KOTAK, DSP MERRILL PLAN TO BECOME PDs HITS A SNAG
Article Abstract:
The plans of DSP Merrill Lynch and Kotak Mahindra Capital Company to start operations as primary dealers in government securities has hit a snag. Both the companies had got in-principle approval from the Reserve Bank of India to set up the necessary infrastructure after which they would have to obtain a final approval it. But the Securities and Exchange Board of India had issued a directive in 1998 to all merchant bankers to exit fund based activities. Bankers had to then decide whether to give up their merchant banking licences and carry on fund based activities. Both the companies had opted for carrying out activities of a primary dealership. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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IFCI H1 NET PROFIT ERODES TO Rs67 CR
Article Abstract:
The net profit of IFCI has declined to Rs67 crore in the first half of 1998-99 (Rs297 crore in the first half of 1997-98). It has made a provision of Rs150 crore for non performing assets. Project finance has increased by 67 percent while foreign currency loans have declined by 91 percent. It recorded a 12 percent growth in disbursements. Majority of the disbursements are to the steel, textiles and infrastructure sectors. IFCI's portfolio comprises of long term assets with tenure of over five years. (vv)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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