HSBC Capital Markets India Pvt Ltd, the merchant banking arm of the HSBC group in India, has appointed Vijay Kumar as director, investment banking, with immediate effect. Kumar, who will be based in Mumbai, will be responsible for developing potential clients in western and southern India. Kumar joins the HSBC group from ICICI Securities and Finance Company, where he was head of corporate finance.

91-day treasury bills auction:

The Reserve Bank has announced the auction of 91-day government of India treasury bills for a notified amount of Rs 100 crore. The auction will be conducted using the uniform price auction method. The allocation to non-competitive bidders will be outside the notified amount, at the discretion of the bank. Tenders will have to be submitted in the prescribed

form on Friday before 2.30 pm and the results will be announced the same day evening. Payment by successful bidders will be on Saturday.

14-day T-billsauction:

Reserve Bank has announced the auction of 14-day government of India treasury bills for a notified amount of Rs 100 crore. The allocation to non-competitive bidders will be outside the notified amount, at the discretion of the bank. Tenders should be submitted in the prescribed form on Friday before 2.30 pm and results will be announced the same day evening. Payment by successful bidders will be on Saturday.

Icra withdraws UB Engineering rating:

Icra has withdrawn the MA- rating assigned to the fixed deposit programme of UB Engineering Ltd (UBEL). As the company has not been raising deposits actively and does not want to continue with the rating, it has not been providing the necessary information to Icra. UBEL had outstanding deposits to the tune of Rs 48.56 lakh on September 30, 1998.

ICICI to announce results on Jan 29:

The board of directors of ICICI will consider the audited financial results for the nine months ended December 31, 1998, at its meeting to be heldon January 29, 1999, at Mumbai.Bank of Baroda results on Jan 28: The board of directors of Bank of Baroda will meet in Trivandrum on January 28, 1999, to take on record the unaudited financial results of the bank for the third quarter ended December 31, 1999.

Apcotex Lattices debt downgraded:

Crisil has downgraded the Rs 15 crore non-convertible debenture issue of Apcotex Lattices Ltd to triple-B+ from A+ and has assigned a P2+ rating to the company's Rs 3.75 crore commercial paper programme. The revision in the NCD rating is based on the downturn in the lattices and synthetic rubber business, which have been impacted by the combined effects of depressed demand and cheap imports.

Balkrishna Industries debt gets P1 rating:

Crisil has reaffirmed the P1 rating assigned to the Rs 6-crore commercial paper programme of Balkrishna Industries Ltd. The rating reflects the inherent strengths of the paper board business, turnaround of the tyres division, its diversified nature of operations andthe favourable capital structure which contributes to the stable financial position.

Carborundum rating reaffirmed:

Crisil has reaffirmed the double-A rating assigned to four non-convertible debenture programmes of Carborundum Universal Ltd amounting to Rs 60.42 crore. The company's fixed deposit rating of FAA+ has also been reaffirmed. Crisil has assigned a P1+ rating to the enhanced commercial paper programme of Carborundum for an amount of Rs 25 crore. The ratings are reflective of the company's strong business position in the abrasives and refractive businesses supported by increased level of exports and its fairly integrated operations in terms of manufacturing capabilities of inputs for its products.