Sunday, June 27, 1999
FIs ask Essar to set up Rs 1,000-cr escrow to bail out FRN
Essar Steel is heading for a default of its $250-million floating rate note issue as the bailout plan of the company by the financial institutions has hit a major roadblock.
Carryforward rates move up, hover around 16%
Carryforward rates moved higher from last week's average of 14.5 per cent and settled in a band of 15.9 per cent to 16.3 per cent on the Bombay Stock Exchange.
Foreign exchange reserves fall $200 mn on RBI intervention
The country's foreign exchange reserves fell by $200 million in the third week ended this month only due to RBI's intervention to cool the currency market in the wake of the Kargil crisis.
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