Crisil gives P1+ rating to Philips India debt: Crisil has assigned a P1+ rating to the enhanced Rs 75-crore commercial paper programme of Philips India Ltd. The rating reflects the company's leadership position in the lighting and audio electronics businesses, comfortable liquidity cushion on account of unutilised bank limits, strong improvement in cash flows from operations and the expected improvement in cost structure due to the restructuring exercises being carried out. The company is a subsidiary of Philips Electronics, Netherlands, with the parent company holding a 51 per cent stake.Crisil assigns triple-B+ rating to Amforge debentures: Crisil has assigned a triple-B+ rating to the Rs 4-crore non-convertible debenture programme of Amforge Industries Ltd. The rating takes into account the company's low profitability, high gearing and low operating efficiency in its forging business. The rating also factors in the company' good market position in the forging and tractor wheel rimsbusiness. For the half year ended September 30, 1997, Amforge declared a profit of Rs 17 lakh on a total income of Rs 92.70 crore.
State Bank multi-option deposit scheme: The State Bank of India has brought 46 branches in Bihar under the multi-option deposit scheme, said general manager of SBI (Patna circle) Parashuram Nayak. MOD combines the features of current account, saving account and fixed deposit, Nayak told a press conference. It was launched on July 1. SBI is planning to bring 16 more branches in Bihar under the MOD scheme, Nayak said. The SBI has also embarked upon a scheme for easy sanction of loans to farmers, housing and several other schemes for the unemployed.
ICICI board meet: The board of directors of ICICI will consider the audited financial results for the first quarter ended June 30, 1998, at its meeting to be held on July 23, 1998, in Mumbai.
IndusInd Bank board meet: A meeting of the board of directors of IndusInd Bank will be held in Mumbai on July 22, 1998,to take on record the bank's unaudited financial results for the quarter ended June 30, 1998.
Four-day fixed-rate repo: The RBI has announced a four-day fixed-rate repo in government of India dated securities on July 9, 1998, for parties holding SGL and current accounts with it at Mumbai. The repo rate is 5 per cent per annum. Payment by applicants will be on July 9, 1998, and the repurchase by the RBI on July 13, 1998.
ANZ Grindlays Bank ties up with Onkyo: The Breach Candy branch of ANZ Grindlays Bank has tied up with Onkyo India Pvt Ltd to offer Onkyo home theatre music systems at special rates to anyone who purchases a system by availing of a loan from the bank under the ANZ Loans for executives and professionals.
Interest rates may rise, says PNB Gilts: Corporates may find borrowings tough during the second half of the current financial year with massive government borrowings pushing up domestic interest rates, said PNB Gilts in a study.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
