IDBI sanctions leap by 26 per cent
The Industrial Development Bank of India (IDBI) has posted a quantum jump in sanctions and disbursement in the just-concluded fiscal 1998 on the back of infrastructure funding. The term-lending instution recorded a 26% growth in its sanctions during 1997-98 while disbursals have grown by 30%. This is against a 4% negative growth in sanctions and 7% growth in disbursals during 1996-97.
Bank of India, ABN Amro, Scotia Bank slash PLR
Bank of India, ABN Amro and Bank of Nova Scotia slashed their prime lending rates (PLRs), while Dena Bank and private sector Bank of Madura revised their short-term deposit rates downwards. State Bank of Patiala, in contrast, raised its deposit rates. The new lending rates will be effective from April 6.
Centre issues Rs 215cr Iraqi bonds to banks, corporates
The Centre has issued Iraqi bonds worth Rs 215.49 crore to five banks and eight corporates against their receivables from Iraq under the Indo-Iraq deferred-payment agreement (DPA). The bond issue was notified by the government on March 31, the last day of the fiscal 1997-98. The five banks includes the State Bank of India (SBI), Oriental Bank of Commerce, Canara Bank, Syndicate Bank and Exim Bank.
Record output props IPCL turnover past Rs 3,600 crore
The petrochemical major Indian Petrochemical Corporation (IPCL) has crossed sales volume of one million tonne and recorded a turnover of Rs 3,680 crore for the year ended March 1998, an increase of Rs 250 crore over the last year's figure. This has been conceived as as extraordinary achievement considering the fact that petrochemical business suffered all over the world due to overcapacity, south-east Asian currency crisis and industrial slowdown.
MSRDC clears three projects worth Rs 16 crore
The Maharashtra State Road Development Corporation (MSRDC) has cleared three build-operate-transfer (BOT) projects worth Rs 15.90 crore. MSRDC has awarded the Rs 4.65-crore 6.8-km Wani bypass project in Yavatmal district to Kivansara. It has also given acceptance letters to SP Kalgut for constructing a Rs 3.75-crore rail over-bridge at Miraj and a letter to the NL Poddar-promoted Nashik Infrastructure, for constructing a Rs 7.50-crore 4.5-km bypass at Karmala including Mangi bridge in Solapur district.
BHEL scales new high at Rs 424
Bharat Heavy Electrical's (BHEL) continued its upward journey and zoomed by another Rs 34.25 to a new high of Rs 424. In the past few days, the company's weight in the BSE's index has increased from around 2.5 per cent to the current level of 4.73 per cent. The scrip had closed at Rs 390 on April 3.
