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Friday, May 22, 1998

	PFC to go ahead with $ 100 m loan State-owned Power Finance Corporation (PFC) will go ahead with its proposed 100 million dollar syndicated loan during this week inspite of the economic sanctions imposed against India by some countries. The PFC move is significant as Ispat Industries Ltd had earlier put on hold its plans to raise $ 75 million through an external commercial borrowing programme.		Kopran spins off penicillin unit The Rs 343-crore Kopran Ltd has restructured its business by spinning off its semi-synthetic penicillin (SSP) business into a new company and transferring its research-and-development (R&D) activities into a wholly owned subsidiary. The spin-off will make it possible for Kopran to integrate further into penicillins through a joint venture or strategic alliance.
	Utkal may review project Utkal Alumina International promoters plan to review their involvement in the $ 1-billion (Rs 4,000 crore) alumina producing project, now that Sterlite Industries and Alcan are locked in a battle for a 20% stake in core promoter, Indian Aluminium Company Limited (Indal).		Govt to auction Rs 4,000 cr gilts The Reserve Bank of India on Thursday announced auction of a nine-year, Rs 4,000 crore, government of India securities (Gilt). This is the second government issue in May. The auction will be conducted by the RBI on May 27.

Two US banks to extend LoCs to Indian banks
Citibank and Bank of New York have decided to extend lines of credit (LoCs) to Indian banks in the United States despite US government's sanctions against the Indian government following the five nuclear tests in the second week of May. Both banks have assured Indian banks that they are willing to do business with their overseas branches.

Jethmalani directs a review of approval to Radisson project
Union Urban Affairs and Employment Minister Ram Jethmalani has directed his ministry to re-examine the manner in which the Gujral Government gave approval to the five-star Radisson Hotel near the Indira Gandhi International Airport last December. The Gujral Government's decision to clear the project, at that time, was based on the advice of the Law Ministry.

Re-bidding of power projects likely
Bizbits
Two plantation firms get risky rating
Demand for yellow metal up by 17% in first quarter
Open up insurance
Sensex sheds 48 points
Camlin profits up 124%
Essar Steel skips dividend