Navratna boards' restructuring likely to be completed this month
The restructuring of the "Navratna" boards is likely to be completed within the coming few weeks, lending new wings to the mega corporations among the PSUs (public sector undertakings) to fly with, in the coming fiscal. The names of the professionals and experts, who will adorn NTPC's board have already been approved by the Appointments Committee of the Cabinet (ACC) and a formal announcement is likely in a few days.
Chidambaram rules out rupee devaluation to boost exports
Union finance minister P Chidambaram has categorically ruled out competitive devaluation of rupee in the wake of the sharp fall in Southeast Asian currencies. He, has instead, extorted Indian exporters to find newer markets and improve quality and delivery schedules.
Cross-border deals to fetch $300m more
Three cross-border financing transactions are to be sewed up within a fortnight, notwithstanding the turbulence in the international markets and gloomy forecasts by Moody's Investors Service. These include a $50 million Maharashtra State Electricity Board (MSEB) loan, the $70 million Tata-Bell Canada offering and a $100 million borrowing by Exim Bank.
Whirlpool of India goes in for recast, merges two divisions
Inundated with unsold refrigerators' pile-up, Whirlpool of India has decided to merge its sales and service divisions into a common operational wing, kicking off its organisational recamp. The company has also announced the resignation of its vice-president sales Sunder Hemranjani.
Regional clearing centres set to cut costs for NSE members in metros
Members of the National Stock Exchange (NSE) in Delhi, Calcutta and Chennai will find a substantial reduction in their operational costs, besides finding it profitable to boost their delivery-based business, thanks to the NSE's move to undertake the task of transporting documents. These members will now be able to save on the costs they were incurring to maintain an office in the financial capital.
Sensex slides 68 points as funds stay away
A near-total absence of buying by institutions, both foreign and domestic, saw the 30-share BSE Sensitive Index plunge by another 67.96 points on Friday to close at 3,530.20. Largescale squaring-up of positions by speculators on the last day of the current settlement on the BSE added to the fall in stock prices, which saw the Sensex shed 155 points in two sessions.
