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Tata Tea assigned highest safety rating: ICRA has assigned an LAAA rating to the Rs 75 crore non-convertible debenture (NCD) programme of Tata Tea Ltd. The rating indicates the highest safety. The rating reflects the company's position as an established player in the packaged tea segment with well-established brands, diversified nature of operations, steadily rising gross sales and operating margins, low gearing, high coverage and comfortable liquidity position.
364-day T-bills auction: The Reserve Bank has announced the auction of 364-day government of India treasury bills for a notified amount of Rs 200 crore. Tenders will have to be submitted in the prescribed form on July 29 before 2.30 pm and the results will be announced the same evening. Payment by successful bidders will be on July 31.
Controls & Switchgear rated A1 plus: ICRA has assigned an A1+ rating to the Rs 2.5 crore commercial paper programme of Controls and Switchgear Company, indicating the highest safety. The companyis engaged in the manufacture of low tension switchgear and bus ducts. The switchgear industry, though sluggish at present, is expected to pick up on account of higher demand from power, petrochemicals and other industrial sectors. The company currently has a comfortable order-book position and ICRA expects it to capitalise on this growth due to its established market position.
91-day T-bills auction: RBI has announced the auction of 91-day government of India treasury bills for a notified amount of Rs 200 crore. The allocation to non-competetive bidders will be outside the notified amount at the discretion of the bank. Tenders will have to be submitted in the prescribed form on July 31 before 2.30 pm and the results will be announced the same evening. Payment by successful bidders will be on August 1.
Repo auction: RBI has announced a three-day fixed rate repos in government of India dated securities on July 27, 1998 for parties holding SGL account and current account with it at Mumbai. Therepo rate is 5 per cent per annum. Payment by applicants will be on July 27 up to 2.30 pm and the repurchase by the central bank on July 30.
14-day T-bills auction: RBI has announced the auction of 14-day government of India treasury bills for a notified amount of Rs 500 crore. The allocation to non-competitive bidders will be outside the notified amount at the discretion of the bank. Tenders will have to be submitted in the prescribed form on July 31 before 2.30 pm and the results will be announced the same evening. Payment by successful bidders will be on August 1.
GIC Housing debt plan rated A1: ICRA has assigned an A1 rating to the Rs 5 crore short-term debt programme of GIC Housing Finance Ltd. The rating indicates the highest safety. The prospect of timely payment of debt is the best. The rating takes into account the significant presence of GIC Housing in the individual housing loan segment with about 73 per cent of the outstanding loans of Rs 403 crore as on March 31, 1998 in this Tata Tea assigned highest safety rating: ICRA has assigned an LAAA rating to the Rs 75 crore non-convertible debenture (NCD) programme of Tata Tea Ltd. The rating indicates the highest safety. The rating reflects the company's position as an established player in the packaged tea segment with well-established brands, diversified nature of operations, steadily rising gross sales and operating margins, low gearing, high coverage and comfortable liquidity position.
364-day T-bills auction: The Reserve Bank has announced the auction of 364-day government of India treasury bills for a notified amount of Rs 200 crore. Tenders will have to be submitted in the prescribed form on July 29 before 2.30 pm and the results will be announced the same evening. Payment by successful bidders will be on July 31.
Controls & Switchgear rated A1 plus: ICRA has assigned an A1+ rating to the Rs 2.5 crore commercial paper programme of Controls and Switchgear Company, indicating the highest safety. The companyis engaged in the manufacture of low tension switchgear and bus ducts. The switchgear industry, though sluggish at present, is expected to pick up on account of higher demand from power, petrochemicals and other industrial sectors. The company currently has a comfortable order-book position and ICRA expects it to capitalise on this growth due to its established market position.
91-day T-bills auction: RBI has announced the auction of 91-day government of India treasury bills for a notified amount of Rs 200 crore. The allocation to non-competetive bidders will be outside the notified amount at the discretion of the bank. Tenders will have to be submitted in the prescribed form on July 31 before 2.30 pm and the results will be announced the same evening. Payment by successful bidders will be on August 1.
Repo auction: RBI has announced a three-day fixed rate repos in government of India dated securities on July 27, 1998 for parties holding SGL account and current account with it at Mumbai. Therepo rate is 5 per cent per annum. Payment by applicants will be on July 27 up to 2.30 pm and the repurchase by the central bank on July 30.
14-day T-bills auction: RBI has announced the auction of 14-day government of India treasury bills for a notified amount of Rs 500 crore. The allocation to non-competitive bidders will be outside the notified amount at the discretion of the bank. Tenders will have to be submitted in the prescribed form on July 31 before 2.30 pm and the results will be announced the same evening. Payment by successful bidders will be on August 1.
GIC Housing debt plan rated A1: ICRA has assigned an A1 rating to the Rs 5 crore short-term debt programme of GIC Housing Finance Ltd. The rating indicates the highest safety. The prospect of timely payment of debt is the best. The rating takes into account the significant presence of GIC Housing in the individual housing loan segment with about 73 per cent of the outstanding loans of Rs 403 crore as on March 31, 1998 in thissegment. The rating also takes into account the considerable support the housing finance company enjoys by way of long-term funding from the promoters -- GIC and its subsidiaries.
Sumitomo Bank leads in project advising: Japan's Sumitomo Bank has bagged the role of lead advisor for projects worth $500 million in India's telecom and power sectors, according to a senior official at the bank. The bank has got four mandates (lead advisory role) from Koshika Telecom, which has its mobile service facility in two circles in the states of Uttar Pradesh, Bihar and Orissa and also two mandates for two private power projects in Karnataka. Sumitomo Bank would be advising Koshika Telecom on structuring the overall debt facility at the four circles and the debt component for this would be approximately about $300 million.
Centre urged to set up apex NRI board: A high-powered independent non-resident Indian (NRI) board should be set up to mobilise investments to the tune of $100 billion in the next fiveyears, an apex body of overseas Indians has urged the union government. All important matters affecting NRIs would fall within the board's purview which will have eminent businessmen both from India and abroad as its members, IndusInd International Federation said in a statement. The non-resident Indians federation said all the supporting parties should join the present coalition government at the centre and resolve their differences to "unitedly withstand external pressures".
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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