Biz File

Resurgent India Bonds to open on August 5
State Bank of India8217;s foreign currency-denominated Resurgent India Bonds will open for subscription on August 5. The offer is scheduled to close after 30 days but the bank has retained the option to close it any time after 10 working days, depending on the response, according to senior SBI officials. The bonds have been offered to Non-Resident Indians, Overseas Corporate Bodies and banks in three currencies US dollar, pound sterling and Deutsche mark. The coupon rates are 7.75 per cent per annum for USD bonds, 8 per cent of pounds sterling and 6.25 per cent for DM bonds.

Badal8217;s decision welcomed
CII today welcomed the decision taken by Punjab CM Parkash Singh Badal to sympathetically review the recent hike in power tariff. In a meeting with Badal, CII, represented by S. P. Oswal, chairman andMD of Vardhman Spinning and General Mills Ltd, said the power tariff should not be hiked beyond 10 per cent in view of the depressed economic situation in the country.

It also stressed the need to set up an independent State Electricity Regulatory Commission.