Sunday, November 8, 1998
Forex reserves up to $29.69 bn
India's foreign currency assets fell by $ 63 million to $ 26.58 billion in the week to October 30. This is mainly on account of outflows from foreign institutional investors (FIIs) who withdrew substantial amounts of their investments after the Unit Trust of India declared that its reserves have turned negative. This had also led to a sudden plunge in the stock markets.
Promoters buyback not to trigger takeover code, says Sebi panel
The Securities and Exchange Board of India (Sebi) is planning to exclude the increase in stake by a promoter buying back shares in his company from the provisions of the takeover code. It has also decided that all buyback offers which are made through an offer process outside the stock exchange route, would involve setting up of an escrow account to protect the small shareholders.
Wipro floats hardware subsidiary
The $ 500 million Wipro has entered into a highly specialised area of hardware design with the setting up of its US subsidiary, EnThink Incorporated, to make synthesizable cores. The company is already registered in the US and will start operations with an initial capital of US $ 2.5 million.
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