The Indian Express -- Business

Tuesday, December 02 1997

FOREX RATES INDICES STOCK

1:15 swap for ICICI, ITC Classic merger

The boards of ICICI and ITC Classic Finance Ltd, meeting separately, on Monday approved the proposal for the merger of the sick NBFC with the term lending institution, with effect from April 1, 1997. The share exchange ratio for the proposed merger has been fixed at one equity share of ICICI for 15 equity shares of ITC Classic.

Major reshuffle at Taj

The Tatas are undertaking a major organisational restructuring at Indian Hotels which owns the Taj group of hotels. Camilia Punjabi and Lene Menezes, executive directors of Indian Hotels, have been finally shifted to other group companies.

Rupee hits a new all-time low against $

The rupee crashed below the Rs 39-mark to hit an all-time low of Rs 39.30/30 against the US dollar on Monday even as the Reserve Bank of India kept away from the scene, leaving the foreign exchange market to speculators and nervous corporates. Opening the day at Rs 38.60/70, the Indian currency broke the Rs 39-barrier as soon as the State Bank of India entered the market to buy dollars on behalf of its public sector clients.

Govt rebuts Suzuki claim on MUL

Govt to proceed with MTNL GDR

Montek warns speculators

Major reshuffle at Taj

Export growth rate fall to 9.6%

Pvt placement of debt rises by 52 pc

New scheme from HDFC bank

Customs revenue down

Tatra Udyog to rework indigenisation plans

Bizbits -- Maruti sales fall in October

Owens, Cheminova proposals cleared

IT to attach SWC sale proceeds