ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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RBI s About-Turn

EPW Research Foundation RBI's About-Turn December 1994 ended with the central bank injecting Rs 2,000-2,500 crore into the market to quell the money market's riotous behaviour in an about-turn from the beginning-of-the-month objective of contracting primary liquidity and containing money supply growth.

Over to Open Market Operations

EPW Research Foundation The Reserve Bank's narrow monetarist approach to using open market operations to mop up liquidity will aggravate the government's revenue deficit and raise interest costs for small and medium enterprises precisely when the need was to lower interest costs to revive economic activity.

Travails of a Market in a Hurry

EPW Research Foundation Travails of a Market in a Hurry A The Policy Perspective AN avowed objective of the Reserve Bank of India (RBI) almost since the second half of the 1980s has been to dilute the importance of direct instruments of monetary control such as variation in reserve requirements for banks, regulation of the size and distribution of bank credit and administration of interest rates and to focus instead on indirect instruments, namely, to operate a monetary policy which is based on the level and structure of interest rates that are generally free and market-determined and on the conduct of open market operations in government securities. Initially, the reforms began with imparting some flexibility to the money and government securities markets, for which the recommendations of the two committees, the Committee to Review the Working of the Monetary System (Chairman: Sukhamoy Chakravarty. 1985) and its offshoot, the Working Group on the Money Market (Chairman: N Vaghul, 1987), formed the basis, though the actual changes effected turned out to be different in many respects from those recommendations. Besides, the socio-economic milieu of the period did not permit the RBI to introduce any of the radical changes suggested by the Chakravarty Committee, such as the inflation-linked rates of interest on 91-day treasury bills and 15- year dated government securities and the minimising of the concessional rales for priority, areas. Nevertheless, the measures undertaken during the second half of the 1980s, particularly those concerning money market operations, have had far-reaching significance.

Maltings

Vysali Pharmaceuticals Vysali Pharmaceuticals, an existing dividend paying company manufacturing a wide nuige of pharmaceutical formulations, is setting up a bulk drugs plant for the manufacture of semi synthetic penicillins, antibiotics and antibacterials in a phased manner, expecting to earn a reasonable profit working at 10 per cent, 30 per cent and 45 per cent of installed capacity in the first, second and third year of operations. The implementation of the first phase will be completed by September 1992 and the entire project by September 1993, The company expects to exploit the vast potential in the domestic and export market for the complete range of injectibte penicillins and have received enquiries already From Nigeria, Ghana, Zaire, and Abu Dhabi. Promoted by A D Krishnan and Savithry Krishnan, both having had 15 years of experience in pharmaceutical companies, the project in Alwaye village, Ernakulam District, Kerala, will source indigenous machinery and process equipment. The project appraisal has been done by Kerala State Industrial Development Corporation, with its cost estimated at Rs 493 lakh. The public issue of 30,00,000 equity shares of Rs 10 each at par, aggregating Rs 300 lakh, opens on July 6.

Pace Elcot Automation

Vysali Pharmaceuticals Vysali Pharmaceuticals, an existing dividend paying company manufacturing a wide nuige of pharmaceutical formulations, is setting up a bulk drugs plant for the manufacture of semi synthetic penicillins, antibiotics and antibacterials in a phased manner, expecting to earn a reasonable profit working at 10 per cent, 30 per cent and 45 per cent of installed capacity in the first, second and third year of operations. The implementation of the first phase will be completed by September 1992 and the entire project by September 1993, The company expects to exploit the vast potential in the domestic and export market for the complete range of injectibte penicillins and have received enquiries already From Nigeria, Ghana, Zaire, and Abu Dhabi. Promoted by A D Krishnan and Savithry Krishnan, both having had 15 years of experience in pharmaceutical companies, the project in Alwaye village, Ernakulam District, Kerala, will source indigenous machinery and process equipment. The project appraisal has been done by Kerala State Industrial Development Corporation, with its cost estimated at Rs 493 lakh. The public issue of 30,00,000 equity shares of Rs 10 each at par, aggregating Rs 300 lakh, opens on July 6.

