The Telegraph
Since 1st March, 1999
Email This Page
Business Briefs

Bourse recast hastened

New Delhi, Aug. 18: A bill to restrict voting rights of brokers as shareholders and their participation on governing boards of stock exchanges was passed in Lok Sabha today without discussion and by a voice vote. Incorporating the recommendations of the JPC report on stock scam, the Securities Laws (Amendment) Bill, 2003, introduced by finance minister Jaswant Singh, seeks to expedite corporatisation of exchanges.

Rupee hardens

Mumbai, Aug. 18: The rupee breached the crucial 45.90-dollar resistance levels once again today and ended at a new three-year peak of Rs 45.8500/8550 per dollar after testing intraday highs of Rs 45.83/84. Rupee’s peak was due to bunched up weekend dollar supplies.

Bank ambit

New Delhi, Aug. 18: The finance ministry is considering a proposal for allowing banks and FIs to trade in commodities markets. Banks can take a maximum exposure of 5 per cent of their advances in equities market.

UBI move

New Delhi, Aug. 18: Having turned around by posting profits for the last three years, United Bank of India (UBI) is planning to return government capital worth Rs 800 crore. There is no financial compulsion for it to go for an IPO, said chairman Madhukar.

Modern Food

New Delhi, Aug. 18: Modern Food Industries said today it has decided to close down the supplementary nutritional foods factory at Lawrence Road here, which has been lying idle since March this year on lack of orders.

Email This Page