Wednesday, June 3, 1998
Foreign funds pull Sensex down
Disappointed by an uninspiring budget, foreign institutional investors (FIIs) resorted to distress sales on Tuesday which saw the 30-share BSE sensex crash below its crucial barrier of 3,550 points.
Alcan thwarts Sterlite bid to acquire Indal
In a nail-biting climax, the grand gameplan of Sterlite Industries to takeover Indian Aluminium (Indal) was scuttled by Alcan Aluminium of Canada with the latter acquiring 20% stake held by financial institutions. Thus the Canadian major managed to increase its stake in Indal to over 54.6% in a dramatic development on the last day of the closure of the open offer period.
Banks write off Rs 1,608.79 cr
Bad debts amounting to Rs 1,608.79 crore were written off by public sector banks in 1996-97 as compared to Rs 1,253.02 crore the previous year, Minister of State for Finance K M R Janarthanan said in a written reply to a question in the Rajya Sabha yesterday. Two public sector banks -- UCO Bank and United Bank of India -- have been incurring losses continuously for three years, 1994-95, 1995-96 and 1996-97.
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