Current Economic Statistics and Review For the
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Highlights of Current Economic Scene
New
ventures
The Tata group is considering an entry into the areas of bio-tech applications in the pharmaceutical industry and drug research. The group embarked upon an exercise to “refresh” its corporate identity and hired international design agency Tower Partners LC for the purpose Tata
consultancy services is foraying into the drug discovery area. The IT
major is about to bag its first project from a Europe-based drug discovery
firm. This involves providing services using its bio-suite product, a
software package for life sciences and biotechnology. Steel
Authority of India Ltd (SAIL) approved two projects, one for revamping of
Sinter Plant-2 in Bhilai Steel Plant and installation of an air turbo
compressor and an oxygen turbo compressor at the oxygen plant in Bokaro
Steel Plant. The move will cost more than Rs 180 crore. With this, the
total planned investment in different projects approved, both in-principle
and final, during the current financial year stands at over Rs 2,500 crore.
Hindustan
Petroleum Corporation Ltd (HPCL) has tied up with Air Deccan for setting
up ticketing kiosks in its fuel stations. HPCL offered the space to the
airline as part of the company’s sales promotion exercise for aviation
turbine fuel. It has also approached other airlines with a similar offer.
Air National
Hydro-electric Power Corporation (NHPC) is awaiting a go-ahead from an
independent committee, before signing an equipment supply deal with Alstom
for the Subhansiri project. The government had set up a panel headed by
Central Electricity Authority Chairman, H L Bajaj, to probe the tender
process for award of the tender for main plant equipment for the
2,000-megawatt lower-Subanshri power project in Dishnet
Wireless plans to install Wi-Fi and Wimax services next month across eight
cities. The company will invest Rs 250 crore over a year on the project. Czech
car maker Skoda Auto will nearly double capacity in Buoyed
by its success in Chennai, TI Cycles of India plans to open 25 ‘Cycle
World’ outlets in 6-8 major cities in the next one year. Electrolux
Mahindra
Ugine Steel is planning to hike production capacity of its steel division
to 2.40 lakh tonne per annum. Hexaware
Technologies Ltd bagged a $ 3 million multi-year contract from a Texport
Electronics Ltd, the Kolkata based Indo Swiss joint venture, is planning
to make inroads into the coastal areas of the country with its AVI brand
of air conditioners. Tyco
group, world’s largest supplier of passive electronic components, plans
to set up an anti-corrosion manufacturing company in Standard
Chartered PLC is relooking at the operations of its captive business
process outsourcing unit, Scope International. Tata
Motors, the country’s largest commercial vehicle manufacturer, launched
its first complete range of fully-built buses, the Globus and Starbus. The
government has turned down a proposal from the Dubai-based Flemingo
International to sell its unsold stocks at duty-free shops to hotels and
diplomats or re-export them. It has sought clarification from the company
since allowing any such sale may amount to selling in the domestic tariff
area which is not permissible to the company under current rules. The
finance ministry is considering a threshold staff strength for levying the
fringe benefit tax on employers. Organisations with very few employees
could be exempted from the tax. This is based on the assumption that small
employers do not spend large amounts on fringe benefits. Mergers
& Acquisitions
ICICI
Bank has increased its stake in Prudential ICICI Asset Management Company
to 51 per cent, thus reducing Prudential Plc’s stake in the venture to
49 per cent from 55 per cent. 3i
Infotech (formerly ICICI Infotech) is consolidating its overseas
operations ahead of its initial public offering. The company plans to
acquire the remaining 50 per cent in its joint venture Semantik Solutions
GmbH, set up in mid-2002. In addition, the company is also merging its
Australian subsidiary with its Bajaj
Auto Ltd is expected to complete the acquisition of Western Maharashtra
Development Corporation Ltd’s 27 per cent stake in Maharashtra Scooters
Ltd. by June end. Software
solutions provider Zensar Technologies has entered into a partnership with
the Japan-based Nomura Research Institute to launch a software migration
solution called SITAR (Solution Initiative for Transformation and
Reengineering). With SITAR, the company aims to transfer existing legacy
systems to the open source platform. Swiss
cement major Holcim’s twin
open offer to the shareholders of Associated Cement Companies (ACC) and
Ambuja Cement Eastern is delayed as the market regulator, the Securities
and Exchange Board of India, is yet to clear the proposals. The
UB group bought out Kishore Chhabria’s 49 per cent stake in Herbertsons
for Rs 131 crore, taking its stake in the company to around 93 per cent. In
a move to make a major foray into the booming Indian hospitality sector,
InterGlobe Enterprises and European hotel chain Accor entered into a 60:40
joint venture envisaging an investment of Rs 850 crore over 10-12 years.
