Monday, November 30, 1998
Deepak Parekh panel may plump for new scheme to bail out US-64
A new unit scheme is likely to be floated in this fiscal to bail out the beleaguered Unit Scheme, 1964. The idea is to transfer a part of US-64's underperforming equity portfolio to the new scheme and replace it with debt securities with a higher income-generating potential.
State Bank, Alliance Capital to join hands for provident, pension funds
The State Bank of India has decided to tie up with the largest US-based pension fund, Alliance Capital, to float an asset management company (AMC) for managing pension and provident funds. The new company will be floated by either SBI Funds Management or the bank, depending on regulatory requirements.
Birla Copper to seek nod for hedging on LME
Birla Copper, the Rs 1,850 crore copper venture of the Aditya Birla group's Indo Gulf Corporation, is set to become the first Indian company to seek clearance from the Reserve Bank of India for commencing commodity-related hedging activities on the London Metal Exchange.
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