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No moratorium on loansNEW DELHI: The Reserve Bank on Tuesday clarified that it is not considering any proposal for granting a moratorium ...

No moratorium on loans

NEW DELHI: The Reserve Bank on Tuesday clarified that it is not considering any proposal for granting a moratorium on repayment of loans or interest to financial institutions or banks by corporates.

The RBI said it was also not considering any changes in the definition of non performing assets or a general reduction in debt-equity ratio. The clarification came in the wake of media reports that RBI in consultation with finance ministry was considering a three-year moratorium as part of a five-point package for the revival of the economy.

Groundnut oil prices decline

MUMBAI: Groundnut oil prices declined further steeply by Rs 10 per ten kg on the oilseeds market here Tuesday due to fresh arrival from producing centres like Gujarat, Andhra Pradesh and Karnataka, traders said. On the other hand, prices of castor oil, castorseeds and castorseed December contract rallied sharply due to heavy industrial and export demand. In the edible section, groundnut oil declinedsteeply by Rs 10 to close at Rs 588 while groundnut bold was untraded. Imported palm oil eased to Rs 374 from Rs 375.

Nocil prunes dividend to 10 pc

MUMBAI: The net profit of National Organic Chemical Industries Ltd Nocil has dropped to Rs 37.63 crore during the year ended March 1998 from Rs 59.81 crore last year. The directors have pruned the dividend to 10 per cent against 25 per cent paid last year. The turnover of the company for the year was Rs 1,100 crore as compared to Rs 1,174 crore in 1996-97. The decline was mainly due to lower sales volumes of petrochemical and polymer divisions consequently to the planned maintenance shutdown undertaken in March 1997. The company has earned a lower gross profit of Rs 60.10 crore against Rs 94.19 crore. The provision for depreciation amounted to Rs 17.87 crore Rs 15.78 crore and for taxation at Rs 4.60 crore Rs 18.60 crore, according to a company press release issued here today.