Thursday, June 18, 1998
SEBI steps in to halt slide; Sensex goes up by 240 pts
The stock markets rose like a phoenix from the ashes on Wednesday as the Sensex (BSE sensitive index) staged a scintillating recovery of 240 points, thanks to the SEBI's decision to impose a partial ban on short sales. The record gain in Sensex has finally brought relief to the markets which were falling since the middle of last month.
Rupee finally gains against dollar
The rupee rallied to close at 42.14/17 on Wednesday, up by 12 paise over Tuesday's finish as banks unwound their long dollar positions and sentiment on the stock markets improved with the BSE Sensex soaring by a massive 240 points. In the kerb, the rupee further strengthened to quote at 42.09.
Essar Steel to raise $ 400 mn
The Hazira-based Rs 2,528 crore Essar Steel is planning to raise $ 400 million from the overseas markets in the current fiscal to substitute its high cost domestic loans with forex loans and to meet its working capital requirements. The company has sought the permission of its shareholders in its next annual general meeting to increase their authorisation from $ 200 million to $ 400 million for the issue.
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