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Govy okays Rs 325 cr package to salvage IA
Decks have been cleared for the financial revival of the domestic carrier, Indian Airlines (I-A). The ministries of civil aviation and finance have agreed upon a Rs 325-crore package for I-A's restructuring. Of this Rs 125 crore will go towards fresh equity infusion in the airline with the remaining Rs 200 crore as compensation for grounding A 300 planes. The money would be allocated in two phases with the equity coming in the first phase.
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SEBI sets new rules for MFs
The Securities and Exchange Board of India (SEBI) on Friday announced new guidelines for operations of mutual funds and their asset management companies. The major amendments include restriction on investments by mutual funds in group companies of the sponsor and prohibit investments in unlisted group companies as well as in any privately placed securities of group companies.
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BPL, Akai waging price war
Competition in the home theatre market is hotting up with BPL virtually declaring war against Akai by introducing a new range. BPL has priced its add-ons comprising a three-channel digital signal processor and three speakers for Rs 14,990 to set up a home theatre system while Akai is selling its add-on package comprising video compact disc player and six speakers for Rs 16,990. With both companies claiming superior product ranges, the stage seems set for a long and intense war.
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GDP growth pegged at 7.5%
India's economy seems to be improving, if the new figures released by the Central Statistical Organisation (CSO) on Friday are any indication. The CSO has upped the gross domestic product (GDP) growth rate for 1996-97 to 7.5% as against the advance estimates of 6.8%. The CSO also revealed that the gross domestic savings (GDS) increased to 26.1% during 1996-97 as compared to 25.3% in the previous fiscal.
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