The joint venture will develop 25 economy hotels, of which 20 such hotels
will be opened in Following
the success of its first budget hotel, indiOne, in Hindustan
Construction Company approved a proposal to allow foreign funds to hold up
to 49 per cent of the company’s equity. The company approved the sale of
2.91 million shares at Rs 450 each. The
Shapoorji Pallonji-owned Forbes Group entered the realm of publishing and
content by joining hands with HDFC to form next gen publishing. The Rs 3
crore company will be launching special interest magazines and other print
products. The
Bennett, Coleman & Co Ltd media conglomerate that owns The Times of
India, The Economic Times, and other newspapers and magazines, offloaded a
3.26 per cent equity stake in Mid-Day Multimedia, owner of Mumbai’s
leading afternoon daily Mid-Day, a day after the Indian Express Ltd, the
promoter of the Indian Express newspaper chain, picked up a 10 per cent
stake in Mid-Day. Drugs
major Lupin, posted a turnover of Rs 1,168 crore in March 2004, is exiting
or merging several associate and subsidiary companies in an attempt to
streamline its corporate structure. A
few private equity investors evinced interest in picking up a stake in
troubled laminates manufacturer Shree Rama Multi-Tech Ltd. The Ahmedabad-based
packaging company, which is undergoing a restructuring plan, aims to repay
its dues to banks and financial institutions. Jindal
Stainless which is near to acquiring an Indonesian unit, is eyeing further
buyouts in Henkel
KgaA, the German consumer giant, will gradually launch more products from
its global portfolio in Oil
and Natural Gas Corporation (ONGC) is planning to buy a very large crude
carrier (VLCC) to bring oil into the country from locations where it has
equity oil. This will be Ashok
Leyland is to transfer its castings business to Ennore Foundries for Rs 62
crore. The Rs 62 crore that Ennore Foundries is to spend, is a part of its
Rs 227 crore investment to more than double its capacity to about 136,000
tonne over in the coming years. Hutchison
Telecommunications International Limited (HTIL) plants to continue looking
for acquisition opportunities in Company
issues
Ranbaxy
Laboratories Ltd’s research and development head, Rajinder Kumar, was
the second research chief to leave the organization in a year. Kumar’s
predecessor. Rashmi Barbhaiya, had left the company in 2004. Liquor
major Shaw Wallace and company informed the Calcutta High Court that it
had reached an understanding with its creditors to settle Rs 57 crore
outstanding dues. In
a relief to Reliance Infocomm, the Delhi High Court stayed the
disconnection notice of state-owned MTNL over the issue of non-payment of
levy because of illegal
routing of international calls. IBM
achieved the number one position in the overall server market After
nearly 40 years at the helm of Bajaj Auto, Rahul Kamalnayan Bajaj, 66,
will pass on the baton to his eldest son Rajiv Bajaj when he steps down as
managing director of the company on March 31, 2005. In
a move to reflect its broader business canvas, Marico Industries Ltd
proposed to change its name to Marico Ltd. Indian
lenders to the 2,184 Megawatt Dabhol power project are set to buy out the
over $ 200 million debt exposure of the US Overseas Private Investment
Corporation (Opic) to the Dabhol Power Company. Divestment Petronet
Grasim
Industries, the Aditya Birla group major exited the B K Birla group
company Mangalam Cement. Grasim divested its entire 2.16 per cent holding
in Mangalam through open market operations. Tata
Tea is transferring the ownership of 17 estates in Munnar to its
employees. Workers have to spend a minimum amount of Rs 3,000for getting a
stake in the new company. This transfer of ownership of around 50,000
acres of tea plantation of Tata Tea to a newly formed company is in the
final stage.
