Forex reserves cross $28 bn
The central bank's foreign exchange reserves, including gold and SDRs, pierced the $28-billion mark on the back of a $470-million growth in foreign currency assets during the week ended March 20. This is for the first time since turmoil engulfed the country's forex market that the reserves touched $28.27 billion.
Plantation firms join hands to take up woes with SEBI
SEBI's attempt to regulate plantation companies has set alarm bells ringing among 110 plantation firms across the country. These firms have come under the banner of Association of Agri Plantation Companies of India (AAPCI), which was formed this month. The association has sought time to adhere to the SEBI directive which requires plantation companies to go in for credit rating.
Indian Oil shares catch investors' fancy
Indian Oil Corporation (IOCL), one of the "navratnas", has suddenly caught the fancy of investors. The hitherto illiquid scrip is witnessing a spate of negotiated deals, believed to have been triggered off by some Delhi-based brokers.
Kotak Securities revises BoI's earnings estimate
For the fiscal year ended March 1998, Bank of India's earnings estimates have been revised downward to Rs 405.3 crore. Although the report prepared by Kotak Securities retains the previously assigned "market outperformer" rating for the bank, it has now fixed a lower 12-month target price of Rs 57.
MSE members opt for BOLT and Fise to boost sagging volumes
The Madras Stock Exchange (MSE) is set to become the first major regional exchange to offer its members the option of choosing two additional trading systems - the Bombay Stock Exchange's on-line trading system (BOLT) and the Federation of Indian Stock Exchange's trading system. Members approved the proposal at a meeting on Saturday.
Sensex drops 11 points on squaring up of positions
The 30-share BSE Sensitive Index slipped by 10.62 points on Monday to close at 3,897.98 as speculators rushed to square up their long positions ahead of the last day of the settlement on the NSE on Tuesday. Lack of buying support from financial institutions aided the fall in share prices.
