Wednesday, June 3, 1998
Centre scales net borrowing plan to Rs 48,000 cr
The centre has scaled down its net borrowing programme for 1998-99 by about 14% to Rs 48,326 crore. In the interim budget, the BJP-led coalition government had pegged the centre's net borrowing plan at Rs 55,000 crore. The lowering of the limit will have a psychological impact on the debt market.
Banks' NRI deposits likely to dwindle
Banks are likely to face a run on their non-resident Indian deposits with the introduction of various schemes meant to tap NRI funds announced in the budget. Bankers expect major threat to NRI deposit base to come from the Resurgent India Bond (RIB) and to a lesser extent from the UTI's millenium fund and the increased exposure allowed to NRIs to invest in the secondary stock markets.
Telco net slumps 61 per cent to Rs 295 crore
The Tata Engineering and Locomotive Company (Telco) has reported a net profit of Rs 294.66 crore for the year ended March 31, 1998, a 61% crash from the previous year's figure of Rs 762.36 crore. Total income fell 27% to Rs 7,362.79 crore from Rs 10,128.43 crore. The board has recommended a dividend of Rs 5.50 per share.
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