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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (4622)	6/16/1999 11:52:00 AM
From: Mohan Marette	Respond to of 12475

INTERVIEW-India says Kashmir will not harm economy-GDP to grow 6.5-7% By Sabyasachi Mitra NEW DELHI, June 16 (Reuters) - India on Wednesday dismissed concerns about the cost of its campaign to oust rebels from Indian-held Kashmir and said its economy was on track to revival. ''The economic cost of Kargil (in northern Kashmir) is well within manageable levels,'' Yashwant Sinha told Reuters. ''It will have a very inconsequential impact on the economy as a whole and there is absolutely no reason for any concern either on the foreign exchange front or in the stock markets.'' ''The fundamentals are very strong. The economy is well on its way to revival,'' he added. India is waging an expensive air and ground offensive against what it calls Pakistan-backed intruders perched in icy mountains inside the two-thirds of Kashmir controlled by India. Pakistan, which holds the other third, denies it is behind the incursion. The disputed Himalayan region has been the source of two wars between the two nuclear powers, and fears that the latest conflict could worsen has preyed on India's financial markets. But markets picked up on Sinha's comments on Wednesday. The Bombay stock market's 30-share index ended provisionally 3.08 percent or 120.02 points higher at 4,021.75 points. The rupee ended firmer at 43.14/145 per dollar. It had fallen to its lowest levels in nearly 10 months on Tuesday to close at 43.31/33 on concerns of a wider conflict with Pakistan. Sinha said the central bank was watching the foreign exchange market on a day-to-day basis to ensure orderly conditions. ''I have reasons to believe that the central bank is doing its job very well,'' he said. ''I am quite confident that the central bank has the wherewithal to deal with the present situation,'' he added. Asked whether a rise in expenditure could put pressure on interest rates, Sinha said: ''No, not at this point of time.'' He also denied the cost of the Kashmir campaign would lead to a rise in the fiscal deficit in the year ending March 2000. ''At this point of time any increase in expenditure is well within manageable limits and I do not see it putting a pressure on the fiscal deficit or leading to a situation where we might have to borrow more,'' he said. India aims to rein in its fiscal deficit to 4.0 percent of gross domestic product in 1999/2000 from 4.5 percent in 1998/99. India expects GDP to grow between 6.5 to 7.0 percent on the back of robust farm growth and industrial recovery in 1999/2000. biz.yahoo.com

To: Mohan Marette who wrote (4622)	6/16/1999 12:00:00 PM
From: Mohan Marette	Read Replies (2) \| Respond to of 12475

Adani Exports-Ambitious growth plans Compounded annual growth rate of 166% for last 6 years Company Homepage adanigroup.com Financials. adanigroup.com adanigroup.com Equity Watch. walletwatch.com Adani Exports, the largest superstar trading house and No.1 net forex earner in the private sector, reported a 9% fall in sales at Rs 2188.70 cr in FY 9903. Net profit, however, has increased 5% to Rs 65.89 cr. The EPS works out to Rs 59.6. A dividend at the rate of 30% has been declared. The company has recently entered into a joint venture (50:50) with Wilmar Pte, Singapore, to trade in vegetable oils. A 600 tpd vegetable oil refinery will be set up at Mundra port at the cost of Rs 40 cr. The company is developing a port at Mundra through Gujarat Adani port in association with Gujarat Port Infrastructure Development Corporation. The first phase has been developed at a cost of Rs 390 cr. It has already handled 35 ships with 3,80,000 t of cargo. The second phase involves setting up a 54-km rail link to Adipur, 3 container terminal berths, and a dry bulk berth totalling 1100-m quey length. The project will cost Rs 400 cr. Talks are on with various global companies for joint development and operation of container terminal. Adani group is also bidding for a 500 MW power project at Mundra based on imported coal. The estimated project cost is Rs 2000 cr with debt-equity ratio of 70:30. (Courtesy:CapitalMarkets)