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Pawar game in full cry
Campaign for the Congress presidential post began acrimoniously, with high profile contender Sharad Pawar piling charges of fraud on present incumbent, Sitaram Kesri. The Maratha heavyweight declared that those who had proposed Kesri's candidature were likely to support him instead.
Govt dithers on SLP in Jain hawala case
The government has been sitting on the CBI's draft special leave petition on the Jain Hawala case even though the Attorney General had okayed it after the Delhi high court had discharged L K Advani and V C Shukla.
SP pressure on Centre to dismiss Mayawati
The United Front government came under pressure from the Samajwadi Party to sack the Mayawati government in Uttar Pradesh even as Bahujan Samaj Party chief Kanshi Ram dared the Front to dismiss the state government on "bogus charges of lawlessness".
Petro-project for Baalu's state despite objections
Ignoring objections raised by the Union petroleum ministry, Bharat Petroleum Corporation's board has approved the proposal for setting up a Rs 7,346-crore petrochemicals complex in Tamil Nadu, the home state of minister for petroleum, T R Baalu.
Govt revives proposal to set up a private universities
A two-year-old proposal to allow the setting up of private universities is being revived by the United Front government which hopes to push through a Bill for the purpose in the next session of Parliament.
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UTI to demat 50% of its holdings
The Unit Trust of India has decided to dematerialise 50% of its holdings in every scrip that is currently admitted for dematerialisation at the National Securities Depository Ltd.
Moody's seeks majority stake in Icra
Moody's Investor Service is negotiating with Icra Ltd, India's second-largest credit rating agency, to pick up a majority stake. The global giant's move follows Standard & Poor's decision to pick up a 9% stake in the Credit Rating Information Services of India Ltd some time ago.
NSE slashes trading charges for demat segment
The National Stock Exchange has slashed by nearly half the transaction charges for trading in the dematerialised segment. A dematerialised segment transaction will now carry a charge of only 0.005% as against the earlier 0.009%, which was prevalent for both the physical and the demat segment.
L&T net profit up 5.8% to Rs 411.35 crore
Larsen & Toubro has reported a net profit of Rs 411.35 crore for the year ended March 31, 1997 an increase of 5.8% over the previous year's figure of Rs 388.69 crore. Sales and service revenue increased by 25% to Rs 5,304.74 crore from Rs 4,249.08 crore.
Amber signal for cheap money: Lukewarm response to IDBI bond
The Industrial Developement Bank of India's Rs 1,000-crore private placement bonds issue has run into rough weather as investors are wary of picking up a paper carrying a 13.5% coupon. This is likely to force many players in the debt market to jack up yields.
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