Sagar Cements

Vysali Pharmaceuticals Vysali Pharmaceuticals, an existing dividend paying company manufacturing a wide nuige of pharmaceutical formulations, is setting up a bulk drugs plant for the manufacture of semi synthetic penicillins, antibiotics and antibacterials in a phased manner, expecting to earn a reasonable profit working at 10 per cent, 30 per cent and 45 per cent of installed capacity in the first, second and third year of operations. The implementation of the first phase will be completed by September 1992 and the entire project by September 1993, The company expects to exploit the vast potential in the domestic and export market for the complete range of injectibte penicillins and have received enquiries already From Nigeria, Ghana, Zaire, and Abu Dhabi. Promoted by A D Krishnan and Savithry Krishnan, both having had 15 years of experience in pharmaceutical companies, the project in Alwaye village, Ernakulam District, Kerala, will source indigenous machinery and process equipment. The project appraisal has been done by Kerala State Industrial Development Corporation, with its cost estimated at Rs 493 lakh. The public issue of 30,00,000 equity shares of Rs 10 each at par, aggregating Rs 300 lakh, opens on July 6.

Vysali Pharmaceuticals

Vysali Pharmaceuticals Vysali Pharmaceuticals, an existing dividend paying company manufacturing a wide nuige of pharmaceutical formulations, is setting up a bulk drugs plant for the manufacture of semi synthetic penicillins, antibiotics and antibacterials in a phased manner, expecting to earn a reasonable profit working at 10 per cent, 30 per cent and 45 per cent of installed capacity in the first, second and third year of operations. The implementation of the first phase will be completed by September 1992 and the entire project by September 1993, The company expects to exploit the vast potential in the domestic and export market for the complete range of injectibte penicillins and have received enquiries already From Nigeria, Ghana, Zaire, and Abu Dhabi. Promoted by A D Krishnan and Savithry Krishnan, both having had 15 years of experience in pharmaceutical companies, the project in Alwaye village, Ernakulam District, Kerala, will source indigenous machinery and process equipment. The project appraisal has been done by Kerala State Industrial Development Corporation, with its cost estimated at Rs 493 lakh. The public issue of 30,00,000 equity shares of Rs 10 each at par, aggregating Rs 300 lakh, opens on July 6.

Parth Aluminium

Vysali Pharmaceuticals Vysali Pharmaceuticals, an existing dividend paying company manufacturing a wide nuige of pharmaceutical formulations, is setting up a bulk drugs plant for the manufacture of semi synthetic penicillins, antibiotics and antibacterials in a phased manner, expecting to earn a reasonable profit working at 10 per cent, 30 per cent and 45 per cent of installed capacity in the first, second and third year of operations. The implementation of the first phase will be completed by September 1992 and the entire project by September 1993, The company expects to exploit the vast potential in the domestic and export market for the complete range of injectibte penicillins and have received enquiries already From Nigeria, Ghana, Zaire, and Abu Dhabi. Promoted by A D Krishnan and Savithry Krishnan, both having had 15 years of experience in pharmaceutical companies, the project in Alwaye village, Ernakulam District, Kerala, will source indigenous machinery and process equipment. The project appraisal has been done by Kerala State Industrial Development Corporation, with its cost estimated at Rs 493 lakh. The public issue of 30,00,000 equity shares of Rs 10 each at par, aggregating Rs 300 lakh, opens on July 6.

BTW Industries

Vysali Pharmaceuticals Vysali Pharmaceuticals, an existing dividend paying company manufacturing a wide nuige of pharmaceutical formulations, is setting up a bulk drugs plant for the manufacture of semi synthetic penicillins, antibiotics and antibacterials in a phased manner, expecting to earn a reasonable profit working at 10 per cent, 30 per cent and 45 per cent of installed capacity in the first, second and third year of operations. The implementation of the first phase will be completed by September 1992 and the entire project by September 1993, The company expects to exploit the vast potential in the domestic and export market for the complete range of injectibte penicillins and have received enquiries already From Nigeria, Ghana, Zaire, and Abu Dhabi. Promoted by A D Krishnan and Savithry Krishnan, both having had 15 years of experience in pharmaceutical companies, the project in Alwaye village, Ernakulam District, Kerala, will source indigenous machinery and process equipment. The project appraisal has been done by Kerala State Industrial Development Corporation, with its cost estimated at Rs 493 lakh. The public issue of 30,00,000 equity shares of Rs 10 each at par, aggregating Rs 300 lakh, opens on July 6.

Marmagoa Steel

 THE CAPITAL MARKET Marmagoa Steel MARMAGOA STEEL is issuing 1,05,32,672 equity shares of Rs 10 each at par Out of the issue 50,32,672 shares are reserved for firm allotment

Indo-Maxwell

 THE CAPITAL MARKET Marmagoa Steel MARMAGOA STEEL is issuing 1,05,32,672 equity shares of Rs 10 each at par Out of the issue 50,32,672 shares are reserved for firm allotment

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