Inflation
The
annual inflation based on wholesale price index rose to 4.95 per cent
during the week ended February 26, 2005 from 4.83 per cent registered
during the previous week. The annual inflation was at 5.21 per cent in the
corresponding week last year. The
rise in the year-on-year inflation in the latest week was mainly on
account of higher prices of fuel products and manufactured items including
edible oils. The broad- based WPI was marginally down to 188.7 (Base:
1993-94=100) during the week in review as compared to the earlier week and
it was registered at 179.8 in the year-ago period. The index of primary
articles’ group declined by 0.4 per cent to 185.1 from 185.8 for the
previous week due to decline in the prices of both, food and non-food
articles. The index of fuel, power, light and lubricants group rose
marginally as compared to the previous week, which stood at 289.0 due to
higher prices of coke. The heavy-weighted (63.7 per cent) manufactured
products’ group also rose marginally to 167.6 due to rise in the prices
of food products, textiles, paper, rubber, non-metallic mineral products,
basic metals and machinery prices. The
latest final index of WPI for the week ended January 1, 2005 has revised
downwards both, the absolute index and the inflation rate to 188.5 and
5.72 per cent instead of the provisional levels of 188.6 and 5.78 per cent
respectively. Banking Credit
Trends During the current financial year up to February 25, 2005 gross bank credit increased by 21.8 per cent (exclusive of conversion) as compared with a growth of 12.5 per cent in the corresponding period of last year. The year-on-year growth of gross bank credit was 24.7 per cent (exclusive of conversion) as against 14.7 per cent on the corresponding date of the previous year. Non-food credit as on February 25, 2005 registered a growth of 23 per cent (exclusive of conversion) as compared with an increase of 15.4 per cent during the same period the previous year. The annual growth rate was 26.2 per cent (exclusive of conversion) as compared with 18 per cent on the corresponding date of last year. As on February 25, 2005 food credit registered a growth of 15.4 per cent as compared to a decline of 29 per cent during the same period last year. The annual growth rate was 14.4 per cent as compared to a decline of 28 per cent for the corresponding date of last year. Other
Banking Highlights State
Bank of India (SBI), the largest commercial bank has decided to opt for a
differential payscale system on a priority basis, to attract fresh talent
to the institution. The bank, to begin with, will avail of the provision
of differential pay, as outlined in the autonomy package for the public
sector banks, announced by the ministry of finance (MoF) recently. PHD
Chamber of Commerce and Industry (PHDCCI) has asked the Reserve Bank of
India (RBI) to evolve a mechanism to facilitate medium and small-scale
borrowers to get funds from various banks as they are charging different
spread rates on prime lending rates (PLRs) which can go up to 4 per cent
that are providing detrimental for the smaller borrowers to run their
operations effectively. In a memorandum to RBI, PHDCCI has pointed out
that as there is no uniform practice for charge of spread above PLR which
depends on the credit rating of the borrower, the big blue chip companies
are succeeding in getting funds at sub PLR due to large amount of
borrowing but medium and small scale borrowers, inspite of having top
ratings, are not able to negotiate best rates. PHDCCI has also suggested
that banks should be given freedom to fix their own PLRs but no banks
should be allowed to fix its PLRs exceeding a ceiling prescribed by RBI,
say 8 per cent for all classes of borrowers. The
National Bank for Agriculture and Rural Development (Nabard) has
stipulated that the 369 District Central Co-operatives Banks (DCCBs) and
30 State Co-operative Banks (StCBs) have to meet the twin criteria of net
non-performing assets (NPAs) not exceeding 5 per cent of their net loans
and advances and have capital to risk weighted assets ratio (CRAR) of 5
per cent for declaring dividend. Going by this norm, most of the DCCBs and
StCBs will be precluded from declaring dividend due to their deteriorating
state of financial health. The regulator observed that before taking a
decision to declare dividends, managements of these banks, hitherto, had
not taken into consideration the long-term perspective of strengthening
internal resources and compliance with various statutory requirements. It
also came across a few cases, where despite having substantial shortfall
in provisioning in respect of their impaired assets, banks had declared
dividends. According to the RBI’s latest Report on Trend and Progress in
Banking, the financial position of most of the DCCBs and StCBs has not
