Sensex vaults 130 points as FII buying, Asian rally lift morale
The bellwether 30-scrip Sensitive Index shot up by an enthusiastic 130 points yesterday to close at 3,354 points. The recovery came amid waxing confidence that the country was insulated from the spread of the south-east Asian currency crisis and an improved liquidity in the money markets.
Finance firms guidelines see market "downgrade" Crisil: scrip hammered
Even as Crisil is busy downgrading a host of non-banking finance companies (NBFCs), the market seems to have downgraded the rating institution. In the last 12 trading sessions, the scrip has been hammered from a high of Rs 487 on January 5 to Rs 391 on February 2.
BSE to get rid of spot delivery for firms coming out with rights
The Bombay Stock Exchange has decided to do away with the practice of putting scrips on spot-delivery basis at the time of a company's rights issue. The decision comes in the wake of the Securities and Exchange Board of India's (Sebi) directive dated January 21, 1998, and will be implemented with immediate effect.
Moody's move adds gloom to Malaysian banking sector
Downgrades by Moody's Investors Service of four key Malaysian banks have added further gloom to a sector already beset by concerns over weakening asset quality, liquidity pressures and a weakened ability to compete with foreign institution.
Crisil downgrades NCD issue of Ennore Foundaries to `BBB+'
The Credit Rating Information Services Ltd has downgraded the Rs 6.2 crore non-convertible debenture issue of Ennore Foundaries Ltd from "A" to "BBB+" rating. The revised rating indicates moderate safety regarding timely payment of interest and principal.
Birla MF makes Income Plus a no-load fund
Birla Mutual Fund has done away with the entry and exit load for its open-ended fund, Birla Income Plus, from February 1 to March 31, 1998. The no-load offer is being made to give the best returns to existing and new investors in view of the hike in interest rates following the new Reserve Bank of India (RBI) measures.
