The Indian Express -- Business

Monday, June 2 1997

FOREX RATES INDICES STOCK

Toyota may hold 70% stake in car JV

The joint venture between the Japanese automobile giant Toyota and the Pune-based Kirloskar group for manufacturing light commercial vehicles for the Indian market has been finalised to be a 100% equity by the partners with no external dependence.

Banks freeze loans to NBFCs

The Reserve Bank of India has issued a directive to banks to put a brake on credit enhancements to all non banking finance companies (NBFCs). The move will deliver a hard blow as most of the NBFCs had managed to draw their bankers after prolonged wooing.

Interest rates squeeze corporate bottomline

It would have been a year of bumper profits for the corporate sector. The major factor which squeezed the bottomline of companies is high cost of funds. The sharp rise in interest rates along with the minimum alternate tax (MAT) and the dividend tax have cut into the profits of companies for the year ended March 1996-97.

GAIL net rises, pays 15%

Inflation rate drops to 6 pc