FIs agree to part-finance Essar Steel's FRN dues
After initially declining to fund the redemption of Essar Steel's $240 million floating rate note liabilities, financial institutions have finally consented to part-finance the repayment. The FIs, at a meeting on Thursday, agreed to provide funds towards partial redemption of the FRNs, sources told PTI on Friday. While this would help Essar repay a certain chunk of the FRN liabilities, another part would be converted into term loans by banks and the remainder rolled over, they said.RBI announces 15-year stock auction
The Reserve Bank of India on Friday announced the auction of a 15-year dated stock for Rs 3,500 crore. The auction will be held on November 11.
SBI maps out privatisation agenda
The State Bank of India on Friday has made a case for bringing down the Reserve Bank of India's stake in the bank to below 51 per cent, to hike the foreign equity to 30 per cent and to merge with seven of its associates to become a global player.
Nasdaq gears up for Europe launch
Nasdaq said on Friday it would launch in Europe next year, putting the final piece in place for eventual round-the-clock, round-the-globe trading. Nasdaq-Europe's electronic exchange will be based in London, where finance minister Gordon Brown hailed it as a boost for Europe's economy and for businesses seeking to raise capital.
Bank staff threaten stir
The All-India Bank Employees Association on Friday threatened to go on a nationwide agitation if the government went ahead with its move to privatise nationalised banks.
Exim Bank investment
The Export-Import Bank of India has invested $6 million in the equity capital of two overseas ventures set-up by Indian companies this year and plans equity infusion in six other projects shortly.
Recast in WPI weightage favoured
A working group on revision of wholesale price index on Friday recommended a higher weightage for manufacturing items at the expense of primary articles in the index and a shift in base year to reflect the changed economic scenario.
4 Indian firms in Forbes 200 list
Indian companies Tata Infotech, Western Hatcheries, Britannia Industries and Hindustan Sanitaryware have made it to the 200 best small companies in the world published by international business magazine "Forbes".
SC notice to Centre on TRAI scope
The Supreme Court on Friday issued notices to the Centre and Telecom Regulatory Authority of India on a petition challenging the Delhi high court decision that the regulatory body had no power to issue directives to the government in its role as service provider.
IOC to set up AFT in Cambodia
Indian Oil Corporation will setup an aviation fuel terminal (AFT) as part of the $3.4 billion International Air Cargo Hub, the first dedicated ACH in the world, being developed in central Cambodia.
Bhel bags NTPC contract
National Thermal Power Corporation on Friday awarded a Rs 1,321 crore equipment supply contract for its Talcher project to Bharat Heavy Electricals after a legal battle.
Essar Cellphone, IOC in pact
Essar Cellphone and Indian Oil Corporation on Friday announced a tie-up to provide a wider array of services to their customers. As part of this agreement 122 IOC petrol pumps would double up and serve as retail outlets, for selling prepaid SIM cards, recharge coupons and First Mobile cards.
Alcatel floats Internet division
French telecom major Alcatel is set to enter the domestic Internet market by providing technology support to Internet service providers and end-users aimed at expanding its operation in the country.
BIS standard for software packages
The Bureau of Indian Standards has formulated a quality standard for information technology software packages to help the buyers and sellers in specifying quality details.
Dunlop losses mount to Rs 101 cr
Closed tyremaker Dunlop India Ltd on Friday reported a marginal increase in gross loss during its latest full accounting year, together with a lower loss for the six months to September 30, 1999. Dunlop said it piled up a gross loss of Rs 101.29 crore for the 15-month accounting period to March 31, 1999.
Anglo American to buy Tarmac
Anglo American PLC said on Friday it agreed to acquire UK building materials company Tarmac PLC in a deal valued at 1.2 billion pounds. Anglo American said that it will use its cash resources to finance most of its acquisition.
Reliance Systems revamp
Reliance Systems has kicked off a major corporate restructuring. The recast includes inducting new directors into the board, offering stakes to infotech professionals in the renamed company and acquiring equity stakes in ventures abroad through a couple of cross holding deals.
Muhurat trading
The Bombay Stock Exchange, National Stock Exchange and Over The Counter Exchange of India would remain open on Sunday for a special muhurat trading session" on account of first day of new Samvat 2056. The muhurat trading" will be conducted from 7 pm to 8.30 pm. All the three markets would remain closed on Monday.
-- Compiled by Samuel Bodapaty
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.