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Drumbeat: Ad Buzzaar

Politics	Business	Expressions	General
World	Sports	Leisure	States

Sunday, May 17, 1998

	Markets turn active again The stock markets have once again turned into a hunting ground. The nuclear tests and the sanctions have opened yet another opportunity for discerning investors to step in. Read with some excellent corporate performance, the valuations have turned once again attractive.		Badla weakens as sanctions take toll The nuclear tests conducted by the government and the resultant US sanctions took its toll on the Bombay Stock Exchange's (BSE) carryforward positions reflecting on the weakening of badla rates.
	Cos Bill not in this budget The crucial Insurance Regulatory Authority (IRA) Bill and the new Companies Bill will not be taken up in the Budget session of Parliament. The government has also decided against taking up the new Income Tax Bill, the draft of which was prepared at breakneck speed by former finance minister P Chidamabram.		7 MNCs in race for EPC deal for AES project American utility major AES Transpower has shortlisted seven multinational giants/consortia for the EPC (engineering, procurement and construction) job for its Ib Valley thermal project through fresh international competitive bidding.

HLL shareholders okay Ponds merger
Shareholders of Hindustan Lever (HLL) approved by an overwhelming majority the merger of Pond's (India) (PIL) with HLL at a court-convened meeting, according to an HLL press release. The merger, after other statutory approvals, will be effective from January 1, 1998.

Munde refutes CAG report on Dabhol project
Deputy Chief Minister Gopinath Munde, who also holds the Energy portfolio, today strongly contested the report of the Comptroller and Auditor General (CAG) on the multi-crore Dabhol power project. "The conclusion of CAG that the renegotiated agreement between Maharashtra State Electricity Board and Dabhol Power Company is detrimental to the interest of the former, is baseless", Munde told media persons.

Bizbits
Shriram lashes out at RBI
`Govt should cut stake in PSUs'
Insurance report submitted on MoF
IMC for lowering excise duty
ICICI comes out with bond issue
Aramco, Shell to invest in downstream oil project
Gujarat ropes in huge investments
Europe faces shortage of IT professionals to tackle euro, Y2K
Bizbits
US scraps overdraft facility for Indian banks
Edible oil duty to be cut
GDR index slumps 10.29% as sanctions trigger panic selling
Rights issue mobilisation falls 36%
Govt streamlines counter guarantees
Farm capital formation falls
Rs 5,000 cr to be invested in BSL