Tuesday, July 14, 1998
Hughes Ispat approaches FIs to pick up chunk of debt requirement
Hughes Ispat, the basic-service licence holder for Maharashtra, has approached domestic financial institutions (FIs) to take a larger share of its debt requirement. The move follows the company's failure to secure a political and risk coverage for its foreign-currency borrowing in the wake of sanctions imposed by the US.
Naveen Patnaik to seek incentives for steel exports
Unnerved by a sudden dip in steel exports in the first quarter of this fiscal, Union steel and mines minister Naveen Patnaik is meeting his counterpart in commerce, Ramakrishna Hegde, on Tuesday to seek incentives for steel exports. Last year, iron and steel exports brought in foreign exchange worth Rs 2,850 crore, which was not only an all-time high for the industry, but also more than what big export earners like electronics and man-made fabrics had fetched for the country.
BSE slaps 10% margin as 7 stocks breach 3% net exposure limit
The total net outstanding exposure in seven scrips has crossed the 3% of the total equity mark at the Bombay Stock Exchange (BSE), prompting the exchange to slap an additional 10% margin on further carryforward purchases in these stocks. The scrips are Balrampur Chinni, BPL, Essel Packaging, Satyam Computers, Sesa Goa, Supreme Industries and Videocon International.
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