BSE draws blank in fresh listings

The BSE with the largest number of listed companies is facing a recession of sorts at least in so far as applications for fresh listings of financial instruments are concerned. The exchange has not opened its account for applications for fresh listings this month. This comes on top of listings sought in earlier months which have been in single digit. Thus in January this year the exchange had listing applications for eight equity and one debenture instrument amounting in value to Rs. 1,661.32 crores.

ONGC to try out new concept in 3 projects

In A bid to shed its excessively vertically integrated image, the Oil and Natural Gas Corporation (ONGC) has embarked upon a new asset management concept by setting up a multi- disciplinary group. It has identified three pilot projects for the purpose. The three projects are to be in Bombay offshore, West Cauvery Basin and one in Assam. If the concept takes off, it would be tried out on other projects as well. The report of the Strategic Planning Group of Re- Structuring of Oil Industries (the R Group) had also categorically stated that, owing to its image of being vertically integrated, ONGC would be at a disadvantage vis-a-vis other successful international oil companies.

Industrial growth in April up 9.8%

Reversing the declining trend over the past five months, industrial production in April has recorded an impressive growth of 9.8 per cent. Not only is it the highest industrial growth rate achieved since October last year, but is also higher than the 6.71 per cent growth registered for the 1996-97 fiscal. The estimates of the index of industrial production for April shows this impetus to industrial growth has been achieved by the robust manufacturing sector and performance of the mining sector.