The Telegraph
Since 1st March, 1999
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Business Briefs

Rating rap for IFCI bonds

Mumbai, April 22: In a major setback to the Delhi-based financial institution, IFCI Ltd, the Credit Analysis & Research Ltd (CARE) today downgraded its bond ratings to default. CARE downgraded the ratings of IFCI’s long term and medium term debt from CARE B to CARE D. It also downgraded IFCI’s preference share issue from CARE C to CARE D.

Sebi norms

Mumbai, April 22: Sebi’s internal group has recommended amendments to the definition of a sub-broker, hike in annual registration fee to Rs 5,000 and has authorised stock exchanges to decide on the networth and gross exposure requirements.

Rupee hardens

Mumbai, April 22: The rupee rallied smartly from early lows to end at a new over 19-1/2-month peak of Rs 47.3400/3450 per dollar, backed by robust trade and corporate dollar inflows.

Tata Steel

Mumbai, April 22: The Mumbai High Court has approved the merger of Tata SSL Ltd with Tata Iron and Steel Company.

Intel centre

Bangalore, April 22: Intel Corporation plans to invest $ 41 million (Rs 196.8 crore) to set up a development centre here with a capacity to house 3,000 software professionals.

Tea protest

Calcutta, April 22: The Tea Auction Buyers’ Association of Calcutta today supported the nationwide tea trade bandh in protest against the imposition of 12.5 per VAT on tea.

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