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In Retreat

In Retreat Nishtar DALAL STREET has beat the retreat after striking a new high for the year in the third week of June. It has moved below its June low and there is no indication yet that the current phasu is nearing its end. That the retreat has been orderly is attributable mainly to strong bull manipulation, A few prominent bulls have such a fantastic stake in the market that they simply cannot afford to let go their control; they have to keep on supporting the market anyhow.

Bulls on the Offensive

fits, the entire industrial structure has become high-cost. But it is essential for decisions about future capacity creation to distinguish between industries whose costs are high due to their inherent unsuitability and those which are efficient but suffer from high cost of inputs purchased from other (inefficient) domestic units. This type of situation requires analysis of costs in depth by segregating costs which arc external to the industry from those which are internal.

Digesting Gains

Digesting Gains Nishtar IT has been a quiet week for the stock market. The previous weekend low has not been seen again, nor has the week's high been crossed. While short covering and cautious selective bull support enabled the market to stage a modest rally, the general tone has continued to be rather shaky. The recent behaviour of the market is typical of the process of technical adjustment which it is required to undergo after it has moved a long way in one direction without a pause. In a bull market, when too much pressure has been generated on the upswing, a technical reaction occurs in much the same manner as the safety valve of a steam boiler pops.

Absurd Statements

Now, with the curtailment of investment in power projects, the order books of HEL have suffered. Exports are not allowed under the agreement with AEI

Upswing in Oilseeds Prices

Unmanaged NCDC Magnus NCDC has achieved the dubious honour of having its performance described as "a story of unmitigated inefficiency and mismanagement" by the Parliamentary Committee on Public Undertakings (Tenth Report, Fourth Lok Sabha, April 1968). The Committee has shed much more light on the Augean stables of NCDC; cleaning them out is, of course, more difficult. Its criticism deals with planning, execution and sales policy.

Pressure of Arrivals

In the absence of such guidelines, if the present trend continues, this service industry is bound to find itself in an alarming state in a few years' time. Banking service being of vital importance to the economy, the entire community's interest is closely tied up with the strength of banking institutions. Weaknesses in the banking system cannot but have their repercussions on the economy as a whole.

LIC Sells Indian Iron

LIC Sells Indian Iron Nishtar THE stock market presents no clear picture. While cash shares have continued to put up a remarkably firm front recently, speculators' favourites have remained out of favour and their movements have been rather erratic. One of the market leaders, namely, Indian Iron, has been forced to beat a sharp retreat under pressure of institutional selling and this has had an unsettling effect on the general trading sentiment. But big bulls -

Soya Oil Sale Will Tell

up-to-date statistical information so as to decide on new policies and review them from time to time, and arrive at correct decisions. Our Economic Research Department has been strength- ed and charged with the responsibility of keeping up-to-date statistical information on important aspects of the bank's working.

Stock Exchange Boom Needs Probe

April 6, 1968 tion ore mines be raised from Rs 2.50 to Rs 4.50. Even the present minimum is more often paid on paper than in cash, so one can only guess the fate of the new minimum. Several Mineowners' Associations have protested against the award (except the South Indian Association, presumably because of lack of cohesion among its members).

Are Cotton Prices Too Low

Are Cotton Prices Too Low ?
Nishtar COMMERCE Minister Dinesh Singh must have been pleased to learn of the substantial fall in cotton prices from the delegation of 15 MPs led by Manubhai N Amersey, vice-president of the East India Cotton Association. The delegation had met him to voice concern over the fall in prices and seek official support, but the Minister has been known to be anxious that cotton prices should come down so that the textile industry's plea for upward revision of realisation multipliers for controlled varieties of cloth is blunted. What kind of a welcome the delegation had from the Commerce Minister is not known, but it could not have been very sympathetic.


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