Saturday, June 6, 1998
India to move WTO on new trade curbs
India has expressed concern over new trade barriers being imposed by developed countries and said it would raise the issue in the World Trade Organisation (WTO). India's strategy of encouraging other countries to remove trade barriers consists among other things of raising the issue in the appropriate WTO committees, said Union commerce minister Ramakrishna Hegde to the Lok Sabha.
FIIs pull Sensex down by 128 points
Panic gripped the stock markets as foreign institutional investors (FIIs) went on a selling spree on Friday following Moody's warning on an imminent downgrading of India's rating coupled with an uninspiring Union budget. The Sensex fell by 128 points on the Bombay Stock Exchange while the Nifty index of the National Stock Exchange nosedived by 34.15 points.
Escorts to reduce equity base
In a bid to revamp its image as a shareholder-friendly company Escorts Ltd, the flagship of Rs 3,400 crore Escorts group, has decided to convert 50 per cent of its equity capital to cumulative redeemable preference shares. Escorts' paid up equity is currently Rs 72.76 crore, which will reduced to Rs 36.38 crore after the conversion.
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