RBI cuts repo rate to 6 per cent
The Reserve Bank of India today announced a cut in the repo rate by one percentage point to 6% shortly after the RBI governor Bimal Jalan had announced a 1% cut in the Bank Rate in his credit policy. This is the second time within a month that the RBI had cut its Bank Rate and repo rate signalling the banks to bring down the lending rates.
BoB Mutual Fund to unveil open-ended scheme
The Bank of Baroda Mutual Fund plans to launch an open-ended income scheme in the next two to three months. The scheme will not provide assured returns. The mutual fund arm of BoB also plans to mobilise around Rs 50 crore in the financial year 1998-99. This would lead to a 78.49 per cent rise in its corpus from Rs 63.70 crore to Rs 113.70 crore.
Poor response forces Dewan Sugars to extend FCD rights issue
With the shareholders shunning its Rs 8.9-crore rights issue, Dewan Sugars has been forced to extend the issue by one month. Dewan Sugars has received hardly any application for the rights issue of fully convertible debentures offered at Rs 100 each till the issue closure on April 6.
Plantation firms go on the offensive
The Association of Agri Plantation Companies of India (AAPCI) is planning to launch an aggressive campaign against SEBI's decision to regulate plantation companies. The association plans to take out a public notice which questions SEBI's legal authority regarding existing schemes of plantation companies.
CSE invites bids for new complex
The Calcutta Stock Exchange (CSE) is inviting experienced firms, including global consultants, for "conceptualising, designing and executing" a new building complex for it at the Eastern Metropolitan Bypass in Calcutta. The estimated cost of the project is likely to be around Rs 100 crore.
JM Mutual Fund to unveil index fund
JM Mutual Fund is launching an equity scheme called JM Index Fund. The scheme will be offered under two plans, plan A and plan B. Plan A will track the BSE Sensex and plan B the NSE Nifty. The fund will be an open-ended one with an initial lock-in period of six months.
