Wednesday, June 24, 1998
More SEBI sops to FIIs
In a bid to woo foreign institutional investors back to the Indian stock markets, the Securities and Exchange Board of India (Sebi) yesterday amended its regulations. It has allowed foreign institutional investors (FIIs) to participate in open offers, invest in unlisted securities through the 100% debt route, trade in derivatives and has also simplified procedures for sub-account registration.
Reliance restarts refinery work in Gujarat
Amidst twisted transmission towers and telephone poles, Reliance Industries managed to re-start its construction at India's largest refinery near Jamnagar within 15 days of the calamity crippling the entire western Gujarat. The world's largest industrial project, set up by Reliance Petroluem has, however, taken a hit of Rs 150 crore, besides losing 10 lives.
IFCI net profit dips, pays 30%
The Industrial Finance Corporation of India Ltd (IFCI) has announced a net profit of Rs 370.50 crore for 1997-98, a marginal dip from Rs 378.56 crore in 1996-97. The board of directors have recommended a dividend of 30% for 1997-98 out of which 15% has already been paid as interim dividend.
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