has been an excellent first month for the southwest monsoon. The country, as a whole, received 187 millimetres of rainfall on an average area-weighted basis during June 1-27, which is 31 per cent higher than the historical long period average (LPA) pr ecipitation of 142.9 mm for this period.

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