The Financial Express -- News

Saturday, December 13 1997

Meritor to pump in $30 million into Automotive Axles

Meritor Automotive Inc is planning to pump in $30 million into Automotive Axles, a joint venture with the Kalyani group, over the next five years. Automotive Axles manufactures rear axle aggregates, including commercial vehicle brake systems for Ashok Leyland, Telco and Daewoo Motors. Meritor is also investing $12 million in China.

RBI rushes in as spot rupee softens to 39.77

The Reserve Bank of India (RBI) intervened in the forward market yesterday after forward premia for all maturities went into a tailspin. Spot rupee weakened further to touch an intra-day low of 39.77 against the dollar before closing at 39.47/52 on the back of State Bank of India selling the export earnings of VSNL.

ITC plans EGM on Jan 9 to okay Classic bailout

ITC Ltd has convened an extraordinary general meeting (EGM) on January 9, 1998, to consider and approve the investment of Rs 350 crore in ITC Classic. The investment would be made through the preference/equity share capital route in one or more tranches, among other businesses like appointment of new directors and variations in remuneration of existing executive directors.

Cash-strapped corporates to cut election funding

BJP to field Vajpayee from the east