Sensex drops 58 points as funds stay away
The 30-share BSE Sensitive Index declined by 58.18 points to close at 4,134.32 on Thursday as local punters squared their long positions and most funds stayed away from the market. The exchange recorded a turnover of Rs 1,133.69 crore, with the B1 group's turnover touching a high of Rs 60 crore.
Reserve Bank likely to do away with fixed-rate repo
The Reserve Bank of India (RBI) is likely to do away with the fixed-rate repo and revert to auctions. This will bring down the repo rate from the present 7%, sending a signal that short-term interest rates are likely to be easy. The fixed-rate repo was introduced after speculators took over the foreign exchange market to batter the rupee taking advantage of the short-term easy money conditions.
Andhra Bank plans public issue
Andhra Bank is all set to go public later this year. The bank has a paid-up capital of Rs 591 crore and free reserves of Rs 52 crore. As per the Reserve Bank of India (RBI) regulations, the bank can set off its Rs 300-crore accumulated losses over the last three years at one go, which will enable it to go ahead with its long-pending public issue, according to the bank's chairman cum managing director G Narayanan.
JM Mutual Fund plans to garner Rs 300 crore
JM Mutual Fund plans to mobilise Rs 300 crore in fiscal 1998-99. This would lead to an increase in the corpus of the fund by 42.85 per cent from the present Rs 700 crore to Rs 1,000 crore. The increased target will be met from a number of schemes slated to be launched in the current year.
Malaysia markets slump on corporate woes
Malaysian share prices and the ringgit currency weakened sharply on Thursday amid mounting corporate worries, and more downside is expected in the near term, dealers and analysts said. Dealers said further selling in index futures by foreign funds also weighed on the stock market.
G7 finance ministers watching stock markets closely
G7 finance chiefs discussed the high levels of the US and several European stock markets here on Wednesday, particularly the possible impact of a sudden slide in share prices on some economies.
