MoF holds up Taj Fera probe
Despite a written statement by the RBI that the Tata group's Indian Hotels Company Limited (which runs the Taj hotel chain) has not brought back $137 million (Rs 540 crore) into the country over several years, the Union ministry of finance has still not handed the case over to the investigating authorities.
ECB guidelines modified to boost exports
In its first major economic policy decision, the BJP-led government has changed the external commercial borrowings (ECB) guidelines for 1998-99, in the face of the south-east Asian currency crisis in a bid to boost the sagging exports industry.
ICICI, IDBI sanctions, disbursals up
Sanctions by IDBI and ICICI have gone up by 41.3% and 81% respectively during 1997-98 due to the increased financing of infrastructure projects. Disbursements have also gone up to 32.2% and 41% respectively.
Dutch firm buys stake in Saurashtra Cement
Saurashtra Cement, which is facing a takeover threat, has informed the BSE that Dutch corporate major, F L Smidth, has bought five per cent equity in the company. It also said it has hiked the firm's issued capital from Rs 12.15 crore to Rs 47 crore through a preference share issue.
Sore BCCI snaps ties with Assocham
Incensed over what it felt as its increasing marginalisation in the affairs of the Assocham, the Bombay Chamber of Commerce and Industry (BCCI) quit as "promoter member" of the chamber. BCCI parted ways from the Associated Chambers of Commerce and Industry (Assocham) citing the growing influence of family-owned business houses of Thapars and Singhanias in the functioning of the apex chamber.
Ranbaxy net profit up 16 per cent
Ranbaxy Laboratories Ltd has registered a 16% rise in net profit to Rs 186.10 crore on a 15% higher turnover of Rs 1,323.20 crore for the year ended March, 1998. Earnings per share (EPS) rose to Rs 34.64 on increased paid up equity capital of Rs 53.70 crore against last year's EPS of Rs 30.44 on an equity base Rs 49.4 crore.
