Friday, July 3, 1998
SEBI reduces daily price band; graded margin system replaces weekly price cap
With a view to stem high volatility in the stock markets, the Securities and Exchange Board of India (SEBI) has announced a new set of "additional volatility margins", reduced the daily price band to 8% and replaced the weekly price cap with a graded margin system with effect from July 6.
Enron to tap more sources for oil supply in phase-II of Dabhol project
Enron Corporation of the US will be allowed to tap sources, apart from the Indian Oil Corporation (IOC), for supply of distillate oil for the second phase of the Dabhol power project. The petroleum ministry has assured to cooperate on the issue, as depending on IOC for distillate oil would lead to a substantial increase in power tariff.
India Cements net dips 30% to Rs 58 crore
Chennai-based cement giant India Cements Ltd (ICL) has registered a drop in the net by 30% to Rs 58.26 crore as against Rs 82.58 crore in the previous year. In fact, it seems to have incurred a loss in the second half. But for the other income - of Rs 13 crore from sale of ships - the bottomline would have been even worse. Nevertheless, the ICL board has maintained dividend at Rs 3 per share (30%).
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