The RBI received two applications for Rs 2,600 crore at the four-day five per cent fixed-rate repos held on Thursday. The central bank accepted both the applications in full.

CARE reaffirms India Cements debentures rating:

CARE has reaffirmed the AA rating assigned to the Rs 135 crore non-convertible debenture programme of India Cements Ltd. The rating agency has also downgraded the fixed deposit programme and two non-convertible debenture programmes of Schematic Finance to the default category.

Three-day repos today:

The RBI has announced three-day fixed-rate repos in Government of India securities on August 7, 1998, for parties holding SGL and current accounts with it at Mumbai. The repo rate is 5 per cent per annum. The applications may be accepted fully or partially. Payment by applicants will be on August 7 and repurchase by the RBI on August 10, 1998.