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FE NEWS SERVICE
ICICI fails to impress with low yields
ICICI has slashed the coupon rate on its latest bond issue by a whopping 125 basis points. The lower yield apart, there is no tax benefit under Section 88 of the IT Act. Worse, there is no new instrument on offer even though the umbrella prospectus had mentioned a number of product innovations.
On offer from ICICI this time around is the usual fare of a regular income bond, a mellowed tax-saving bond, a shorter-maturity encash bond and a low-yielding money mutliplier bond. A distinctive feature of new Safety Bonds issue is its shorter tenure -- three years instead of five years -- possibly to match the short-term funding requirements of ICICI.
NSE expels Opart Securities
The National Stock Exchange has expelled Opart Securities Pvt Ltd from the exchange wef May 10 in view of the failure of the broking outfit to meet their obligations and liabilities to the exchange and clearing corporation. The decision also comes in the wake of the brokers failureto abide by the directives of the exchange and the clearing corporation for a prolonged period of time.
Delhi brokers upbeat on depository trading
DELHI brokers are seeing a new found confidence through the depository and some of the top ones are lining up to become depository participants with the National Securities Depository Ltd (NSDL). The reason is clear. Most of the top brokers have survived the tough market on the back of holding on to their key high networth clients. These clients have seen immense value in trading in demat shares which has led the brokers to set up their own DP business to give them a better deal.
Andhra RoC begins hunt for vanishing companies
The Registrar of Companies (RoC), AP region, has initiated a high level "combing operation" to trace and book promoters of vanished companies from the region. A task force which was formed recently for the purpose, as per the directions from the Department of Company Affairs and the Sebi, has already identifiedfour such companies against whom proceedings will be launched soon, RoC sources told The Financial Express. These companies are Aditya Alkoloides, Aqua Dev India Ltd, Kamakshi Housing and Premior Aqua Firms.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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