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FE NEWS SERVICE
Oriental Bank opens office at Agra: Oriental Bank of Commerce has opened a new regional office at Agra. The move is a part of the bank's on-going drive to further upgrade its customer services and to provide quicker response to its customers. OBC feels this move will help it to have a more effective control on its advances and would enable it to ensure constant monitoring, faster appraisal and quicker disposal of loan proposals.
Crisil rates Kopran Drugs debentures: Crisil has assigned a triple-B rating to the Rs 20-crore non-convertible debenture issue of Kopran Drugs Ltd which is being transferred from Kopran Ltd as part of the demerger scheme. The rating continues to be placed under rating watch with developing implications pending completion of the demerger-related formalities. The rating assigned factors in the company's proposed capital structure characterised by high gearing levels and thereby low interest coverage ratios.
isil lowers Nath Capital debt: Crisil has downgradedthe fixed deposit programme of Nath Capital and Financial Services Ltd to FD from FB. The rating indicates that the instrument is in default or is expected to default on maturity.
Crisil downgrades Hindustan Motors debentures: Crisil has downgraded the fully convertible debentures of Hindustan Motors from single-A to triple-B. "The revision in rating is due to the increased pressure on the company's profitability and liquidity position owing to the declining automobile sales following sluggish trends in the automobile industry," a Crisil release stated.
Crisil downgrades Onida Savak debt plan: Crisil has downgraded the Rs 15-crore NCD programme of Onida Savak Ltd to `D' from `C'. The revised rating reflects Crisil's concern at the continued pressure on the company's cash flows on account of discontinuation of CTV manufacturing operations and losses from other businesses, a Crisil release stated.
Saw Pipes debt plan downgraded: The fixed deposit programme of Saw Pipes Ltd has beendowngraded from double-A to single-A. The revised rating reflects the slowdown in the turnover and the increase in financial risk profile as a result of deterioration in the capital structure and continued high level of exposure to group companies, a Crisil release stated.
Metro General Credits registration plea rejected: The Reserve Bank has rejected the NBFC registration application of Madras-based Metro General Credits Ltd. The company cannot transact the business of a non-banking finance company.
Apple Credit launches card in Mangalore: Apple Credit Corporation has launched Apple Privilege Card in Mangalore. The company plans to extend the scheme to all its branches across south India within the next six months. The card entitles members to avail of attractive discounts on their purchases from the list of outlets that are participating in the scheme.
RBI rejects Kurmanchal Lease registration plea: The Reserve Bank has rejected the NBFC registration application of New Delhi-basedKurmanchal Lease & Investment under Section 45IA of the Reserve Bankof India Act. "As such the company cannot transact the business of a non-banking financial institution as defined by the RBI Act," an RBI release stated.
ff & Phelps rates Countrywide Consumer debt: Duff & Phelps Credit Rating agency had assigned a D1+ rating to the Rs 60-crore commercial paper programme of Countrywide Consumer Financial Services Ltd. The rating agency has also reaffirmed the D1+ rating assigned to the CP programmes of Wartsila NSD, AFT Industries and Gramaphone Company. The double-A rating given to the fixed deposit programme of Dewan Housing Finance has also been reaffirmed.
Silpa Finance registration plea rejected: The Reserve Bank has rejected the application for certificate of registration submitted by Silpa Finance & Investments Pvt Ltd, a Hyderabad-based finance company. The company cannot transact the business of a non-banking financial institution.
New Rs 10 notes: The Reserve Bank willshortly issue Rs 10 denomination notes in Mahatma Gandhi series bearing the signature of RBI governor Bimal Jalan with capital letter ``A'' inset in both the numbering panels. Except for this change, the design of Rs 10 notes to be issued will be similar to those issues earlier in the Mahatma Gandhi series. Notes of Rs 10 issued by the central bank in various designs in the past will continue to be legal tender.
New Rs 100 notes: The Reserve Bank will shortly issue Rs 100 denomination notes in Mahatma Gandhi series bearing the signature of RBI governor Bimal Jalan without any inset letter in both the number panels. Except for these changes, the design of the Rs 100 notes to be issued now is similar to those issued earlier in the Mahatma Gandhi series. All Rs 100 denomination notes in various designs, issued by RBI in the past, will continue to be legal tender, an RBI release stated.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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