The Indian Express -- Business

Friday, August 22 1997

FOREX RATES INDICES STOCK

Petro bonds likely to be linked to Libor

London Inter-Bank Offer Rate will be the floor yield for Petro bonds which are to be issued by the Union finance ministry to petroleum companies hit by the deficit on the oil pool account. The ministry is toying with a maturity period of either three or five years for the bonds.

Nirma bid to acquire GHCL

Karsanbai Patel's Nirma is poised to launch a hostile take over bid for Gujarat Heavy Chemicals Ltd. After accumulating market purchases of latter for the last few months, Nirma Credit Capital, a 100% subsidiary of Nirma Ltd, lodged about 11 lakh shares for transfer.

Car policy moots 70% localisation

Car manufacturers would have to indigenise up to 70% by the end of five years and 50% within three years of starting commercial production in the country. Also, the export commitment of the companies would only be to the extent of the total value of their imports.

Increase in prices of petro-goods imminent

Rs 600 cr telecom tender delayed

ICI to fight out Asian Paints issue

S&P assigns BB+ rating to $100 mn Telco issue

Unabated fall in rupee value

M&M sales increase by 5%

SEBI suspends 4 for illegal badla

No change in FII stake in SBI: RBI

Issues above Rs 10 cr now only via depository

Bizbits -- 1:2 Bonus from P&G

Rupee crash hits stock markets

Glaxo net profits fall

Weak Re ignites Sensex fall