Tuesday, August 25, 1998
RBI package pushes up T-bill, CP rates
Interest rates on all short-term money market instruments including treasury bills, inter-corporate deposits, commercial papers (CP) of P1+ rated corporates and government papers have firmed up in the wake of the Reserve Bank of India's rupee-rescue package announced last Thursday. A string of foreign and public sector banks have also hiked the differential interest rates on short-term deposits.
MAC Agro Industries to merge with SICAL
Mac Agro Industries Ltd, a subsidiary of South India Corporation (Agencies) Ltd (SICAL) is set to be merged with its parent. The merger ratio would be three shares of MAC Agro to one of SICAL. The board of both companies endorsed the merger on Monday.
BoB Cards likely to go public
BoB Cards Ltd, the wholly-owned subsidiary of Bank of Baroda (BoB), is exploring the option of going public, and offering more travel-related services. This was stated by BoB's chairman and managing director, K Kannan, on Monday while launching BoBCard Gold in association with Visa International.
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