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INDIA-E  June 2002

INDIA-E June 2002

Subject:

India Network Economic News - June 26, 2002

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Wed, 26 Jun 2002 11:27:06 -0400

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India Network Economic News - June 26, 2002 Volume 14 Issue 114
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Brought to you in co-operation with Various News Reports from India
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Workers, and Students is available for 2001-02 year.
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----------------------------
Today's News Items
------------------
#1. Rupee steady against dollar in early trade
#2. War hysteria down, NRIs flock back
#3. Sensex opens on weak note at 3200.79
#4. Indian School of Business' plans
#5. Exchange rates
------------------------------------

#1. Rupee steady against dollar in early trade
PTI [ WEDNESDAY, JUNE 26, 2002  11:03:53 AM ]

MUMBAI: The rupee held steady against the US currency in quiet and
range-bound early trade at the interbank foreign exchange market here on
Wednesday. Opening around Rs 48.89/90 per dollar, the rupee is currently
quoted at Rs 48.8850/8950, little changed from the overnight finish of Rs
48.8975/9025.

The forex spot trade remained subdued and within tight band due to lack of
market moving factors. Light dollar demand from public sectror banks
exerted mild pressure on the rupee but there is adequate local dollar
supplies to cope with the buying, dealers said.

State-run banks were buying dollars on behalf of the Central Bank to
prevent the rupee from rising sharply in order to give exporters a
competitive edge. In cross currency trades, the euro was quoted at Rs
48.24/27, pound sterling at Rs 74.10/12 and Japanese yen (100) at Rs
40.61/64.

#2. War hysteria down, NRIs flock back
Agencies/New Delhi

With the war hysteria dying down, corporate, business and Non-Resident
Indian (NRI) travellers are slowly trickling back to India, though in
cautiously small numbers.

"There has been around 10 percent increase in business travellers coming
to India, along with NRIs and Indians returning from holidays abroad,"
said Subhash Goyal, president of the Confederation of Tourism
Professionals and chairman of Stic Travels.

"The flights are coming fully booked."India's travel and tourism industry
has been considerably hurt by the events post-September 11, the
India-Pakistan standoff and travel advisories by several countries,
including the U.S, Britain, Japan and others.

"Though there is some improvement now, one whole tourist season from
September has been more or less lost," said R.K. Suri, secretary-general
of the Hotel Association of India.

"Provided travel advisories are lifted and the spectre of India being an
unsafe destination is removed, we can hope to see an upswing in tourism
and business travel from this August or September."

Ironically, there was a spurt in outbound traffic when, at the height of
the India-Pakistan tension, some countries asked their citizens to
immediately leave the country. Industry officials said the exodus has now
stopped, and foreign officials who had remained behind were being asked to
stay back.

In a change of threat perception, Japan, which evacuated its citizens in
India, is now planning to let its national flag carrier Japan Airlines
(JAL) resume its bi-weekly service to the country. The Carrier is also
planning to expand service on the Tokyo-New Delhi route in October to
thrice a week.

Compared to hotels catering to leisure travel, business class hotels
reported a higher occupancy during this period. To woo clients, most
hotels adopted a more flexible tariff structure.Delhi's Ambassador Hotel,
part of the Taj Group, reported a better flow of business travellers,
except on weekends. "We are getting a lot of corporate clients,"
Ambassador director Rajendera Kumar, honorary secretary of the Hotel and
Restaurant Association of India,said.

On the leisure industry front, it is the domestic and expatriate clients
who are ensuring "not a single room in upper class hotels in the hill
resorts and other popular holiday destinations go free," said Mr Kumar.

Tourist arrival to India between January-May witnessed a 14 percent fall
with a total of 965,523 arrivals as compared to 1.13 million in the same
period last year. The fall in arrivals was most in January -- 21 percent
-but the situation improved by April to 16 percent and May to 12 percent.

"With the situation now having improved, we expect a rapid increase in
traffic by September," said a tourism ministry official.India receives
around 2.4 million foreign tourists a year, which compares very poorly
even with smaller countries like Malaysia and Mauritius.

#3. Sensex opens on weak note at 3200.79
PTI [ WEDNESDAY, JUNE 26, 2002  11:06:59 AM ]

MUMBAI: The Sensex opened weak and dipped below 3200-level at early stages
in line with continued slide in key stocks on the Bombay Stock Exchange
(BSE) on Wednesday due to fresh selling pressure from investors.

