Trade deficit balloons to $6.39 billion
India's trade deficit has shot up to $ 6.39 billion in the first 11 months of fiscal 1997-98, up from $ 5.25 billion in the previous corresponding period, according to the latest provisional trade data released by the Union commerce ministry on Wednesday. The huge deficit had been caused by a measly increase of 2.63% in export growth and a 13.65% rise in non-oil imports.
Polysindo steps up offer bid for JCT synthetic-fibre unit
Indonesian conglomerate Polysindo has fixed Rs 406 crore as the upper limit for buying JCT Ltd's synthetic-fibre division. Polysindo is also willing to open discussion with JCT once KPMG submits the fresh valuation report.
High court vacates stay on ICL acquiring Raasi shares
A division bench of the Andhra Pradesh high court on Wednesday vacated the orders granted by it on March 10 last staying all further proceedings by India Cements Ltd (ICL), ICL Financial Services Ltd, ICL Securities and Thrishul, acquiring the shares of Raasi Cement at the rate of Rs 300 per share.
Government's cost of borrowing via WMA to go up by 144%
The Centre's cost of borrowing through ways and means advances (WMA) will go up by a whopping 144% or 620 basis points in the new fiscal. The quantum jump in the interest rates on advances to meet short-term mismatches of the government is a fallout of the RBI's decision to link the WMA interest rate to the bank rate -- currently pegged at 9.5% -- instead of the 91-day treasury bill yield.
UTI targets Rs 17,000 cr mop-up for '98-99
The Unit Trust of India (UTI) has set a mobilisation target of Rs 17,000 crore for 1998-99. The mutual fund behemoth hopes to raise Rs 13,000 crore in its current financial year ending June 30. The trust has also decided to decentralise power to bring in operational efficiencies and expand in certain states by opening new offices.
RBI fiat on bond issues takes off IDBI advantage
The new stipulation by the Reserve Bank requiring financial institutions to get prior central bank approval for all bond issues has snatched away the advantage Industrial Development Bank of India (IDBI) had over its rivals Industrial Credit and Investment Credit and Investment Corporation of India (ICICI) and Industrial Finance Corporation of India (IFCI).
