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Thursday, May 7, 1998
  Sebi serves showcause notice on plantation companies' association
The Securities and Exchange Board of India (SEBI) has issued a showcause notice to the Association of Agri-plantation Companies of India (AAPCI). The market regulator has asked the association and its office-bearers why appropriate directions under Section 11 and 11B of the SEBI Act should not be issued against them and prosecution proceedings under Section 24 of the SEBI Act should not be instituted against them. 		  Usha Martin plans post-merger hike in authorised share capital
Usha Martin Industries, the Jhawar group flagship, will hike the authorised share capital after its merger with Usha Beltron. After the merger -- which has to be cleared by the Calcutta high court -- the outfit will be known as Usha Martin Industries. According to the merger scheme, Usha Martin shareholders will get one share of Usha Beltron for every three equity shares held by them.

SBI makes momentus entry into secondary ring
The State Bank of India (SBI) has launched secondary market operations in equity. This is the first time the country's largest commercial bank has purchased stocks from the secondary market. The SBI move is likely to open the floodgates to investments by commercial banks in the stockmarkets. 		GE Caps makes open offer for outstanding 30% in SRF Finance
GE Capital (Mauritius) Investment Company (GECMIC) and GE Capital Services (India) have jointly announced a Rs-32.65 crore open offer to acquire the outstanding 30.11% stake in GE Capital Transportation Financial Services, the erstwhile SRF Finance. The fresh offer, if fully successful, will take GE Caps' stake in the non-banking finance company, to 100%, leading to delisting of SRF Finance's shares from all stock exchanges.


Touchwood Agrotech Pvt. Ltd.

Global Tenders invited by MSTC

Screen: The Business of Entertainment

 
Philips to move registered office out of Calcutta
Philips India has decided to shift its registered office from Calcutta to Mumbai. The consumer electronics major has already moved all major corporate activities, including finance and human resources development, out of Calcutta. At present, only the legal department with a handful of officials is left.
Disbursement spurt props HDFC net to Rs 293 crore
Housing Development Finance Corporation (HDFC) has clocked a 18% growth in its net profit to Rs 293.36 crore in 1997-98 on the back of a 14% increase in total income and a 31% rise in disbursements. The HDFC board has approved a total dividend of Rs 75 a share.

 


CORPORATE
Daimler-Benz increases its holding in Mercedes Benz India to 81%
Indian Rayon plans to change tack

ECONOMY
Government to set up expert group to formulate new textile policy
Original Prasar Bharati Act to be restored

EXPRESSIONS
Here today, gone tomorrow
Universal banking and attendant myths

MARKETS
RBI committed to developing debt market
BSE to kick off warehousing of institutional trades on Monday

LEISURE
Art market flourishes despite fundamentalist fury
Ad mandarins to be more accountable

CRY -- You can make a difference