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.
Booster dose for T-bill market
The RBI's decision to delink the ways and means advances (WMA) from 91-day treasury bills will give a leg-up to the T-bills market as the yields of the instrument will now be determined by market forces. "The yields at the primary auction of 91-day T-bills will no longer remain supressed. It will now be more market-driven as the RBI will not keep it artifically low to pare the cost of government borrowings," a debt analyst in a local investment bank said.
Depository plans mandatory demat trading in select scrips
In an effort to popularise paperless trading, National Securities Depository Ltd (NSDL) is in the process of introducing compulsory trading in few scrips through the depository route for all investors. "NSDL will shortly send the proposal to various stock exchanges (SE) for starting demat trading and take their views before moving ahead with the proposal," said C B Bhave, managing director, NSDL.
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).
Cherian to be MSE's new ED
The Madras Stock Exchange (MSE) will soon have a new executive director. The Sebi on Tuesday communicated its approval of the candidature of Saji Cherian, currently the general manager (operations) at the Cochin Stock Exchange.
Hyderabad bourse posts Rs 1cr net loss in fiscal 1997-98
The lack of investor interest in the stock markets has pushed the Hyderabad Stock Exchange (HSE) into the deep red with the exchange posting a loss of Rs 1.07 crore for the fiscal 1997-98. The exchange prepared the first-ever budget for the coming year 1998-99, showing a deficit carried over from the previous fiscal.
