Hinduja Finance to focus on mergers: Hinduja Finance Corporation will focus on the area of mergers, acquisitions and advisory services in the banking and infrastructure sectors. This was disclosed by the company president Ramesh Khanduri on Saturday. The company is also planning a foray into debt trading apart from its existing equity trading operations, he said. The finance arm of the Hinduja group has registered a 37 per cent rise in net profit for the 12 months ended June 30 and maintained a 25 per cent dividend for equity shares, a company statement said here.

PFC given greater functional freedom: Power Finance Corporation (PFC) has been given greater freedom to raise and invest resources without recourse to formal case-by-case clearance from the government. Authorisation was given by the power ministry earlier this week, PFC chairman and managing director Udesh Kohli said last week. PFC board will soon amend its memorandum of association to do away with the clause of seeking presidential approval as is needed in case of any PSU for hitting the market every time, he said. The RBI has also exemptedPFC from prudential norms applicable to NBFCs relating to their capacity to borrow and liquidity till June 2000, he said.

Punjab & Sind Bank assigned `P1 plus': Credit Rating Information Service of India(CRISIL) has assigned `p1+' rating to the Rs 250 crore certificate of deposits programme of Punjab & Sind Bank. "The rating indicates highest saftey," said a Crisil release issued recently.

Salora accorded `A1' rating: Icra has given the highest rating `A1' to Rs 10 crore commercial paper (CP) programme of Salora International. Icra said the prospect of timely payment of debt by Salora International was the best. "Salora, which reported losses in 1995-96 due to high interst and depreciation burden, has improved its operating margins in 1997-98," Icra release said. "The operating margins of Salora are expected to be low in view of the highly competitive office automation product market," it said.

TEC loan offer to hit global market today: The Tata Electric Companies (TEC) will hit the international markets on Monday with a seven-year $25 million syndicated loan offering. The facility priced at 137.5 basis points over Libor, will be lead-managed by ANZ Investment Bank. TEC sources said that "a few select banks will be approached for subscribing to the loan given its small size".

Burroughs Wellcome rating reaffirmed: Crisil has reaffirmed `P1' rating assigned to Rs 20-crore commercial paper programme of Burroughs Wellcome. Glaxo debt rating reaffirmed: Crisil has reaffirmed `FAAA' rating assigned to the fixed deposit programme of Glaxo India . The P1" rating assigned to the Rs 45-crore commercial paper programme of Glaxo, a Crisil release said on Friday.