Financial Daily
from THE HINDU group of publications

Tuesday, August 29, 2000








Page One

Guard against swings in portfolio flows: RBI -- Building forex reserves as cushion advocated
THE Reserve Bank of India, in its Annual Report 1999-2000, has advocated the need for building up foreign exchange reserves to protect the economy from volatility in portfolio flows.

STD, ISD to cost less from Oct 1
RATES for STD (national long distance) and ISD (international long distance) calls will become cheaper with effect from October 1. There will also be no immediate increase in telephone rentals.

Royal Sundaram files for non-life licence
ROYAL Sundaram Alliance Insurance Ltd, a joint venture between UK's Royal & SunAlliance (RSA) and India's Sundaram Finance Ltd (SFL), has filed an application with the Insurance Regulatory and Development Authority (IRDA) for a licence to set up a non-li fe insurance venture.

5-year cap for 74% FDI stake in e-com ventures
THE Government has clarified that foreign investors with equity contribution exceeding 74 per cent in Indian e-commerce ventures should bring down their stake to 74 per cent within five years of the commencement of business-to-business (B2B) e-commerce a ctivities.

Rupee gains 10 paise
THE rupee bounced back today by approximately 10 paise to close at 45.77/78 as against Friday's close of 45.85/87.

Hughes Tele IPO to be at premium
HUGHES (India) Ltd (HTIL) has decided to launch its Rs. 749.21-crore initial public offering at a premium. HTIL and its book-running lead managers today fixed a floor price of Rs. 12 per share.

Heavy trading witnessed in Tata Engg scrip
THE stock of Tata Engineering & Locomotive Co Ltd (Tata Engineering) saw sizable transactions on the Bombay Stock Exchange (BSE) today.

RPL starts diesel exports
RELIANCE Petroleum Ltd (RPL) has entered into a deal to export three parcels of diesel through an European oil company.

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