shown any perceptible improvement. The accumulated losses of DCCBs have
increased to Rs.4442 crore in 2002-03 from Rs.3217 crore in 2000-01. Insurance State-owned
Life Insurance Corporation’s (LIC) claim repudiation ratio — the
claims that are rejected is lower than 1 per cent. Sources at Insurance
Regulatory and Development Authority (Irda) have found out that private
sector life insurers, on the other hand, have a repudiation ratio of over
13 per cent. LIC’s death claims were being settled within 21 days and
the outstanding claims as on March 2004 were at their lowest ever at 0.13
per cent. A low repudiation ratio indicates that the insurer is paying all
claims which are payable under the policy’s terms. However, the
settlement of any insurance claim also involves interpretation of a lot of
technical conditions, which are generally used by the insurers to reject
the claims. A high repudiation ratio may also explain the fact that
private life insurers have low claim records in the post-liberalisation
period. The private life insurers have maintained that the Indian life
insurance market is a profitable one and two of the life insurance
companies — Bajaj Allianz Life Insurance and Max New York Life Insurance
have already announced profits within the first three years of their
operation. Globally, life insurance companies take six to seven years to
break-even. LIC has centralised its claim processing system to manage over
Rs 20,000 crore worth of claims out of the one crore policies annually. It
is making efforts to bring its outstanding claims ratio to below 0.02 per
cent in survival benefits (SB) and maturity and 1.5 per cent in death
claims. Telecom As
per the latest report of Telecom Regulatory Authority of India (TRAI)
there was a marginal decline in the number of new subscribers to 2.11
million in February 2005 as compared to 2.16 million in January 2005. At
the end of February 2005 the gross subscribers base consisting of fixed
and mobile, has touched 97.03 million of which mobile subscribers
accounted for around 51.44 million and fixed line subscribers about 45.59
million. As a result, the telecom sector has attained an overall tele-density
of around 9 per cent as compared to 8.80 at the end of the previous month.
Within the mobile segment, around 1.67 million new subscribers were added
during February as compared to 1.77 million in January 2005. Of the
additional subscribers, GSM accounted for 1.13 million and CDMA 0.54
million subscribers as against 1.27 million GSM and 0.50 million CDMA last
month. In the fixed line segment a total of 0.39 million subscribers were
added during February, which were predominantly WLL (fixed). With this the
total subscriber base of fixed lines have crossed 45.59 million. Global
giant Nokia would set up a manufacturing plant in Following
a slew of complaints of service providers misusing their licences to offer
wireless in local loop-fixed (WLL-F) services as mobile services, Telecom
Regulatory Authority of India (TRAI) has written to all service providers
to strictly comply with the licence conditions. Further, the regulator has
also written to the department of telecommunications (DoT) seeking a
clarification on the licence conditions that would ensure that there is no
misuse of fixed line service phones. Public
Finance Tax
collections grew by about 18 per cent to Rs 1,54,663 crore till January
2004-05. This is two-thirds the budget estimate. The shortfall has been
mainly due to reduced collections of corporate taxes and excise duties. The
fiscal deficit rose marginally by 1.7 per cent to Rs 1,03,801 crore till
January 2004-05, which was 75.5 per cent of the budget estimate. Revenue
deficit stood at Rs 79,622 crore during the concerned period. This has
surpassed the budget estimate of Rs 79,622 crore for the entire fiscal
year. However, the revenue deficit in the current fiscal year has been
lower than the revenue deficit recorded last year. Government’s total
expenditure in the first ten months of the current fiscal year stood at Rs
3,68,340 crore. The
all-India direct tax collection this year is likely to be around Rs 10,000
crore. The direct tax projection for this fiscal year ending March 31,2005
is about Rs 1,40,000 crore, which is 40 per cent more than last year’s
collections. The marked decrease in the taxable income of oil companies
and banks has resulted in a decline in corporate tax collections. While,
profit margins of oil companies have been hit due to an increase in the
global crude oil prices, banks have suffered due to a rise in interest
rates, which has led to fall in bond prices and resultant booking of
trading losses by banks. Federation
of Indian Chambers of Commerce and Industries (Ficci), has urged the
finance minister to have another look at the corporate tax structure.
