Sunday, August 16, 1998
Skindia GDR Index down 11% on political flux
Sixty-five Indian GDRs took a beating during the week ended August 13, with their prices falling by 7.11%. The fall in the share prices of those securities was less pronounced at 2.12%. The Skindia GDR Index hit an all-time low of 558.51 while the Sensex touched a 20-month low.
RBI moots state rights to book errant NBFCs
The Reserve Bank of India has recommended to the Centre that state governments be empowered to take penal action against those NBFCs which accept public deposits in violation of the provisions of law. The measure assumes significance as the Government of Maharastra had found itself helpless to take any action against the CRB group of companies which had misappropriated around Rs 1,200-crore.
Maharashtra, TN transporters not to join proposed stir
The goods transporters of Maharashtra, Tamil Nadu and Pondicherry will not take part in the proposed truckers strike from August 22. The strike call is made by the apex organisation, All India Motor Transport Congress (AIMTC), to protest against the hike in insurance premium on commercial trucks.
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