The Telegraph
Since 1st March, 1999
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Business Briefs

IOC rejects Nagarjuna offer

New Delhi, Oct. 14: Indian Oil Corporation (IOC) has declined an offer from the Nagarjuna group for equity participation in its upcoming six million tonne refinery at Cuddalore in Tamil Nadu. “The country is faced with surplus refining capacity. World over no one is taking up greenfield projects. We too have rescheduled our Paradip refinery. There is no question of investing elsewhere,” sources said.

Bank review

Mumbai, Oct. 14: Reserve Bank deputy governor Rakesh Mohan met representatives of seven public sector banks to discuss the government securities market, including the floating rate bonds. Meanwhile, deputy governor G. P. Muniappan will meet bank chiefs on October 17 to discuss the guidance notes on management of credit and market risks.

Sebi panel

Mumbai, Oct. 14: A Sebi appointed group on debenture trustees has recommended trustees should be provided additional powers to take action against debenture issuing companies which default on payment obligations.

Morepen net

New Delhi, Oct. 14: Morepen Lab has posted a net profit of Rs 16.75 crore for the quarter ended September 30 compared with Rs 13.31 crore for the same quarter last year.

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