The Finance Ministry is now banking on the A Unit Trust of India (UTI) to provide the much needed tonic to a sagging stock market “I hope the UTI turns a net buyer in the stock market It was a net seller in the last few months, “ said Mr. P. Chidambaram, the Union Finance Minister, even as he admitted that the Sensex does not reflect economic fundamentals. In a oblique reference to the minimum alternative tax (MAT), Mr Chidambaram admitted, “I recognise that tnere is a sense of discomfort It may be prudent to know that MAT was introduced as some companies paid high dividends but no tax With the promised changes in the Companies Act and I-T act, the need for MAT may go.”

Exim policy review panel submits report

The committee set up to review the Exim policy has submitted its report and the Government is expected to announce policy changes in the next Budget, according to Mr S B Mohapatra, Director-General Foreign Trade. He said the committee had suggested the new Exim policy for the next five years Mr Mohapatra said the export earnings as on September 30, were to the tune of $16 billions, against the target of $38 billions for the current fiscal year.

SBI to test global debt market soon

State Bank of India is planning to test the international debt market early next year with a $200-million offering as part of a move to boost its foreign currency business SBI is now well on course to top the $2-billion mark in foreign currency syndication by the end of March, 1997. The move is in tune with the recommendation of the bank’s consultants, McKinsey, on increasing its foreign currency business on a matched basis.

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