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Norms for pvt placement to be delayed
The Securities and Exchange Board of India's plan to bring the booming private placement business under its regulatory framework is unlikely to materialise in the near future. The reason for the delay in SEBI's plans is the model code of conduct banning policy decisions by the present government. This means that several months will pass before a decision on the revised Companies Act is taken by the new Government.
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Call rates zoom to 100%
With banks rushing to cover their short-term requirements, interest rates at the inter-bank call money market in Mumbai zoomed to 100% on Friday. The overnight call market opened at a high of 65-75% and shot up to 100% in the morning session itself before closing at 75%.
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Asian markets remain weak
Depressed regional sentiment looked set to nullify the customary rally ahead of the lunar new year celebrations as Asian markets generally lost ground Friday amid a weakening Indonesian rupiah. The rupiah, which hit a historic low of 16,500 to the US dollar on Thursday before recovering to end the week at around 13,000 in Asian trading, has given a sharp blow to overall regional confidence.
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Peugeot's Jan 28 deadline cannot be met, says PAL
Premier Automobiles Ltd (PAL) said on Friday that it was impossible to meet the January 28 deadline stipulated by the French automaker, Peugeot for finding a buyer for its stake in PAL-Peugeot Ltd. PAL further added that it has been in dialogue with ICICI following Peugeot's "unexpected and unilateral" decision to withdraw from India.
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