Investors which had turned cautious in the light of consistent selling by
foreign institutional investors (FIIs), which have made fairly heavy net
sales in the current month so far, seemed to be unloading shares of RIL
after its Chairman Dhirubhai Ambani was hospitalised and is stated to be
critical since Tuesday.

The BSE Sensitive Index opened lower at 3200.79 as against Tuesday's close
of 3214.34 and later dipped to a low of 3193.72 before being quoted at
3201.63 at 10.30 am.

A sharp negative turnaround in NY shares on Tuesday night also had adverse
impact on the sentiment. The Nasdaq Composite Index dipped by 36.35 points
and the Dow Jones Industrial Average was down by 155 points on Tuesday.

IT stocks were under pressure due to the Nasdaq factor. Infosys
Technologies and Satyam Computers were quoted modestly lower on selling by
institutional investors. Punters, however, were seen making selective
buying in low-priced second-line stocks.

Among the top losers, Mah & Mah were quoted down by 4.16 per cent,
Himachal Futuristic by 3.40 per cent, UTI Bank by 3.25 per cent, Tata
Elxsi by 3.10 per cent, Mastek by 2.55 per cent, Wipro by 2.53 per cent,
Zee Telefilms by 2.41 per cent and SSI Ltd by 2.41 per cent.

However, GSFC, Escorts, Apollo Tyre, GNFC, Nirma and Trigyn Tech showed
moderate gains.

#4. Indian School of Business' plans

By Our Special Correspondent



NEW DELHI JUNE 25. Established with a vision of emerging as the hub of
business education in Asia, the Hyderabad-based Indian Business School
(ISB) plans to focus on turning out future management leaders to meet
market demand both in India and abroad.

For the purpose, based on their experience of the past two years, the
faculty plans to transform the curriculum to make it tailor-made for
present day requirements.

To implement the school's future plans, the command of the school is being
handed over to Prof. Vijay Mahajan from the University of Texas at Austin.
He has been appointed the Dean and will take over from Dr. Pramath Raj
Sinha, who will continue to be associated with the institution.

Announcing Prof. Mahajan's appointment as Dean of ISB, Rajat Kumar Gupta,
Managing Director of McKinsey & Company Inc. and Chairman of the Board of
the school, said the new incumbent was eminent in his own right. He held
the John Harbin Centennial Chair in Business in McCombs School of
Business, the University of Texas at Austin.

A product of IIT, Kanpur, from where he did B.Tech, Prof. Mahajan did his
MS in Chemical Engineering and PhD in Management from the University of
Texas at Austin which he subsequently served as Associate Dean of
Research.

In 1997, he was honoured with the American Marketing Association Charles
Coolidge Parlin Marketing Research Award for being a distinguished
academic and practitioner who demonstrated leadership and sustained impact
on the evolving profession of marketing.

Highlighting the contribution made by the outgoing first Dean of ISB, Mr.
Gupta said Dr. Sinha had been closely involved with the institution since
its inception in 1995. He will continue to support ISB as a member of its
Executive Board even as he reassumes his position as partner at McKinsey
and Company.

#5. Exchange rates

=========================================================
      Currencies                    Direct rates
                              TT Buying      TT Selling
=========================================================
Indicative rates in rupees a unit at 4 p.m. on April 24.
U.S. Dollar                      48.78          49.09
Sterling                         70.61          71.11
Euro                             43.38          43.68
Singapore Dollar                 26.82          27.00
Japan yen (per 100)              37.57          37.80
Swiss Franc                      29.56          29.77
Australian Dollar                26.34          26.52
New Zealand dollar               21.78          21.93
Hong Kong dollar                  6.25           6.29
Malaysian Ringitt                12.83          12.92
Canadian dollar                  31.02          31.23
Swedish Kroner                    4.72           4.76
Kuwaiti Dinar                   159.08         160.15
UAE dirham                       13.28          13.37
Bahrain Dinar                   129.31         130.23
Qatary Riyal                     13.39          13.49
Saudi Riyal                      13.00          13.09
Omani Riyal                     126.36         127.83
=========================================================
Source: Indian Bank
------------------------------------------
End of India Network Economic News Digest
==========================================

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