The Delhi-based Industrial Financial Corporation of India will come out with a rights issue in the ratio of 1:1. At its board meeting held on Friday, the institution decided to offer shares at Rs 10. The rights issue of Rs 353 crore is aimed at boosting the institution's Tier I capital. This is also aimed at improving IFCI's debt-equity ratio.

Banks to work full day today

The Reserve Bank has asked banks, including regional rural and cooperative banks, to remain open for the whole day today to obviate the inconvenience caused to customers on account of the two-day strike by bank employees. The central bank in a statement said normal banking transactions would be undertaken in these banks. Meanwhile, bank officers and employees on Friday struck work for the second day for wage revision, crippling banking services in Maharashtra.

Rupee down in offshore market:

The rupee in the non-delivery offshore market weakened considerably against the dollar in the past two days after domestic currency markets remained quiet owing to a two-day strike called by bank unions. On Wednesday, the spot rupee was quoted at 42.60/65 in the overseas market. The currency recovered on Friday on thin trades to 42.61.

Philips back in the black:

Electronics major Philips India said on Friday it climbed back into the black in the 1998 fiscal with a net profit of Rs 11.98 crore, after it had slipped into the red in the previous fiscal when it had posted a net loss of Rs 14.14 crore. The company said riding on the performance of the lighting division, its sales rose 7 per cent to Rs 1,674.34 crore during the fiscal (Rs 1,572.79 crore).

Bayer India net up slightly:

Bayer India announced a marginal rise in its net profit to Rs 10.03 crore for the year ended December 31, 1998, against Rs 9.84 crore the previous year. The board has recommended a dividend of 25 per cent for the year.

Nestle net up 16%:

Nestle India on Friday announced a 16 per cent rise in its net profit to Rs 86.2 crore for the year ending March 1999, against the previous year's profits of Rs 74.3 crore. The company has provided Rs 13 crore for impairment of fixed assets.

Corporate Monitor

Ansal group, ITC Hotels may tie up:

The Ansal group may enter into an agreement with ITC Hotels for management of its 220-room upcoming five-star deluxe hotel in the capital, marking an end to its association with the US-based hotel chain, Marriott. Industry sources said both ITC Hotels and the Ansals were in an advanced stage of negotiations and the contract may be signed in the next few weeks.

Zen diesel fumbles in market:

Two months after Maruti Udyog announced a price cut of nearly 10 per cent on the Zen's diesel version, the car's sales have not improved. Dealers say the car has been a washout, indicating Maruti has pressed on the wrong button.

P&G launches `Gain':

The US-based home products giant Procter & Gamble, has launched its most popular detergent brand `Gain' in the local market. Speaking to newsmen after launching the Gain supersoaker in Hyderabad on Friday, marketing manager Nayantara Bali said that the new detergent was targeted at the middle classr.

Market Pulse

Sensex down 47 points:

The pre-budget trading session on the local and GDR bourses registered lacklustre trades, with institutional participation restricted to select counters. Reflecting the nervousness among market participants, the 30-share Sensex closed at 3,233.86 points, registering a net loss of 47.43 points. Page 11

Carryforward rates close at 24%:

Carryforward rates on the BSE for the week ended February 26 stabilised in the band of 23.5-24 per cent annualised. The net outstanding positions on the exchange further fell to Rs 1,132 crore.

Banking & Finance

ANZ finalises deal for Enron's LNG plan

ANZ Investment Bank on Thursday said that financing of the 10-year $165-million loan for a liquefied natural gas carrier, majority owned by Mitsui OSK Lines, has been completed. The deal will enable Enron International to transport LNG from the Middle-East to its power project in Dabhol.

14-day T-bill yield hiked:

The Reserve Bank has hiked the yield of the 14-day treasury bill by 26 basis points to 9.41 per cent. It has, however, kept the yield of the 91-day treasury bill unchanged at 9.56 per cent.