The Reserve Bank pegged the cut-off price of the eight-year paper, auctioned through the price auction route on Thursday, at Rs 100.80. This translates into a yield-to-maturity of 11.7369 per cent. Dealers said that the price was in accordance with market expectations.

M&M kicks off recast

As part of a restructuring plan, Mahindra & Mahindra will hive off its non-core businesses and stay focused on utility vehicles and tractors. As one of the measures, the automobile major will transfer its Rs 160-crore inter-trade division as a going concern to its wholly-owned subsidiary Mahindra Exports, effective April 1, 1999.

Rankas to put Modern Syntex on block

The Rankas-controlled Modern group, saddled with a Rs 800-crore institutional debt, has decided to put the Rs 525-crore flagship Modern Syntex on the block. Modern Syntex is the second group company which is up for sale after Jardine Fleming failed to find a buyer for the Rs 96-croreModern Denim.

Oil pool deficit dips to Rs 3,087.79 cr

The oil pool deficit has come down to Rs 3,087.79 crore following redemption of Rs 398.09-crore bonds issued to oil companies. According to people in the know of the matter, the Government hopes to redeem the balance in the next three months.

Former union minister KN Singh dead

Former Union minister and senior Congress leader Kedar Nath Singh died in Lucknow Wednesday night after a protracted illness, family sources said. He was 70.

Deepak Fertilisers raises dividend

Deepak Fertilisers & Petrochemicals Corporation has raised its dividend to Rs 2 per share for 1998-99, from Rs 1.5 a per share in the previous year. The higher dividend is owing to an improved turnover of Rs 521.79 crore (Rs 414.20 crore) and a slight rise in its net profit to Rs 54.36 crore (Rs 51.14 crore).

Templeton India strategy

As part of its worldwide strategy, Templeton India Growth Fund has adopted a new investment strategy of investing infewer and well-managed companies. As on June 30 1999, the fund has sold or marginalised holdings in 10 counters. Page 13

Indian Bank gets nod to defer results

The Chennai-based public-sector bank Indian Bank has been given permission by the Reserve Bank to finalise its 1998-99 accounts in July as it was unable to complete them within the stipulatyed time, people familiar with the matter say. As per the central bank's stipulation, banks must finalise their audited financial accounts by June 30.

Traders observe partial bandh

Traders in Mumbai observed a partial bandh in support of the call given by the Federation of Associations of Maharashtra to protest against the state's tax and revenue-collection norms.

Fed raises interest rates

The Federal Reserve lifted its key interest rate by one-fourth of a percentage point Wednesday but thrilled financial markets by suggesting it might not raise rates again in the "near term." Investors had feared the Fed might signal that more rateincreases are on the way.