SAIL export growth 90%NEW DELHI: The Steel Authority of India Limited (SAIL) expects to get a star trading house status this year, having shipped out 1.5 million tonne of steel last year.SAIL chairman Arvind Pande informed the Steel Exporters' Forum at the club's first meeting on Friday, that the company had achieved a 90 per cent growth in exports last year. The public sector giant had targeted doubling its overseas sales.According to steel ministry brass, SAIL was not the only company that had exported more steel last year. The industry as a whole had achieved a 25 per cent growth in exports to 3.4 million tonne in 1997-98, compared to 2.7 million tonne the year before.Earnings from steel exports, however, showed a smaller growth of roughly 12 per cent from Rs 2400 crore in 1996-97 to Rs 2700 crore last year. The lower realisation from sales has not taken the fizz out of the export drive, insisted industry watchers, who pointed out that the exercise was geared to building an Indianpresence in the international steel market.BSE, NSE, commodity markets closedMUMBAI: All major markets in Mumbai, including the BSE, NSE, OTCEI along with bullion, oilseeds, metals, cotton, spices, sugar, turmeric and other kirana markets remained closed on Friday for Maharashtra Day/May Day.NTPC signs PPA with Tamil Nadu EBNEW DELHI: National Thermal Power Corporation (NTPC) has signed a power purchase agreement (PPA) with the Tamil Nadu Electricity Board (TNEB) for supply of 100 mw power from its eastern power stations. NTPC will supply surplus power from its eastern region through trasmission lines of eastern, northern, western and southern regions.With this agreement, NTPC will be in position to supply 350 mw of surplus power from eastern regions to the three southern states of Andhra Pradesh, Kerala and Tamil Nadu, an NTPC release said today. NTPC supplies 150 mw and 100 mw of power to Andhra Pradesh and Kerala respectively through a similar agreement signed earlier, therelease added.FIIs turn net sellers in AprilMUMBAI: After two months of steady inflows in the market, foreign institutional investors (FIIs) turned net sellers in April. Gross sales at Rs 1,179 crore exceeded gross purchases valued at Rs 1,073.8 crore, leading to a negative investment of Rs 105.3 crore. This takes the cumulative investments by FIIs to Rs 9,256.9 crore, according to figures released by Sebi.Lloyd's Register records 4% growthMUMBAI: The Lloyd's Register (LR) group, an international ship classification, inspection and certification organisation, has reported a 4 per cent growth from Pound 301.9 million in 1996 to Pound 313.3 million.Speaking at the launch of Lloyd's Register's annual review 1997 here, chairman Patrick O'Ferrall said the group is investing its surplus income in research and development (R&D) to improve services and products further.Textile exports upNEW DELHI: India's textile exports increased by 4.6 per cent during 1997-98, but fellshort of the $ 13.36 billion target by 7.3 per cent, Textile Minister Kashiram Rana said.Textile exports during 1997-98 was $ 12.39 billion against $ 11.84 billion last year, he said chairing a meeting of senior textile industrialists here last evening.
