Wednesday, December 2, 1998
Hoechst, Rhone-Poulenc units to merge
Germany's Hoechst AG said on Tuesday it would fold its drugs and agrochemicals businesses into a 50-50 joint venture with France's Rhone-Poulenc SA to create the world's largest life sciences group.
UTI investments erode by Rs 10,000 crore
The market value of investments made by the Unit Trust of India (UTI) under various schemes had fallen by a whopping Rs 10,148 crore crore during the year ended June 1998. The massive erosion in the UTI's investments follows the fall in the share prices, especially after the nuclear explosion in May this year.
Mafatlal Fin in default list
Crisil, a leading credit rating agency, has downgraded the Rs 31 cr non-convertible debenture issue of Mafatlal Finance Company (MFCL) to the default category from "BBB". The new rating indicates that the company -- belonging to the Arvind Mafatlal group -- has either defaulted or likely to default in repaying money to investors.
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