Times of IndiaPosted by Yogesh on Wednesday, 15 October, 2008
MUMBAI: Education services firm Educomp Solutions Ltd said on Wednesday that Citigroup Global Mauritius had sold 145,425 shares, or 0.84 per cent
of its equity, in the open market, reducing its stake in the company to 3.41 per cent.
Shares in Educomp are trading at 2322.15 rupees, down 5.6 per cent in the Mumbai market. Source The Economic Times
Posted in Corporate News | Tagged: Citigroup | Leave a Comment »
Posted by Yogesh on Wednesday, 15 October, 2008
MUMBAI: Jet Airways on Wednesday said that 1,900 of the 13,000 staff were being given notices of seperation. Yesterday, Jet had announced that 850 cabin crew would be given the pink slip.
Jet and Kingfisher, along with their acquired airlines, have a combined strength of 19,000 employees, a fleet of 189 aircraft serving 1,009 daily flights, of which 82 are on international routes.
According to industry sources, this was the third time in recent months that Jet had cut its workforce. Some 1,200 employees were given the pink slip after the carrier acquired Air Sahara last year followed by a separation pact with another 700 a couple of months ago.
Kingfisher, too, had initiated similar moves, albeit at a much truncated level. Read the rest of this entry »
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Posted by Yogesh on Wednesday, 15 October, 2008
The Reserve Bank of India, or RBI, has cut the CRR by 100 bps to 6.5% with effect October 11, reports CNBC-TV18. CRR is the amount that banks park with the central bank. The move will inject Rs 40,000 crore into the system.
The banks may borrow up to 50% of free Tier-I from foreign branches. The 0.5% NDTL Leeway on SLR will be in addition to 1% given since September 16. The additional leeway on SLR is purely a temporary measure to meet mutual funds’ cash needs. The central bank said it has been continuously monitoring the liquidity situation. The banks can borrow 0.5% more of NDTL at the special repo to lend to mutual funds. The rate ceiling on 1-3 year NRE(E)RA deposit will be Libor plus 100 bps. The higher FCNR(B), NR(E)RA deposit rates are effective immediately.
On October 10, RBI had cut the cash reserve ratio, or CRR, by 150 basis points to 7.5% to infuse liquidity into the system. This included a 50 bps CRR cut on October 6.The cut injected liquidity to the tune of Rs 60,000 crore into the system. Read the rest of this entry »
Posted in Indian Economy | Tagged: RBI | Leave a Comment »
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