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ICICI also hikes PLR
The tight money policy announced by the Reserve Bank of India (RBI) recently saw its fallout on another of the country's premier lending institutions. Toeing the line of IDBI and IFCI, the Industrial Credit and Investment Corporation of India (ICICI) yesterday hiked its prime lending rate (PLR). ICICI increased its long term PLR by 1% to 14.50% and its medium term PLR by 2% to 14.25%. ICICI's variable short term PLR was also hiked to 14%.
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Cabinet approves drug price cut
The department of pharmaceuticals on Wednesday got a boost in its ongoing tussle with the pharmaceutical industry. The Union cabinet endorsed the department's proposals to levy price cuts on ranitidine and rifampicin, in spite of the objections to these cuts by Union minister M Arunachalam. The Cabinet also appointed a one-man panel to probe into Arunachalam's objections to the cuts.
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BILT gets nod to sell stake
Ballarpur Industries Ltd (BILT) which had approached the FIPB with a proposal to give a 16.7% to a Saudi Arabian company has now received the FIPB's nod for the same. The equity transfer will be done through an expansion of BILT's equity base from the existing Rs 50 crore to Rs 60 crore.
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IFCI refuses to guarantee JCT ECB
The M M Thapar-promoted JCT Ltd's restructuring plans are now facing a severe threat. The Industrial Finance Corporation of India, which had earlier guaranteed to guarantee JCT's planned $47 million ECB programme, has now withdrawn its promise. The IFCI said that it won't guarantee the ECB programme unless JCT submitted a specific proposal for repayment of its outstandings with FIs.
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