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Skindia GDR Index gains 5%; ITC volatile
The GDR market saw a lot of volatility in the ITC counter, with the GDR touching a new high on February 17 as against its underlying shares in the local market. THe Skindia GDR index closed at 887.81 recording a 5.33% increase against last week's close of 842.92.
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Pune to have three depository participants
Pune will soon boast of three depository participants (DPs) -- Janata Sahakari Bank, IndusInd Bank and the United Western Bank, giving investors a wider choice. This was revealed by Gagan Rai, executive director of National Securities Depository Limited (NSDL), while speaking at a seminar on depository awareness in Pune yesterday.
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Tata Investment set to merge with Investa
The Tata group has decided to consolidate its investments business by merging its investment company Investa Ltd, in which Tata Investment Corporation holds a 86% stake, into the parent company itself. The decision to merge has been taken by the boards of directors of the two companies. The merger will be effective from April 1, 1998.
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P&S, Syndicate banks' move to hike interest rates snowballs
The hike in interest rates for short-term deposits by Syndicate and Punjab & Sind banks has literally triggered an interest rate war among both private and nationalised banks. Indian Overseas Bank (IOB) has revised its rates twice within one month. Even Bank of Madura will be revising its rates soon. Many other banks are also mulling a revision of their interest rates.
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