Friday, October 23, 1998
Crisil downgrades Essar Oil, Essar Shipping
The Credit Rating Information Services of India Ltd (Crisil) has downgraded two non-convertible debenture (NCD) issues of Essar Oil Ltd (EOL) amounting to Rs 765 crore to double-B plus (BB+) from triple-B plus (BBB+) and removed them from rating watch. The revised ratings indicate inadequate safety on the instruments.
UTI stalls plan to sell HPCL stake abroad
The Unit Trust of India (UTI) has decided to put on hold a proposal to offload its entire holding in Hindustan Petroleum Corporation Ltd (HPCL) through an international offering. The idea, believed to be the brainchild of a top investment banker, was mooted a year ago and would have been the first case of a secondary offer of sale being made through the GDR route.
US-64 sales pick up, rush for redemption on wane
Figures provided by the Unit Trust of India officials show that not only has the redemption rush abated, but also sales for the month have actually doubled to Rs 120-140 crore. As on October 14, the amount of fresh sales in US-64 during October had been Rs 60 crore. This follows a massive redemption spree during the first few days of the month amounting to about Rs 550 crore.
|
|
