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IDBI not keen on merger with ICICI
The proposed merger of the century in the Indian financial sector between the Industrial Development Bank of India (IDBI) and the Industrial Credit and Investment Corporation of India (ICICI) has kicked up a row even before its formal announcement. It is learnt that IDBI mandarins are not keen about the merger even though leaks about the appointment of leading consultants, McKinsey, have hit the market.
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Inflation rises to 5.81%
The annual rate of inflation climbed up marginally by 0.03 percentage point to 5.81% for the week ended January 24, despite a slight improvement in the prices of food articles. Based on the wholesale price index (WPI), the inflation rose to 5.81% (provisional) compared to 5.78% (P) the week before and 7.53% in the corresponding week of 1997.
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M&M's six-year dream run nears the finish
For the first time in over 30 months, December, 1997 saw rural India's moving force, Mahindra & Mahindra Ltd (M&M), report a drop in its tractor sales. M&M also witnessed an alarming deceleration in growth rate during the third quarter (October to December) of the current year.
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Badla makes gains for BSE
Less than four months after introducing market friendly carry-forward system on the Bombay Stock Exchange (BSE), the badla business has gained ground. With existing system of badla business, the BSE has managed to maintain the daily turnover which is slightly lower than the National Stock Exchange (NSE). The total outstanding value of carry forward on the BSE touched at Rs 421.39 crore.
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