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Budget likely on June 1NEW DELHI: The first budget session of the twelfth Lok Sabha is expected to commence from May 27. An official spokesm...

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Budget likely on June 1

NEW DELHI: The first budget session of the twelfth Lok Sabha is expected to commence from May 27. An official spokesman told mediapersons here this evening that a recommendation to this effect had been sent by the Union Cabinet to the president. The exact duration of the session will be decided in consultation with all political parties, he said. Meanwhile, Lok Sabha secretariat sources said that the Railway budget was expected to be presented on May 28, followed by the general budget on June 1. The session is likely to continue till July 31.

BSE to unveil new BOLT TWS version

MUMBAI: The Bombay Stock Exchange has decided to implement a new version of BOLT trader workstations (TWSs) with effect from April 27. The new TWSs have been designed to automatically deactivate a broker’s trading rights on reaching 100 per cent of their intra-day trading limit. However, the trading system will continue to issue the warning message as soon as the broker reaches 80 per centand 90 per cent of his intra-day trading limit. Further, the exchange has also decided to levy a fine of Rs 5,000 if the broker fails to pay the additional capital on the day of the violation.

Volvo India to manufacture buses

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MUMBAI: Volvo India, the wholly owned subsidiary of Volvo AG, will begin manufacturing buses for inter-city and city travel by end-1998, costing 15-17 paise per passenger per km. Chassis development will take place at the company’s plant at Hoskote near Bangalore, while body-building will be done at various places in the country.

NIIT net profit up 53 per cent

MUMBAI: NIIT Ltd has posted a 53 per cent growth in its net profit to Rs 16.60 crore for the half-year ended March 31, 1998. Turnover during the period went up 45.6 per cent to Rs 204.16 crore from Rs 140.25 crore in the the same period last year. NIIT’s global revenue went up 76.7 per cent to Rs 298.64 crore (Rs 168.97 crore). While software contributed 52 per cent to the revenue, training accounted for 32per cent and multimedia, 16 per cent.

Gold, silver down on low demand

MUMBAI: An easy trend prevailed on the bullion market here today with both precious metals declining marginally. Silver .999 and raw silver came down by Rs 60 and Rs 40 to Rs 8740 and Rs 8610 per kg respectively on weak overseas advices coupled with slack buying interest by local operators and industrial units. Gold standard mint and 22-carat gold also became cheaper by Rs 15 each to Rs 4255 and Rs 3935 respectively on decreased buying support and poor upcountry demands. Gold ten tola also lost Rs 200 to Rs 49,900 on decreased demand from investors and jewellery units.