Chugh, Sapru denied bail; BAT team coining

With ITC Ltd still reeling under the onslaught of the Enforcement Directorate, which has already sent six former and present top executives to jail custody for alleged FERA offences, BAT has decided to hold a crucial meeting in Mumbai with the financial institutions to retrieve the situation for the tobacco giant. A top-flight BAT team, including Mr. Tony Jonston, the director in charge of the Asia-Pacific region, is arriving early next week for detailed discussions with FIs.

First-half trade growth slows down

India’s exports rose by just 9.91 per cent in April-September 1996, against 26.37 per cent and 12.26 per cent in the same period of 1995-96 and 1994-95. Exports during the first half of 1996-97 amounted to $16,139.76 millions, compared to $14,684.61 millions for April-September 1995 and $11,620.62 millions for April-September 1994. Imports have registered an even more pronounced deceleration, with growth during the first six months of the current financial year being just 5.2 per cent, way below 32.79 per cent during April-September 1995.

RBI earns Rs. 900 cr. from market intervention

The crisis in the forex market last year which saw importers scurrying for cover may have hurt them badly. But the RBI is not complaining though. For, the crisis which saw the rupee slide against the dollar from Rs. 31.50 in mid-August 1995 to Rs. 35 in December also turned out to be a source- of profit for the RBI. Its intervention in the foreign exchange market has already resulted in the central bank pocketing over Rs. 550 crores and looks set to add to this another Rs. 350 crores if the outstanding forward sale contracts are liquidated.

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