Saturday, November 14, 1998
Government may cut non-plan expenditure by 10% to rein in fiscal deficit
The centre has decided to cut non-plan expenditure by 10% to ward off fiscal pressure and contain the deficit within the target level of 5.6% of the GDP. Revenue secretary Javed Choudhury admitted that the government finances were under pressure because of poor industrial performance and lower than expected indirect tax collection.
ONGC's contingent liabilities hurtle past Rs 1100cr
Oil & Natural Gas Corporation Ltd's contingent liability has shot up by over Rs 1,100 crore in one year. It is Rs 4,640.88 crore as on March 31, 1998, going up from Rs 3522.12 crore a year earlier. Its total contingent liability thus works out to around 29% of its turnover of Rs 15,953.70 crore as on March 31, 1998.
Banks, institutions bid for Concor at Rs 250 a share
Banks and financial institutions (FIs) led by the State Bank of India (SBI) have bid for the Concor disinvestment issue at Rs 250. Book-building for the issue closed today, and the pricing for the issue will be decided on November 16 and the allocation will take place on the same day.
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