Icra has placed the long term and medium term ratings of `LAA' and `MAA' assigned to the bonds and fixed deposit programme of Hudco on `rating watch'. "We are taking this step to safeguard the investors as Hudco is entering the market with unrated bonds instruments based on the existing rating," assistant general manager Vivek Mathur said on Monday. "In the last one year, Hudco has entered into new areas of business and the rating agency has not been able to assess the change in asset quality after this," Mathur said.

IDBI Board to meet on July 30

The board of directors of Industrial Development Bank of India (IDBI) will meet on July 30, 1999 to consider the financial result of the bank for the quarter ended June 30, 1999.

Jagpriya Finance denied certificate

The Reserve Bank of India has rejected the application for certificate of registration submitted by Ahmedabad-based Jagpriya Finance and Investment on July 15, 1999. According to an RBIrelease issued on Monday, the company cannot transact the business of a non-banking financial institution, as defined in clause (A) of section 45-I of the RBI Act, 1934.

T-bill auction

RBI, on Monday, announced the auction of 14-day and 91-day treasury bills for a notified amount of Rs 100-crore each. The allocation to non-competitive bidders will be outside the notified amount, at the discretion of the bank. According to the RBI release, the 91-day auction will be conducted using uniform price auction method.