Crisil downgrades Hindustan Development debt plan: Crisil has downgraded the Rs 106.25-crore non-convertible debenture programme of Hindustan Development Corporation to the default category from BB-. The downgrade reflects a sharp deterioration in the risk profile of the company on account of the sustained delays in stabilisation of its steel division, continued deterioration in the risk profile of its general engineering works, the weak quality of its money market portfolio and the large repayment obligations, which together have put significant strain on the company's cash flows and its ability to honour its financial obligations in future.

Three-day repos today: The RBI has announced three-day 8 per centfixed-rate repos in government of India dated securities on October 27, 1998, for parties holding SGL account with it at Mumbai. The RBI has said that the applications may be accepted fully or partially. Payment by applicants will be on October 27, 1998, and repurchase by the central bank on October 30, 1998.

FIIs can buy 30% into Punjab Tractors, says RBI: The RBI has advised that foreign institutional investors can now invest up to 30 per cent of Punjab Tractors. The company has passed a resolution at its board and general body meetings agreeing for the purchase of its equity shares and convertible debentures by FIIs up to 30 per cent of their paid-up capital through primary and stock exchanges. The aggregate ceiling for FIIs investment in this company has therefore been raised to 30 per cent from the earlier 24 per cent.

Three-day repos results: The RBI received one application amounting to Rs 3,000 crore at the three-day 8 per cent fixed-rate repos held on Monday. The central bank hasaccepted the application in full.

RBI bars Samruddhi Saving from accepting deposits: The RBI has prohibited Samruddhi Saving & Investments (India), a Raipur-based company with its corporate office at Nagpur, from accepting deposits with effect from October 14, 1998, from any person in any form, whether by way of fresh deposits or renewal or otherwise. The RBI has also directed the company not to sell, transfer, create charge or mortgage, deal in any manner with its property and assets without prior written permission of the bank, except for repayment of deposits.