The Financial Express -- News

Saturday, November 22 1997

Essar Steel plans to set up hot-skin pass mill

Essar Steel Ltd, the flagship company of the Essar Group, is planning to set up a hot-skin pass mill by the beginning of the next financial year. The financial details of the project are currently being finalised. The company also has plans of setting up a cold roll mill in the next five years.

Rupee drops to 37.80 against greenback on speculation

The foreign exchange market was taken over by "speculative elements" during the last 15 minutes of trading on Friday. The rupee, which had found a cushion at 37.50 for the past three days, broke all barriers in a sudden spurt of speculative activity to close the day at 37.80/85 - an intra-day fall of 40 paise.

ITC inducts two EDs

At a meeting on Friday, the ITC board decided to induct two wholetime directors, Anup Singh and SSH Rehman, to strengthen the executive management team. It was also decided that in future, as part of the new corporate governance structure the number of executive directors will be maintained at 5 against the earlier practice of having 10 wholetime directors.

Exide to open talks with Furukawa to "preserve role"

Madras Cements shelves TN plant