Four-day repos today: The RBI on Thursday announced four-day 8 per cent fixed-rate repos in government of India dated securities on October 16, 1998, for parties holding SGL and current accounts with it at Mumbai. Payment by applicants will be on October 16, 1998, and repurchase by the RBI on October 20, 1998.

Icra downgrades Pasupati Spinning debentures: Icra has downgraded the ratings assigned to the Rs 5-crore non-convertible debenture programme and the Rs 11.77 crore partly-convertible debenture programme of Pasupati Spinning and Weaving Mills to LBB from LA-. The revised ratings indicate inadequate safety. The ratings have been downgradedowing to adverse business prospects in the blended yarn industry. Icra has said it expects the liquidity position of the company to remain under pressure in the medium term.

Crisil downgrades Andhra Sugars debentures: Crisil has downgraded the Rs 113-crore non-convertible debenture programme of Andhra Sugars Ltd to A- from A+. The revision in rating reflects the adverse business risk profile of the company on account of the weak prospects for caustic soda business in which the company has expanded capacities. The sub-optimal utilisation of the new capacities in both sugar and caustic soda has resulted in a significant deterioration in the financial performance of the company. However, the rating is supported by diversity in earning streams and long track record of the management.

State Bank of Hyderabad opens new branch: State Bank of Hyderabad on Thursday opened a computerised branch at Kalbadevi, Mumbai. "The bank branch will conduct transactions relating to trade and commercial business,"a bank release issued on Thursday stated. The bank will open five more branches in Mumbai during the current fiscal.

Icra reaffirms Hindustan Dorr-Oliver rating: Icra has reaffirmed the MA rating assigned to the fixed deposit programme of Hindustan Dorr-Oliver Ltd. The rating takes into account the company's strong market position as a turnkey contractor, especially in segments like fertilisers, alumina and pulp & paper. According to Icra, the company's well-diversified portfolio of projects in different sectors is likely to ensure a steady stream of income wherein a low order book in one sector is likely to be compensated by a higher order book in another.

Punjab and Maharashtra Cooperative opens new branch: Punjab and Maharashtra Coopertative Bank has recently opened its thirteenth branch at Fort. "The bank has established itself in a shot span of 14 years," a bank release issued recently stated. The bank plans to open new branches at Kurla and Bandra. The bank has also got the RBIapproval for multi-state operations.

Crisil downgrades MH Mills debentures: Crisil has downgraded the Rs 13.34-crore partly-convertible debenture programme of MH Mills and Industries Ltd to double-B from triple-B+. The revision in rating reflects the stagnation in sales coupled with high gearing, low profitability, constrained liquidity and continuing losses in the packaging division. The rating is supported by the established track record of the company in the textile industry.