Friday, September 4, 1998
Unit Trust suspends fresh sales in Rajlakshmi Unit Plan (II)
Unit Trust of India has decided to suspend fresh sale of units in Rajlakshmi Unit Plan (II) from October 1 this year. The suspension comes in the wake of continuing low interest rates and the mutual fund behemoth cannot generate returns to meet the promised amount on redemption.
Resurgent bonds deployment crucial to forex, bond yields
The expected deployment of rupee resources arising out of Resurgent India Bonds (RIB) proceeds in the domestic market, ranging between Rs 10,000 crore and Rs 11,000 crore, next month is expected to be crucial to bond yields. The external value of the rupee as also domestic liquidity in September will depend to a great extent on the manner of deploying the $4.16 billion gained through the RIB issue.
Decision on VSNL divestment soon
The government will soon decide the price and the quantum of shares of Videsh Sanchar Nigam Limited (VSNL) to be divested both in domestic and international markets. The core group, constituted to go into the details of the GDR and domestic issues, and examine the possibility of an employees stock option, is seized of the matter and will decide shortly.
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