Exim policy slashes EPCG threshold limit to Rs 1 crore for seven sectors
Union commerce minister Ramakrishna Hegde yesterday unveiled a package of new incentives to reverse the decelerating trend in the country's export growth by substantially liberalising the zero-duty EPCG scheme for seven key sectors, including electronics. These sectors will now be able to import new as well as second-hand capital goods at a c.i.f. value of Rs 1 crore with a heavy export obligation against the Rs 20 crore minimum stipulated earlier.
NationsBank, Bank America in merger pact
BankAmerica Corp and NationsBank Corp yesterday announced that they had agreed to merge in a $60 billion stock swap. The merger will result in the creation of a US bank with $570 billion in assets in what is the biggest banking deal in history. Under the merger pact a new holding company called BankAmerica Corp will be created.
Lakme announces dividend of Rs 60 per share; extends fiscal till June 30
Lakme Ltd has announced a dividend of Rs 60 per share (face value Rs 10), in effect, paying out only half the proceeds of Rs 159 crore realised from the sale of its cosmetics business. With the sale, Lakme abandoned a substantial market leadership and plans to move into a virgin retail business.
RBI cuts YTM on 10-yr gilt to 12.15%
The Reserve Bank of India (RBI) has slashed across the board the yield-to-maturity (YTM) of all dated government securities except for one-year paper and gilts maturing in less than a year. While the reduction in YTM is 141 basis points (bp) for 10-year government paper -- down from 13.56% in March 1997 to 12.15% in March 1998 --it is 186 basis points for five-year paper (from 13.26% to 11.40%).
Tainwala Polycontainers shareholders approve merger with group flagship
Tainwala Polycontainers has obtained shareholder approval to merge it with group flagship, Tainwala Chemicals & Plastics. At an extraordinary general meetings (EGMs) held on Monday in pursuance to a Bombay high court order last month, shareholders of both companies ratified a scheme of amalgamation under which holders of seven shares of Tainwala Polycontainers will receive one equity share in the merged company.
Nestle says MD's resignation accepted via `circular resolution
The crucial decision of Nestle India in accepting the resignation of MD Darius Ardeshir was taken through a "circular resolution" and not a formal board meeting. To get around the problem of actually having to assemble all board members at one place, Nestle decided to, as a first step, circulate a resolution on the resignation of the managing director.
