Wednesday, August 12, 1998
Sensex crashes below 3,000 pts on Asian woes
Asian woes provided the much-needed trigger point to the local players and reflecting the unnerved mood of the market, the BSE-30 share sensitive index breached the crucial barrier of 3,000 points to touch a new 24-month low of 2,965.58 points. In the final countdown, the index closed at 2,970.64 registering a net loss of 50.07 points. The S&P CNX Nifty index also fell by 12.25 points to close at 866.50.
Icra assigns triple-A (SO) rating to Rural Electrification bond issue
ICRA has assigned a triple-A (SO) rating to the Rs 275 crore taxable and Rs 225 crore tax-free bond issue of Rural Electrification Corporation Ltd (REC). The rating, which indicates the highest safety, takes into account the letter of comfort from the ministry of power in ensuring that all the repayment obligations of REC are met in a timely manner.
Institutions thwart GE Caps' bid to acquire 100% stake in SRF Finance
GE Caps' bid to take its stake in the erstwhile SRF Finance to 100% has failed. The financial powerhouse has been able to hike its stake to 79% following the completion of its open offer as IFC, Washington and FMO, Netherlands, declined to offer their combined 15% holding in SRF Finance.
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