From: reddym@Barra.COM (Reddy Mallidi)
Subject: India - BJP challenges Congress for early elections
Organization: BARRA, CA.
Date: Mon, 16 Nov 92 11:54:59 GMT


    Sources: Financial Times, Xinhua
    Dates  : Nov. 9-12, 1992 
    Country: India

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    * Neem's anti-aids activity recognised

        A chemical extracted from the bark of the common neem tree can
    effectively block infectivity of the aids virus, as per Dr Shakti
    Upadhyaya, a research scientist at the National Institute of Immunology,
    New Delhi. Laboratory experiments jointly conducted by his institute
    and the U.S Harvard medical school have shown that a sugar-like extract
    from the neem bark can stop the infectivity of the virus in human blood
    cells cultured in the lab. "Rather than having a direct effect on the
    virus, we think  the extract stimulates the immune system to produce a
    group of chemicals that help combat the infection", Dr Upadhyaya said.
    (Xin Nov 12)

    * Tisco postpones issue
 
        Tata Iron and Steel, India's largest private sector company, has
    postponed its $100m international equity issue to the middle of 1993.
    This follows a slide in the steel maker's shares on Indian stock 
    exchanges last week after it announced poor half year results. The
    company feared its global depository receipts (GDR) would not fetch
    more than Rs80 each this month. Brokers said when the company's shares
    were bouyant at around Rs400 last May, the company could have expected
    Rs350 per GDR. At current price of Rs240 a sharethe company has to 
    sell its GDRs at around Rs80. Tisco said it was not short of foreign
    exchange, and would wait until its shares recovered before going ahead
    with the issue. (FT)

    * Reliance advances 119% at midway as earnings sore

        Reliance industries, the fast-growing Indian chemicals and textiles
    conglomerate, reported a 119% rise in net profits to $84m, for the six
    months to September due to a sharp increase in earnings from financial
    investments and sales. It reported a 26% increase in sales, while gross
    profits rose by 73%.  (FT)

    * BJP challenges Congress for early election

        BJP has stepped up its compaign against the ruling Congress party,
    accusing it of "utter failure on the social, political and economic
    fronts". At a weekend meeting in Bhuvaneswar, the BJP directed party 
    workers to be prepared for elections in the near future. It was especially
    strident in its criticism of Rao's economic reforms, which it had 
    supported earlier.
        The Congress retorted that it was fully prepared to meet the challenge
    of a mid-term election. It said that it was "not afraid of the BJP's 
    hollow threats", and that Mr Rao's policy of consensus politics should
    not be misconstrued as weakness. The BJP accused the government of "no
    performance" in the agrarian and industrial sectors and having failed to
    increase exports of control inflation and foreign debt. (FT)

    * India's cashew nut imports hurt export surplus

        Domestic consumption of cashew nuts has risen sharply during the
    past few years, leading to the import of about 100,000 tones of raw
    cashews by India to maintain its share of more than 50% of the world
    trade in cashew nut kernels. India gets $193m in foreign revenue 
    through the export of cashews. (FT)

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