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NSE suspends trading in 7 cosMUMBAI: The National Stock Exchange NSE has announced the suspension of trading in seven companies with re...

NSE suspends trading in 7 cos

MUMBAI: The National Stock Exchange NSE has announced the suspension of trading in seven companies with regard to various provisions of the listing agreement. The companies are Consortex Karl Doelitzch I Ltd, Premier Auto Ltd, Rajdarshan Inds Ltd, Rinki Petrochemicals Ltd, SRG Infotech Ltd, Vatsa Corp Ltd and Xedd Telecom Ltd, an NSE release said here on Wednesday. The NSE has also announced changes in the criteria for listing of initial public offerings IPOs to meet the growing interest in primary market and changing capital market scenario in the country. In order to list quality IPOs and to make the criteria consistent with that for listing of existing companies, the minimum paid up equity capital has been revised from Rs 20 crore to Rs 10 crore and the post issue capitalisation will have to be a minimum of Rs 25 crore, the release said.

Torrent Gujarat Biotech declared sick

NEW DELHI: Torrent Gujarat Biotech Ltd, part of the Torrent group, has beendeclared quot;sickquot; by Board for Industrial and Financial Reconstruction BIFR following the company8217;s accumulated losses wiping out its networth. A two-member bench of BIFR, including the board chairman P P Chauhan also appointed Industrial Finance Corporation of India IFCI as the operating agency to prepare a revival package for the company. Torrent Gujarat Biotech will not be able to revive on its own and it was necessary in the public interest to take measures for its revival, BIFR said in its order.

Gulf Air Year 2000 ready8217; programme

MUMBAI: Gulf Air has announced that it will continue to fly during the millennium changeover wherever there is customer demand and safe to fly. Gulf Air has been developing its Year 2000 ready8217; programme in conjunction with the International Air Transport Association IATA and the International Civil Aviation Organisation ICAO, the main airline governing bodies, and with the assistance of external consultants, to ensure all of its systems and services areYear 2000 ready8217;.

Icra downgrades Berger Paints FD

NEW DELHI: Credit rating agency Icra today revised downwards the fixed deposit rating of Berger Paints from MAA to MAA which continues to indicate higher safety but with a relatively lower standing. The new rating reflects the impact of the company8217;s recent merger with Rajdoot Paints Ltd on its profitability and working capital parameters, the agency said in a statement. The rating also factors in higher borrowings made by the company to meet its increased working capital requirements during 1998-99.

FI condition for fresh loans to Essar

MUMBAI: The chiefs of financials institutions at their meeting on Wednesday have ruled out sanctioning fresh loans to Essar Steel in case the redemption amount for its 250-million floating rate notes is high. Essar Steel earlier in the week had announced three options that it would give to its noteholders, after it defaulted on the obligation in July last, which includes an immediate exit option. TheFI chiefs did not take any decision on the company8217;s proposal to increase the average maturity of domestic loans from five years to eight years. quot;We have viewed this proposal, but are yet to decide on it,quot; said an FI official.