Wednesday, July 14, 1999
Sensex peaks to all-time high of 4,678 pts
The five-year drought on the stock markets ended on Tuesday when the BSE Sensex hit an all-time high of 4,678.28 points. The highlight of the day was the ratio of advances to declines, which reversed by a huge margin. On the NSE, as many as 753 scrips lost while only 378 stocks gained, indicative of the extent of profit-booking on the bourses.
Essar Steel headed for FRN default
Essar Steel is set to default on its $250-million floating rate notes (FRNs), due for redemption on July 20. Financial institutions--led by the Industrial Development Bank of India--are sticking to their original stand of not extending a refinance facility.
Godrej Properties to test market outside Mumbai
An over-supply of commercial premises and sluggish demand is forcing real estate developers to explore markets outside Mumbai. Godrej Properties & Investments (GPIL), the flagship of Godrej Soaps, is setting up a Rs 15-crore commercial complex in the central business district of Pune-- christened Godrej Millennium--in technical collaboration with Sempcorp Construction.
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