COS LIKELY TO SWAP FOREX LOANS FOR RE DEBT

Article Abstract:

In anticipation of a further fall in the value of the rupee, many corporates have decided to tap the financial institutions (FIs) to swap their foreign exchange loans with rupee- denominated debt. The Jindal Group and HFCL have already approached the FIs for converting their outstanding foreign currency loans into rupee loans. The engineering and core sector companies also have asked the FIs to reduce the foreign exchange component of their debt due to the fall in domestic interest rates. (gsh)

Comment:

India: Financial institutions are tapped by corporates to swap forex loans in anticipation of further fall in value of rupee

Debt & Capital Management, Financial management, Article

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NEW ACCOUNTING NORMS LIKELY

Article Abstract:

The Securities and Exchange Board of India (SEBI) may introduce new accounting standards. It has appointed the YH Malegam Committee to study the current accounting standards followed by Indian corporates listed on the bourses. SEBI plans to make Indian accounting standards equal to the global accounting standards. The new norms are likely to pressurise the management to meet the principles of corporate governance. (ag)(m)

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Securities & Exchange Commisn, Corporate Financial Regulation NEC, Corporation law

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UTI TO INVEST NEW FUNDS IN DEBT INSTRUMENTS

Article Abstract:

Unit Trust of India has decided to reduce the equity exposure of the US-64 scheme and invest new funds in debt instruments. The US- 64 scheme will bring down its equity holdings to 60 percent from 64 percent now and try to achieve an equal debt:equity portfolio. Sales of its equity holdings will commence in the new few weeks and the company will look for good opportunities for selling. (khr)

Unit Trusts (Oil, etc), Other Financial Vehicles, Unit investment trusts, Unit Trust of India

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