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Enron, Tatas, Reliance eye OPGC stake
The Orissa government's move to dilute 49% of its stake in the Orissa Power Generation Corporation (OPGC) has generated a tremendous response. Global majors like Enron, Marubeni, Mitsubishi, National Power, etc. have already picked up interest papers for the offer. Indian majors like Tatas, Reliance, Essar, BSES, etc. have also pitched in for the OPGC stake.
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RBI relaxes NBFC norms
The clamour raised by the non-banking finance companies (NBFCs) over the new norms issued by the Reserve Bank of India (RBI) has had its effect. The RBI has relaxed the timeframe for compliance of new deposit taking norms by allowing NBFCs to hold on to excess deposits beyond the stipulated deadline of December 31, 1998. This is expected to reduce the asset-liability mismatches that NBFCs are likely to face following the new norms.
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FM rules out rupee devaluation
The Union finance minister, P Chidambaram, has ruled out devaluation of the rupee as a measure to counter the loss arising out of the recent Asian currency crisis. Chidambaram stated Indian exports had been hit by the crisis but said that the recovery should be effected through improving quality, reliability and delivery.
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Sensex sheds 68 points
The combined effect of Asian stock market fall and global rating agency Moody's move to review India took its toll for the second successive day on India's bourses. The BSE sensitive index also dropped by 68 points to close at 3530.20 as against yesterday's close of 3598.16.
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