According to the federation, while the reduction in corporate tax has been
a positive step, the increase in surcharge and the continuing education
cess causes an effective decline of only 3 per cent. Also, the
introduction of fringe benefit tax (FBT) has also created discontent in
the corporate sector. The nature of the levy appears to be that of
‘expenditure tax’. The federation had the following suggestions to
make, - restore depreciation allowance and bring all services within
service tax purview and prepare a negative list of utilities and basic
services. The
Fringe benefit tax regime, which was introduced in the union budget for
2005-06 has been met with a lot of criticism. To soften the blow, the
finance ministry is considering a threshold staff strength for levying the
fringe benefit tax on employers. Finance ministry officials have indicated
that organisations with very few employees could be exempted from the
fringe benefit tax. This is based on the assumption that small employers
do not spend large amounts on fringe benefits. The ministry will also
consider combining the tax return for fringe benefits with the income tax
returns to avoid the need for filling separate forms. The
finance ministry has notified a new rule to tax perquisites in the hand of
employees. According to the new rule, the value of residential
accommodation provided by an employer as a perk has been doubled from 10
per cent to 20 per cent. This means that the employees tax incidence will
be doubled. However, in case of company cars, telephones, club fees and
holidays the incidence has been made zero for the employees. States
have now been granted the leeway to exempt dealers with gross annual
turnover of upto Rs 10 lakh from coming under the value added tax net.
This is double the turnover ceiling of Rs 5 lakh that was proposed in the
original VAT design. The latest decision would take out a considerable
number of small dealers out of the VAT net. The
government will table a new bill to amend the law on direct and indirect
taxes to clean all non-revenue provisions within the next two months. The
Bill would include provisions on mergers and acquisitions and will aim at
removing a maze of unnecessary provisions that hinder taxpayers and
businesses Capital
Markets Primary
Market The
IPOs of Punjab National Bank and Gateway Distriparks Ltd (GDL) were
oversubscribed by 15.7 times and 10.9 times, respectively. In
the three months of March, April and May, IPOs and public offers of more
than Rs 8,000 crore are expected to tap the primary market. Among the
important issuers are Oriental Bank of Commerce, Bank of Baroda, Though
the mutual funds have riased Rs 3,685 crore in the three months from
December 2004 to February, they have invested only Rs 293 crore in shares
as per the data released by the Sebi.
Secondary
Market During
the week, the BSE sensex surged to above 6900 mark to touch a lifetime
high of 6954.86 on March 9, but failed to sustain the momentum as it
closed the week at 6853.73 marginally higher than the previous week’s
close at 6849.48. Similarly, the NSE nifty also registered a marginal rise
of 5.85 points over the previous week’s close.
The on-going public offers have attracted considerable investors
interest, thereby diverting funds from secondary market to primary market.
Among the sectoral indices of BSE, metals, health care, consumer durables
and bankex indices rose, while
BSE teck, auto, capital goods and FMCG registered decline. While BSE
sensex rose by 0.1 per cent during the week, BSE 500 surged by 0.5 per
cent. Till
March 11, the net FIIs investment in equities has been Rs 14,397.60 crore
($3.3 billion) with purchases at Rs 52,017 crore and sales at Rs 37,619.40
crore. This inflow is second only to The
turnover on the Indonext, the BSE’s new trading platform, has risen from
Rs 75 crore to Rs 140 crore since its inception in January. Also, the
number of shares traded has increased from 1.5 crore to 2.6 crore. The top
100 gainers have registered a growth of around 36 per cent to 178 per cent.
Sebi
has directed all public sector listed companies to ensure that at least 50
per cent of the board directors are independent directors. Non-compliance
on this account could result in a delisting of the company from the stock
exchanges. This clause is a part of clause 49 of the listing agreement,
which comes into effect from April 1. Several PSUs are facing difficulties
in complying with regulations; hence they have approached the Sebi and the
government to reconsider the directive.
Derivatives The
F&O segment witnessed huge activity given the volatility in the cash
market with an average daily turnover of around Rs 13,500 crore during the
week. Government
Securities Market Primary
Market Government
of Maharashtra and Mizoram have offered on ‘tap’ 7.20 per cent 2017
for an aggregate amount of Rs 400 crore on March 14 for repayment of Rural
Infrastructure Development Fund (RIDF) loans to NABARD.
