Bizbits

MIA to organise Maha Expo 98

MUMBAI: Aurangabad-based Marathwada Industries Association MIA is organising the second Maha Expo8217;98 at the Garware Stadium from April 26 to May 3, 1998. MIA had earlier organised a similar exhibition in 1994.

Labelled as the gateway to new opportunities in Marathwada and slated to be the largest exhibition in Maharashtra, the eight-day Maha Expo is expected to attract over 250 industries from all over the country, joint chairman of the organising committee Ram Bhogle and chairman of the public relations andcommunications committee Rajendra Darda told reporters here today. The Indo-American Chamber of Commerce, which is a partner in the exhibition, would have a special stall for US companies. The state government will also participate in the expo through its state corporations.

Oriental Housing downgraded

MUMBAI: ICRA, a leading credit rating agency, has downgraded the fixed-deposit programme rating of Oriental Housing Development Finance Corporation from MA- to MA, indicating inadequate safety and has also put the rating under rating watch with negative implications. quot;The downgrade takes into account a fall in the company8217;s financial performance over the last two years caused by a significant increase in expenses and depressed yields in its housing finance business,quot; an Icra release stated.

HSE gets Sebi nod

HYDERABAD: THE Hyderabad Stock Exchange HSE has received in-principle approval from Sebi for its proposal to set up settlement guarantee fund, according to executive director of the exchange P C Shrimal. He said the precondition put by Sebi would be met on war footing so that the fund could be operational from first week of April. He said National Securities Depository Ltd has already agreed to extend depository participant status to the exchange. In order to receive the final approval, HSE has to creat a fund of Rs 2 crore besides continuing the member8217;s compensation fund which is functional at present.

It also has to submit to Sebi the auditors certificate with reference to deployment of settlement guarantee fund, members8217; compensation fund, cash deposit collection from members towards base minimum capital and one per cent security deposit collected from companies.

IMC president

MUMBAI: The Indian Merchants8217; Chamber has elected YP Trivedi as president and PradeepChinai as vice-president for 1998-99. The two will assume office after the annual general meeting of the chamber scheduled to be held in last week of April.

SAARC Chamber

MUMBAI: The SAARC Chamber of Commerce and Industry has organised the second Economic Cooperation Conference in Islamabad Pakistan from March 18-19. The conference will be inaugurated by Pakistan8217;s Prime Minister Nawaz Sharif. The conference has been divided into 10 subjects which include trade, investment and science and technology. Kantikumar Podar, president of the chamber, will be leading a 100-member delegation from India for the conference.

Voltas Ltd

MUMBAI: Voltas Ltd, the diversified Tata group company, has launched several new indigineously developed air-conditioner models in the market. In the organised air-conditioning market, Voltas now has a 26 per cent market share.

Voltas8217; vice-president Bir Singh the company was looking at doubling the turnover of the air-conditioning business to Rs 1,000 crore by2000.

Following the success of its 1.5 tonne model, Voltas has introduced window, floor, highwall, low wall and ceiling mounted, slimline and cassette type models, taking the total range of models to 44.

Several of its loss-making subsidiaries, Premium Granites and Voltas Switchgear, have also been put on the block. The new-look Voltas will be formed around its air-conditioning business, the engineering division and the chemicals trading business.

RBI alert

MUMBAI: The Reserve Bank of India has advised banks, financial institutions and members of the public to be careful in their dealings with Monami Finance amp; Investment P Ltd based in Calcutta. According to the RBI, the company was classified as a Residuary Non-Banking Company. However, it has violated various provisions of the Residuary Non-banking Companies Directions, 1987, and its financial position, too, has displayed signals of sickness.

BSE badla rate

MUMBAI: The carry forward rates has moved up to an average 28 to 35 percent annualised during the badla session on Saturday on account of a very high overbought position in the market. According to dealers, quot;The badla rates are very high in this settlement since it is near the end of the this fiscal and there is a general shortage of funds.quot; ITC was among the few scrips which attracted backwardation charges.