The existing permissible Repo transactions in the 91 and 364-day Treasury Bills can now be routed through the National Stock Exchange. This move is expected to provide a boost to trading in the secondary market for debt instruments. “Though in many countries across the world, the Government securities secondary market has been primarily a telephone market, the National Stock Exchange could play a role in the development of the secondary market including the permissible Repos operations among banks,” the RBI Governor Dr. C. Rangarajan, said today at the formal inauguration of the NSE.

Textile export target at $ 9 b

The Centre has fixed the textile export target at $9 billions for 1994-95. This is 12.8 per cent higher than the actual achievement of $7.97 billions in 1993-94. The Minister of State for Textiles, Mr. G. Venkatswamy, told that the Centre would establish the National Institute of Fashion Technology in four more States this year. “Our ultimate aim is to have more vocational training centres to tram over one lakh garment workers. The latter, in turn, can utilise their skills to meet the fast changing requirements of the international fashion industry,” he said.

‘Max deal being scuttled’

In what has turned out to be a war of attrition, the Managing Director of Max India Ltd., Bhai Analjit Singh, has charged his competitors — Torrent Pharmaceuticals, Ranbaxy Laboratories and SPIC — with a “sense of insecurity which is forcing them to instigate and motivate some members of Parliament to try and stall the joint venture proposal between Hindustan Antibiotics Ltd and Max-GB for running HAL’s penicillin G unit.”

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