Under
the debt swap scheme (DSS), states have replaced loans worth Rs 13,766
crore in the first year, Rs 44,566 crore in 2003-04 and Rs 41,668 crore in
2004-05. The tenth finance commission has recommended that a debt relief
package linked to states enacting fiscal responsibility legislation
prescribing specific annual targets to eliminate revenue deficits by
2008-09. Secondary
Market During
the week, the call rates ruled in a narrow range of 4.73 –4.76 per cent
and overnight CBLO rates ranged between 3.54 –4.95 per cent. The
weighted average yield on 7.38 per cent 2015 eased from 6.61 per cent on
March 4 to 6.56 per cent on March 11; as the market was assured the market
that the inflation would be curtailed and interest rates would remain
benign. In addition, a fall in global oil prices supported the positive
sentiments. The
government has said that the FII investment limit in government securities
will be within a ceiling of $ 1.55 billion against $ 1.75 billion limit
set earlier. The FII investment in corporate debt will remain within a
ceiling of $ 0.5 billion. Bond
Market SBI
is planning to raise tier – II capital worth Rs 3,000 – 4,000 crore to
support the credit growth given the buoyancy in the credit off-take. RBI
has permitted Catholic to raise Rs 300 crore of tier – I capital over a
period of two to three years. The permission to access the capital market
is a reprieve for the bank, which had not been able to raise the capital
due to a legal battle between the RBI and Enforcement Directorate on one
side and on the other is Thai businessman S C Chawla. The
government is planning to relax the external commercial borrowings (ECB)
policy framework by permitting government guarantee for loans from
multilateral institutions; reviewing the end-use norms of ECBs Foreign
Exchange Market Induced
by the weakness in the US dollar, the rupee dollar exchange rate has
appreciated from Rs 43.71 on March 4 to Rs 43.58 on March 11. Also, the
six-month forward premia has eased from 1.71 per cent on March 4 to 1.46
per cent on March 4. With
a record Commodities
Futures NCDEX
launched mild steel (MS) ingot contracts for futures trading on March 11.
It is expected that there would be Rs 90,000 crore trading volume
in MS per year as the production size is huge and there are large number
of buyers and sellers. External
Sector
Exports
in dollar terms during April-February, 2004-05 is 27.03 per cent higher
than during April-February 2003-04. This is substantially higher than the
15.46 per cent during the
previous year. In rupee terms, the exports were Rs 3,14,185.17 crore
during April-February 2004-05 which is 24.40 per cent higher than the
value of exports during April-February 2003-04. Imports
in dollar terms during April-February, 2004-05 is 36.33 per cent over the
level of imports in April-February 2003-04. Oil imports is 44.45 per cent
higher than that during the corresponding period of the previous year.
Non-oil imports in dollar terms during April-February, 2004-05 is 33.36
per cent higher than the level of such imports in April-February 2003-04. The
trade deficit for April-February, 2004-05 is estimated at
Rs 11,487.94 crore as
compared to Rs 2,374.19 crore in
April-February 2003-04. Credit
Rating Crisil
has assigned a P1+ rating to the Rs. 100 crore (enhanced from Rs. 50 crore)
CP programme of Gruh Finance Limited. It has also reaffirmed AA/stable
rating to the Rs. 150 crore NCD and FAA+/stable to the FD programme of the
Gruh Finance. The ratings reflects the company’s improved and good asset
quality, healthy capitalisation levels in relation to its asset-side risks
and reasonably diverse resource profile. Icra
has assigned LAA+ rating to the proposed Rs. 150 crore long-term
subordinated bonds programme of Kotak Mahindra Bank Limited. The rating
continues to factor adequate capitalisation levels, improved financial
performance and strong position in the commercial vehicle financing
business. In
an another exercise, Icra has assigned LAAA rating to the Rs. 500 crore
bond issue of National Thermal Power Corporation (NTPC), simultaneously,
it has also reaffirmed the LAAA rating given
earlier to the Rs. 1500 crore bond issue of NTPC. Care
has revised the rating to BBB+ (so) from the existing A- (so) for the
outstanding non-SLR bonds of Rs. 40.74 crore and Rs. 9.26 crore of West
Bengal Financial Corporation (WBFC), respectively. The rating is primarily
based on credit enhancement in the form of unconditional and irrevocable
guarantee of the Government of Bengal for repayment of principal and
payment of interest during the full tenure of such bonds. In
an another exercise, Care has assigned an AA rating to the existing
tier-II bonds for Rs. 910 crore of Central Bank of India, the rating
factors in the bank’s stable and low cost deposit base, increase in
profitability supported by higher treasury gains and improving net
interest income. Standard
& Poor’s rating services has assigned a foreign currency debt rating
of BB+ for Indian Railway Finance Corporation’s proposed $125 million
equivalent fixed-rate yen-dominated Eurobond due 2010
Theme of the week: Metamorphic Changes in the Financial System
*These statistics and the accompanying review are a product arising from the work undertaken under the joint ICICI research centre.org-EPWRF Data Base Project. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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