Khan panel moots bank-FI mergers, super-regulator
The Khan panel on harmonising the role and operations of development financial institutions (DFIs) and banks has set the agenda for universal banking. The working group, which submitted its summary recommendations to RBI governor Bimal Jalan on Friday, strongly pitched for banking licence for financial institutions and mergers between strong banks and institutions.
FM hints at steps to ease money supply
Finance minister Yashwant Sinha yesterday indicated that the government may take steps to ease tight monetary situation in the country. Sinha said he was not in favour of keeping inflation under control through a tight monetary policy when there is slow down in the economy.
Monsanto buys 26% Mahyco stake for Rs 182 cr
US Fortune 500 giant, Monsanto Chemicals has made a quiet acquisition to expand its presence in India. The multinational has acquired a 26% stake in hi-tech seed firm, Maharashtra Hybrid Seed Company (Mahyco) at a cost of Rs 182 crore.
SEBI adds 22 scrips to demat
The Securities and Exchange Board of India (Sebi) has expanded the compulsory demat list - stocks in which institutions will be allowed to trade only in the dematerialised form (electronic transfer of shares instead of the conventional physical delivery) -- by adding 22 more scrips. The new list will come into effect from June 1.
Dunlop posts Rs 231 cr loss but analysts doubtful
Tyre manufacturer Dunlop India has posted a loss of Rs 231 crore during the nine-month period ended December 1997. The company which is controlled by Dubai-based NRI M R Chhabria, has registered a net sales of Rs 207.77 crore as compared to Rs 562.99 crore which it had posted in the previous 12-month accounting year.
Jain Irrigation downgraded to default category
The Credit Rating and Information Services of India (Crisil) has downgraded the non-convertible debenture programmes of three companies -- Atul, Jain Irrigation Systems and International Combustion (India).
