Call rates zoom to 100 per cent
All rates zoomed to 100 per cent on Friday with banks rushing to borrow to cover their short-term requirements. The overnight market opened at a high of 65-75 per cent and shot up to 100 per cent in the morning session itself before closing at 75 per cent in a day of high demand for short-term funds amid an extremely tight liquidity position.
Ministry, Ficci plan initiatives to tap European markets
The Union commerce ministry plans joint initiatives with the Federation of Indian Chambers of Commerce & Industry (Ficci) to explore opportunities for business and trade with countries in east Europe and central Europe. The two feel that India should use these countries as a platform to gain access to west European markets, who have imposed restrictions on products originating from here.
Showcause notice to Hiten Dalal
The custodian appointed under the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, has issued showcause notices to notified broker Hiten P Dalal, and six other parties, asking why contracts between them during 1991-92 should not be cancelled. Dalal had entered into contracts with BSE member Virendra Kumar Jain, Oswal Agro Mills, Beverly Investment, Dew Investment, Karnataka Breweries and Distilleries and Mysore Fruit Products.
ONGC places Rs 750cr certificates of deposit with two public banks
ONGC placed Rs 750 crore worth of certificate of deposits (CDs) with two Mumbai-based public sector banks on Friday. The 90-day CDs were placed at 15 per cent. The fund has given a shot in the arm to the two banks reeling under liquidity crunch this week following the Reserve Bank of India's tight money policy.
BSE scraps 25-paise tick on specified-group scrips
In an attempt to meet market standards and facilitate jobbers, the Bombay Stock Exchange (BSE) has decided to do away with the rigidity of imposing a tick size of 25 paise on A group stocks. However, stocks valued at over Rs 200 will continue to attract a tick size of 25 paise.
CMC seeks Centre nod to hike equity
CMC Ltd, the state-owned computer maintenance and software services firm, has sought the centre's nod to increase its equity base by an additional Rs 20 crore. Of the present Rs 15 crore equity, the centre holds a majority 84 per cent while the balance 16 per cent is held by financial institutions and the public.
