Thursday, November 12, 1998
Arvind Mills sets up Rs 1200 cr textile plant
Arvind Mills Ltd, the flagship company of the Lalbhai group, has set up Asia's most modern textile facility at Santej near Ahmedabad which would contribute 40 per cent of company's turnover a year from now.
RBI eases NBFC guidelines on rediscounting
Bowing to further political pressure, the Reserve Bank of India has allowed banks to rediscount bills discounted by non-banking financial companies arising from the sale of commercial vehicles including light commercial vehicles. The central bank move is aimed at enabling NBFCs to have recourse to further finance through the rediscounting of bills.
Industrial growth slumps to 3.6% in H1
Finance minister Yashwant Sinha's prediction of an industrial revival in September has not come true as official data shows a decline in growth rates during the month to 1.4% from 4.17% in August.Overall industrial growth based on official data declined to 3.6% for the first six months of 1998-99 from 6% a year ago.
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