Three-day fixed-rate repos: The RBI received 24 applications amounting to Rs 3,658 crore at the three-day 8 per cent fixed-rate repos held on August 25. The central bank has accepted all the applications in full.

Crisil downgrades Garware Polyester debentures: Crisil has downgraded the Rs 16.42 crore non-convertible debenture issue of Garware Polyester Ltd to double-B from A indicating inadequate safety. The rating revision reflects the significantly increased business risk of the company arising from increased competition in the domestic industry coupled with dismal export prospects effected by the south-east Asian crisis. The rating also factors in the company's increased financial risk profile on account of lower price realisations and volume offtakes, anticipated losses in 1998, increased gearing and substantial financial support to its subsidiary, Garware Chemicals.

Mahanagar Co-op Bank posts Rs 3cr net: The Mahanagar Co-operative Bank Ltd has posted a net profit of Rs 2.76 crore during 1997-98, while total deposits have touched Rs 168.28 crore, showing a net increase of 24 per cent. The advances during the year also increased to Rs 99.86 crore at the end of the year showing an increase of 27 per cent. The productivity of the bank per employee stood at Rs 95 lakh, showing an increase of Rs 17 lakh. The bank has computerised 14 out of 15 of its branches as part of its plan of computerisation and modernisation. The bank also received the scheduled status from the Reserve Bank with effect from January 1, 1998.

Duff & Phelps rates Simplex Concrete debentures: Duff & Phelps Credit Rating has assigned a double-A- rating to the Rs 8 crore debenture programme of Simplex Concrete Piles indicating a high credit quality. DCR has said that the protection factors are very strong and the risk is modest but may vary slightly from time to time because of the economic conditions. Simplex Concrete Piles is a leading player in the domestic civil construction industry with primary focus on piling and industrial structurals. The company has been involved with many of the major power projects in India over the course of the last six decades. It has a diversified client base with risks evenly spread out and operations across all the four zones in the country.

Central Bank increases funds for core finance: Central Bank of India has increased the funds earmarked for infrastructure finance from 10 per cent to 15 per cent of the total credit. The board of directors of the bank which met at Delhi on August 24 approved the increased outlay in view of the importance attached to infrastructure development for economic growth. This would increase the funds earmarked from Rs 1,200 crore to Rs 1,800 crore on the bank's advances base of Rs 12,000 crore.

Duff & Phelps rates Manipal Home debt: Duff & Phelps Credit Rating has assigned a triple-B- rating to the fixed deposit programme of Manipal Home Finance Ltd which indicates that the protection factors are considered sufficient for investment. DCR has said that the variability in risk during economic cycles is greater than the instruments rated. The company is a closely held and unlisted company promoted by the T Ramesh Pai controlled faction of the Manipal group. The rating of the debt programme of the company takes into consideration the well-diversified loan portfolio, the superior asset quality and the well-established brand equity of the group.