10 more co-op banks face run on deposits
MORE than 10 Ahmedabad co-operative banks are facing a run on their deposits. Long queues of desperate depositors were seen outside these banks on Wednesday. The banks which have seen panic withdrawal of deposits on Wednesday include the Textile Traders Co-operative Bank, Ahmedabad District Co-operative Bank, Kalupur Commercial Bank, Nutan Nagrik Bank, Ahmedabad Mercantile Bank, Visnagar Bank, Charotar Nagrik Bank, Mahila Utkarsh Bank, Manekchok Bank and Pragati Bank.IOC monopoly on crude import goes
All public sector oil companies have been allowed to buy crude from foreign companies like Shell, BP-Amoco and Exxon-Mobil on term contracts. A decision to this effect was taken by the Cabinet late on Tuesday. Till now, while the private and joint sector refineries were permitted to source their crude requirements on their own, IOC was the sole importer for all the national oil companies.
ALBM rates on the NSE settle down to normal levels
The rates at the ALBM session on the NSE averaged around 14 per cent to 15 per cent annually. These rates had shot up last week to 60 per cent to 70 per cent and to 100 per cent in counters like HFCL. Zee and Nestle attracted backwardation charges on heavy buying support from investors.
Bharti Group calls off Spectranet takeover deal
The Bharti Group on Wednesday called off its talks for the "takeover" of the Delh-based Spectranet saying its assessment on the valuation is lower than the latter's expectation.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
