The Core Group of Secretaries on Disinvestment has cleared the sell-off of more secondary stock of Videsh Sanchar Nigam Ltd (VSNL) through a GDR offering this fiscal, targeted to raise well over $300 millions. The plan now is to swiftly launch an accelerated book- building programme in the overseas markets to ensure that the deal is wrapped up in a week. Since the VSNL is a traded stock overseas, the company can launch its issue of secondary stock without any detailed information memorandum

PAL-Peugeot: Running out of time, cars

Into 1998, the fine-handling of the Peugeot 309 can no more ensure PALPeugeot Ltd (PPL) a comfortable ride. With its two partners divorced, news at the cash- strapped Indo-French joint venture is that quick steps are needed if production must continue at PPL’s Kalyan factory. Since December 1997, PPL has stopped making the Peugeot 309 cars. An available inventory of 300-400 CKD kits for the 309 has been left untouched under bond, as the company does not wish to divert money to pay customs duty. In lieu, PPL has been making about 300 Viceroy cars every month.

S-E Asian currencies tumble

Most S-E Asian currencies plummeted to new depths in a few hours on Wednesday. Companies and investors scrambled wildly for US dollars and the plight of regional currencies was worsened by poor liquidity and wide spreads which left central banks largely helpless. The turmoil on the currency markets spilled over, yet again, into Asian bourses with many stock indices falling through key support levels. Oil markets and many commodities were also savaged by the rapid fall: of regional currencies.

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