Crisil has reaffirmed the AAA rating assigned to the Rs 100 crore debenture programme of Hindalco Industries. It has also reaffirmed the P1 rating assigned to the company's Rs 50 crore commercial paper programme. Crisil has taken into account Hindalco's proposed acquisition of around 51 per cent equity stake in India Foils. "This acquisition is expected to enable Hindalco to consolidate its business position further in the semi-fabricated aluminium products segment in addition to other synergistic benefits," a Crisil release stated.

CRB seeks time to refund investors: During the hearing of the writ petition against the CRB group of companies in the Mumbai high court, the group requested four-weeks' time to chalk out plan to refund investors' money. The next hearing is adjourned till October 14.

CARE downgrades Gujarat Alkalies debentures: CARE has downgraded the Rs 173.60 crore partly convertible debenture and Rs 45 crorenon-convertible debenture programmes of Gujarat Alkalies and Chemicals from double-A+ to double-A. The downgrade factors in the sharp fall in the company's capacity utilisation, turnover and profits in 1997-98 and a further deterioration in its performance during the first quarter of the current year.

CARE downgrades Goetze India debt plan: CARE has downgraded the Rs 40 crore commercial paper programme of Goetze India Ltd to PR1 from PR1+. The revision in rating is mainly on account of recession in the automobile industry, which has adversely affected the company's operations during 1997-98. CARE feels that the prospects for an early recovery in the company's customer segments are low in the short term.

Four-day repos today: The RBI has announced four-day 8 per cent fixed-rate repos in Government of India dated securities on September 17 for parties holding SGL and current accounts. Payment by application will be on September 16 and repurchase by the RBI on September 19.

Three-dayrepos results: The RBI on Wednesday did not receive any application for three-day 8 per cent fixed-rate repos in Government of India dated securities for parties holding SGL and current accounts.

Crisil downgrades S&S Power rating: Crisil has downgraded the rating assigned to the fixed deposit programme of S&S Power Switchgear to FB from FA. "The revised rating factors in the sluggish demand growth in the domestic electrical products industry and its impact on the demand growth of the company, relatively small size of operations, continued poor financial performance and the strained liquidity position," it stated.

14-, 91-day T-bills auction tomorrow: The RBI has announced the auction of the 14- and 91-day treasury bills. Tenders should be submitted in the prescribed form on September 18 and payment by bidders on September 19.