Rupee dips to all-time low, breaches 40
The rupee pierced the psychological barrier of 40 on Wednesday to touch a low of 40.25 against the dollar on relentless corporate demand for the greenback and thin supply. The Reserve Bank of India pumped in an estimated $50-70 million in the spot and forward markets. The State Bank also sold dollars.
Aditya Birla group to base textile production operations in SE Asia
The Aditya Birla group is planning to re-engineer its textile business by concentrating manufacturing activities in south-east Asia. The decision was taken in the light of the current economic turmoil in south-east Asia. Given the huge depreciation in their currencies, textile exports from the region will be very competitive.
Daewoo's small car to be priced below Rs 3 lakh
Daewoo's has formally unveiled D'Arts at the Auto Expo'98. Daewoo initially plans to introduce two variants of the 796 cc car, production of which will start in August. About 60,000 cars will be produced in the first year. The car is likely to be priced below below Rs 3 lakh.
HDFC net shoots up to Rs 198 cr in nine months
The Housing Development Finance Corporation Ltd (HDFC) has recorded a 16.55% rise in net profit in the first three quarters of the current fiscal (April-December) compared to the corresponding period of the previous year. The net profit for the nine-month period ending December 31, was at Rs 197.99 crore against Rs 169.88 crore recorded in the same period last year.
Rupee, FI jitters see Sensex slip by 31 points
Uncertainty the rupee front and the continuous bouts of sales by institutional players at the index-based stocks saw wild fluctuations in the BSE-30 share Sensitive Index. The index hovered in a band of 3,380.98-3,482.05 to finally close at 3,400.79 points, registering a net loss of 30.93 points.
Air India revives monthly financial report concept
The Air India management has revived the "Director's Report", a monthly financial report prepared internally by the finance director that has been in disuse for more than 18 months. The revival of the report is crucial to Air India's efforts to stop the financial haemorrhaging of the company as it helps in planning costs months in advance to meet financial targets.
