Wednesday, October 7, 1998
FIs revive battered Sensex
Even as investors continued to throng the offices for redemption of US-64, financial institutions stepped in and made massive purchases to prop up the stock markets on Monday. After 224-point crash in Sensex on Monday, pivotals staged a modest rally and Sensex gained 42 points on the Bombay Stock Exchange (BSE) today, thanks to institutions and purchases by bear operators to cover their short-sold positions.
EU takes India to WTO
The European Union launched a World Trade Organisation (WTO) action against India over its rules on imports of vehicle parts. The 15-nation EU had asked for formal consultations with India, the first step in the WTO's disputes settlement procedure.
AES, Govt sign OPGC pact
The Orissa government and the American power multinational AES Corporation on Tuesday signed the agreement on shareholding in Orissa Power Generation Corporation (OPGC), completing the biggest ever corporate deal in the country. The state government and the AES Corporation will hold 51 and 49 per cent stakes, respectively in the corporation, which owns a 2x21mw thermal power station at Ib Valley in Orissa.
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