November 25, 1995

The Steel Ministry has prepared a Cabinet note outlining the conditions to be incorporated in the joint venture between SAIL and L&T for the proposed 500 MW captive power plant to be set up in Bhilai. The Steel Secretary, Dr. J. K. Bagchi, told Business Line that the Public Investment Board is opposed to an engineering, procurement and construction contractor holding a majority stake in a project where the Government is also a partner.

Stock market investors turn to gold

With the crash in the stock market, crores of rupees are being drawn out of the primary and secondary markets to the most traditional and orthodox form of investment — gold. This year the demand and consumption of the yellow metal is set to cross the peak of 1992, when gold imports were partially liberalised. According to WGC figures, the demand for gold in India has surged by almost 30 per cent this year, and consumption in the first nine months of 1995 has touched 365.4 tonnes.

FI buying props up Sensex

Share prices staged a recovery on the Bombay Stock Exchange (BSE) today and the BSE Sensitive Index of 30 scrips gained 98 points to close at 3,042.18 from yesterday’s 2,944.18. According to market sources, persistent buying by financial institutions, especially Unit Trust of India, propped up the market. The improvement prompted bears to start covering, leading to further rise. However, the volumes remained low. The calling off of the strike by the Share Bazaar Staff Union (SBSU) also contributed to the sentiment.

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