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Friday, April 24, 1998
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Merger of banks sought
The Narasimhan committee on banking sector yesterday took up the unfinished agenda of financial sector reforms, and favoured `meaningful' merger of strong public sector banks and closure of some weak banks if their rehabilitation was not possible. The committee which submitted its voluminous report to Finance Minister Yashwant Sinha said it favoured merger of strong banks as this would have a "multiplier effect" on industry.
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FM promises steps to end licence raj
Union finance minister Yashwant Sinha on Thursday promised industry captains decisive steps in the forthcoming budget to reverse industrial slowdown and end the "inspector raj". In a pre-budget meeting with industrialists under the aegis of FICCI, CII, Assocham and FIEO, Sinha, however, rejected suggestions by a section of industry to allow a higher fiscal deficit to stimulate demand.
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ICICI nets over Rs 1,000 cr profit
Industrial Credit and Investment Corporation of India (ICICI) has recorded a 40 per cent jump in net profits for the financial year ended March 1998 to break the Rs 1,000-crore barrier. The financial institution has clocked a net profit of Rs 1,081 crore as compared to Rs 770 crore posted in the previous year.
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Sterlite, Indal offers cleared
The takeover battle over Indal entered a decisive phase on Thursday with the SEBI clearing the offer documents of Alcan and Sterlite Industries and instructing merchant bankers of both firms to open the offer on May 4. Both Alcan and Sterlite have been advised by SEBI to distribute the offer documents to Indal shareholders within the next 10 days.
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