Saturday, June 20, 1998
RBI mops up Rs 5,031 crore through `on-tap' bonds sale
The Reserve Bank of India (RBI) mopped up Rs 5,031 crore through the sale of two "on tap" bonds of 10- and six-year maturities at coupons of 12.10% and 11.75% respectively. The RBI closed the tap last evening indicating that the issue was a success. Earlier, in 1994-95 the government had issued "tap stock" with eight- and 10-year maturities and they had bombed and devolved on the RBI.
IDBI, ICICI seek 20% risk weightage on debt instruments
Industrial Development Bank of India (IDBI) and Industrial Credit and Investment Corporation of India (ICICI) have approached the Reserve Bank of India (RBI) to assign 20% risk weightage on the debt instruments floated by them in the market. Currently, the debt instruments floated by IDBI and ICICI carry a 100% risk weightage.
DSE shares crash on US sanctions, political uncertainty
The announcement of details of the economic sanction by the United States, a major financial crisis in the East-Asian financial markets and apprehensions of political uncertainty back home totally wiped off the gains made earlier this week with share prices going on a tizzy at the DSE on Friday. Large scale and hectic selling by both domestic and foreign funds coupled with lack of any buying support saw share prices at the DSE go on a tailspin with the benchmark index dropping below the 700 points mark.
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