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GDP growth pegged at 5 percent
The economic slowdown has now been officially confirmed to be worse than anticipated earlier. The latest "advance" estimates put out by the Central Statistical Organisation (CSO) put the GDP growth figure at just five per cent for 1997-98, well below even the six per cent forecast by the RBI last December.
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AV Birla buys Canadian mill
The Aditya Birla group, the world's largest producer of viscose staple fibre (VSF), has acquired A V Cell Inc, a 1.10 lakh tonnes per annum pulp mill in New Brunswick, Canada, jointly with Tembec Inc, a US$ 1.3 billion firm. The acquisition cost is a token one Canadian dollar, but the total initial investment in the joint venture is US$24.3 million.
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Re under pressure, falls below 39 mark
The rupee once again came under pressure and fell below the 39 level against the dollar at the inter-bank foreign exchange market here on Monday. Even though the Reserve Bank of India intervened in the spot dollar market to stop the rupee slide after it breached the 39 mark, the Indian currency weakened to 39.22/26.
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India Cements board okays Rs 150 crore equity offer
Cement major India Cements Ltd (ICL) has decided to come out with an equity offering aggregating Rs 150 crore to shore up its borrowing capacity. This move, after maintaining all along that its expansion plans would be taken care of by debt and internal accruals.
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