Monday, June 15, 1998
UTI gets nod to tie up with Canadian insurance firm
The Unit Trust of India (UTI) has become the first state-owned entity to get Union finance ministry's clearance to sign a Memorandum of Understanding (MoU) with a foreign insurance company. The ministry clearance was received by UTI late last month, following which it signed a memorandum with Canada's largest life-insurance company Manulife last week.
Reliance privately places Rs 50 cr call-linked NCD
Reliance Industries Ltd (RIL) has privately placed Rs 50 crore worth of short-term non-convertible debentures (NCDs) linked to the Reuter Mumbai interbank overnight rate (RMIOR). The nine-month instrument carries a bullet repayment on March 15, 1999.
BSE set to tighten margins; 8 brokers may be unplugged from today
The governing board of the Bombay Stock Exchange (BSE) on Sunday reviewed the risk-management mechanism of the exchange and held detailed discussions on the need to tighten margins in the wake of the recent crisis over scrips suspected to be backed by Harshad Mehta. Though fears of a payments crisis have abated somewhat, the badla session last week gave enough hints of the underlying risk with scrips like BPL and Videocon attracting huge rates.
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