The Indian Express -- Business

Saturday, November 29 1997

FOREX RATES INDICES STOCK

RBI steps in to arrest further rupee slide

The Reserve Bank of India (RBI) yesterday pumped in around $150-200 million in the inter-bank foreign exchange market to prevent the rupee from breaking the Rs 39 barrier against the dollar. The Indian currency which hit a new low of Rs 38.85/88 on renewed corporate demand for the dollar recovered subsequently and closed at Rs 38.56/58 following the RBI intervention.

Ispat profits down 46%

Ispat Industries Ltd, the flagship of the ML Mittal group, has reported a 45.6% fall in net profit to Rs 30.90 crore for the six-month period ended September 1997 as against Rs 56.79 crore in the same period of last year. The company cited the recessionary trend in industry and steel in particular for the fall in profit.

Polysindo to pick up 20% in BECL at par

Lorik Investments and B&C Holdings of the Polysindo Group plan to make an open offer for picking up 20% of the equity capital of Best & Crompton Engineering Ltd (BCEL) from the public at a price of Rs 10 per share. The offer is in keeping with the revival scheme of the company proposed by the Polysindo-Texmaco Group of Indonesia.

Tighten forex rules

Stocks suffer reverses

Shoppers' Investment warrants bounce

VSNL net shoots up 57 pc to Rs 415 crore

TEC net inches up to Rs 177.94 crore

Ispat profits down 46%

SAIL profit slumps

Polysindo to pick up 20% in BECL at par

BZW too closes down Japanese operations

Industry calls for stable government

Essar Oil profits rise to Rs 14 crore

Ford plans small car for India