BIFR OKAYS USAL REHABILITATION PLAN

Article Abstract:

The rehabilitation plan for Universal Steel & Alloys Ltd (USAL) has been cleared by the Board for Industrial and Financial Reconstruction (BIFR). USAL stopped operations in March 1986 and was declared sick in 1987. USAL is being merged with Bharat Gears Ltd (BGL) with effect from April 1, 1998. USAL shareholders will get one equity share of BGL for 20 held in USAL. The Raunaq group holds 35 percent stake in USAL, Industrial Finance Corporation of India holds 12.76 percent and 51.43 percent by the public. BGL makes axle and transmission gears for tractors and had posted a net profit of Rs6.51 crore on a sales of Rs115.19 crore for 1996- 97. (rk)

Publisher: Bennett, Coleman & Co. Ltd.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
Acquisitions & mergers, Iron and Steel Mills, Speed Changer, Industrial High-Speed Drive, and Gear Manufacturing, Steel Mill Products, Gear Drives for Vehicle ex Air,Auto, Steel products, Vehicles, Mechanical drives, Bharat Gears Ltd, Universal Steel and Alloys Ltd

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CALL RATES CLOSE AT 9 TO 9.15%

Article Abstract:

Call money rates closed at 9-9.15 percent in the interbank call money markets on February 2, 1999. The prices of government securities came down marginally in the gilts market as the call rates remained firm. The Reserve Bank of India did not receive any bids in the three-day 8 percent fixed rate repo held on February 2, 1999 as the call rates were ruling high. It has announced another 8 percent three day repo to be held on February 3, 1999. (khr)

Publisher: Bennett, Coleman & Co. Ltd.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
India, Securities prices, Stocks & Other Equity Securities

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