Thursday, June 4, 1998
Buyback rumour halts slide on bourses
The buy-back rumour once again did wonders to the market. It not only helped arrest the fall, but reversed the sentiment with the Sensex ending a net gainer. A statement by revenue secretary NK Singh that the Department of Company Affairs will have to take the initiative in allowing buyback sparked off the rumour.
Sinking fund to keep power boards afloat
The Centre plans to create a seven-to-ten-year "sinking-fund" mechanism as part of the central guarantee to outstandings run up by state electricity boards (SEBs) to public-sector energy undertakings.
Sterlite, Indal team up to lobby for lower import duty on aluminium scrap
In a surprise move, Sterlite Industries and Indian Aluminium have joined hands to take up the cause of introduction of lower import duty on primary metal and recycled aluminium scrap with the Union finance ministry.
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