TWENTY YEARS AGO TODAY
JUNE 12, 1999
Toyota to hike stake in Indian venture
Toyota Motor Corporation (TMC) of Japan is increasing its stake in the joint venture company in India, Toyota Kirloskar Motors Pvt Ltd (TKMPL), from 74 to 87 per cent. Consequently, its share of the Rs. 600-crore equity of TKMPL will now go up to Rs. 522 crores from Rs. 444 crores. TKMPL is implementing a project in India for the manufacture of what it calls "a multi-purpose vehicle which will have the characteristics of a passenger car."
Industrial growth in April rises 6.8 pc
For the first time in recent years, industrial growth in the inaugural month of the fiscal posted a 'relatively higher growth of 6.8 per cent, spurring hope of a possible turnaround from the prolonged spell of recession, latest estimates of the Central Statistical Organisation (CSO) show. As per the quick estimates of the Index of Industrial Production (IIP) with base 1993-94, for April 1999 the general index stands at 147.4, which is higher by 6.8 per cent compared to April 1998 when it was a modest 4.8 per cent and an insipid 3.9 per cent in April 1997.
SEBI directive on share denomination
The Securities and Exchange Board of India (SEBI) has asked stock exchanges to indicate the denomination value of the shares as fixed by the company along with the market quotations. In a press release, SEBI said the circulars of the Union Government in respect of issue of equity shares in standard denomination of Rs. 10 or Rs. 100 has been modified and "the companies shall have the freedom to issue shares in any denomination to be determined by them in accordance with section 13(4) of the Companies Act, 1956."