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Calm markets herald dip in forwards
The six-month annualised forward cover strengthened to 7.25% on Thursday from 8.33% on Wednesday a day after the Reserve Bank decided to relax export financing norms. The prevailing market opinion now is that the RBI may now go ahead with its phased cash-reserve ratio cuts this month and slash the repos rate from 7%, and go in for varibale market-based rates.
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FIs bail out Gontermann-Peipers' issue
Gontermann-Peipers' Rs 63-crore public issue has been bailed out by institutional investors who came in with bulk applications. Faced with a poor response from public shareholders, the company was also forced to extend its Rs 81.75-crore rights issue to January 12, 1998.
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BSE to kick off computerised valan credit-debit posting
The Bombay Stock Exchange (BSE) has decided to start computerised posting of valan debits and credits in the bank accounts of members maintained with the Bank of India stock exchange branch. This new procedure will start with the A, B1, B2 group settlement No 39/97-98 and C group settlement No 40/97-98.
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ISE spots site for bourses network
The Inter-Connected Stock Exchange of India (ISE) has identified land in Vashi, Navi Mumbai, for its countrywide network of bourses. The ISE plans to acquire 10,000 sq ft of land in the proposed Vashi Software Technology Park on a lease and outright basis. The land is estimated to cost around Rs 3 crore and the payments will be made over a period of eight years.
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