11year paper devolves 97.72 per cent on RBI
The Reserve Bank of India on Monday took a 97.72 per cent devolvement at the auction of the Rs 5,000-crore 11-year Government bond. The RBI fixed the cut-off yield of 10.95 per cent, against market expectations of over 11 per cent. The devolvement on the central bank was Rs 4,886 crore, with none on the primary dealers.Re closes at all-time low
The rupee on Monday fell to a new all-time closing low of 44.49 on sustained dollar demand from importers and corporates. The currency had dropped to an intra-day low of 44.52, but recovered some losses on good dollar-selling by the State Bank of India ahead of the close of session.
Kamesam appointed SBI MD
The State Bank of India said on Monday the RBI had appointed Vepa Kamesam as its managing director. Kamesam is currently managing director of the State Bank of Travancore. His tenure will be from June 1 to September 30, 2001, the SBI said in a letter to the Bombay Stock Exchange.
Bank of Maharashtra chairman dead
The chairman and managing director of Bank of Maharashtra Madan Mohan Vaish died on Monday following a heart attack, family sources said. He was 58.
Century Textiles cement unit
The BK Birla group flagship Century Textiles is negotiating with two international cement majors for the sale of its Manikgarh unit. Group patriarch Basant Kumar Birla said the cement business was not doing well and efforts were on to find an overseas buyer for Manikgarh unit.
Tata Sons' control of Tata Consulting
Tata Sons has taken full control of Tata Consulting Engineers by acquiring 80 per cent stake held by four key executives. TCEL, which is now wholly-owned by the group holding company, recently assumed the turnkey projects and consulting division of Tata Sons.
IBP may hive off chemicals business
IBP, the stand-alone oil marketing PSU, is exploring the option of spinning off its chemicals business into a wholly-owned subsidiary where an international partner could be roped in at a later stage. The company may also consider a technical tieup for this group.
HPCL net spurts 17% to Rs 1,057 cr
The Mumbai-based oil navratnas Hindustan Petroleum Corporation and Bharat Petroleum Corporation declared generous dividends for the year ended March 2000. While Hindustan Petroleum Corporation has reported a higher net profit of 17 per cent at Rs 1,057.41 crore. Bharat Petroleum Corporation's net profit crawled to Rs 703.9 crore.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.