RBI to unveil gilts' year-end YTM today, state-run banks set to gain
The Reserve Bank of India (RBI) will announce the yield to maturity (YTM) of government of India securities for 1997-98 today. The RBI is likely to fix the YTM on 10-year dated paper between 12.03% and 12.08% -- down from 13.56% in 1996-97.
World Bank for liberalisation of oilseed sector
The World Bank has come out with a five-pronged approach to improve performance of oilseed industry in the country. Among the measures suggested include liberalising imports of oilseed and all edible oils while maintaining current import tariff on edible oils at 20%. The bank is also for liberalising exports of vegetable oils and oilseeds and removal of oilseeds complex from the scope of the Essential Commodities Act.
Centre may permit palmolein futures
The government and the Forward Markets Commission are likely to formally clear applications for futures trading in palmolein by mid-1998. They are also likely to grant permission for an additional centre for turmeric futures.
Centre may hike urea prices in phases
Recent news reports have pointed out that the centre is likely to increase urea prices by 10% during the current year. This move is similar to that introduced in the previous year, when the price of urea was increased by 10% and the savings in subsidies was transferred to the special concessions provided for decontrolled fertilisers.
Customs duty on copper hits local industry
The anomalous customs duty structure of copper products has hit the domestic manufacturers hard putting them into considerable disadvantage. The existing duties imposed on various grades of copper including scrap and virgin copper which includes cathode and wire bars has virtually acted as a kind of "negative protection" to the domestic copper industry.
Pharmaceutical trade hit by recession
During times of recession, pharma wholesalers were confident they wouldn't catch what ailed the economy. Naturally not, since sickness doesn't wait for better times. Not only are they exhibiting all symptoms of a slowdown, but they are currently in a state of shock. The trade which was showing 10% growth annually is now showing a negative growth of 20%.
