Govt opts for vote-on-account
With the Union budget for 1998-99 financial year delayed, the BJP led coalition government will take a vote-on-account next week to meet essential government expenditure for a four-month period. Immediately after the swearing in, the new Prime Minister Atal Bihari Vajpayee told newsmen at Rashtrapati Bhavan that he would prefer a vote-on-account over an interim budget.
Mixed trend on bourses
Pivotals generally showed a mixed trend on the Bombay Stock Exchange (BSE) today. Resuming better, led by multinational shares attracted fresh buying by foreign funds. Several heavy-weighted scrips came under profit taking towards end.
ICL bid on Raasi not hostile: Merrill Lynch
Objecting to the takeover attempt by Indian Cements Ltd (ICL) on Raasi Cements Ltd (RCL) being termed as hostile, the counsel for DSP Merrill Lynch, yesterday pleaded before the division bench of the AP High Court hearing the case, to clarify the matter as media attention was rivetted on it.
Nasdaq, Amex boards okay amalgamation plan
The Nasdaq stock market and the American Stock Exchange approved a merger they said would move them into the 21st century and preserve Wall Street's dominance. The two markets will continue to operate separately.
India Inc wants govt to expedite reforms
Notwithstanding the delay in alloting key portfolios, the Indian industry has welcomed the BJP government led by Atal Bihari Vajpayee as the Prime Minister, which plans to boost economic growth and alleviate poverty. The coalition has set a target of 7-8 per cent growth in the gross domestic product (GDP) and pledged to control widening fiscal and revenue deficits.
No RBI licence to Bank of Nations
The Reserve Bank of India has clarified that it has neither received any application nor has it granted any licence under Section 22 of the Banking Regulation Act 1949 to any institution by the name of `Bank of Nations Ltd' to commence banking business.
