The Telegraph
Since 1st March, 1999
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Business Briefs

Sterling Biotech GDRs roar

Mumbai, Oct. 3: Sterling Biotech Ltd has successfully raised around $15 million (approximately Rs 67.5 crore) through issuance of global depository receipts (GDRs). The company had issued 23,28,045 GDRs, each representing six equity shares of Rs 2 each amounting up to $15 million at a price of $6.6 per GDR.

Trai meet

New Delhi, Oct. 3: Trai chairman Pradip Baijal is expected to make a detailed presentation before the six-member group of ministers, headed by finance minister Jaswant Singh, on the direction of its recommendations on unification of licences.

Ranbaxy drug

New Delhi, Oct. 3: Ranbaxy Laboratories has received a tentative approval from US Food and Drugs Administration to manufacture and market Pravastatin Sodium tablet. The tablets are indicated in the treatment of primary prevention of cardiac ailments like primary hypercholestroleomia.

Jessop plan

Calcutta, Oct. 3: Jessop & Co, acquired by Ruia Cotex after divestment, is planning another round of financial restructuring to wipe out the entire accumulated loss of Rs 110 crore. The company is also planning to set up a new facility to roll out state-of-the-art coaches, including those for metro trains.

Export norms

Mumbai, Oct. 3: The RBI today said that authorised foreign exchange dealers can now approve proposals for realisation of export proceeds up to 360 days for books shipped abroad on consignment basis. The exporters could be allowed to abandon the books which remain unsold at the expiry of sales contract period.

OBC rates

New Delhi, Oct. 3: Oriental Bank of Commerce today reduced interest rate on home loans by 50 basis points to 9.5 per cent for a term period exceeding five years. On floating interest rate, loans would attract 7.5 per cent for a five year term and 8 per cent for terms exceeding five years.

Sebi norms

Mumbai, Oct. 3: Sebi has notified the amended regulation for stock brokers and sub-brokers, setting conditions for registration and rules for conducting business. The applicant should be a person recognised by the bourse as a sub-broker affiliated to a member-broker.

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