SPIC willing to give up PTA project to Arochem

Southern Petrochemical Industries Corporation has said that it is willing to give up its PTA project coming up under its subsidiary SPIC Petrochemicals Ltd if it is agreeable to Vladras Refineries Ltd. The SPIC-MRL joint venture, National Aromatics and Petrochemicals Corporation (Arochem), may implement the aromatics and PTA projects leaving SPC to go ahead with the PFY and other downstream projects, SPIC said. SPIC’s officials said on Wednesday that though SPC had communicated this to MRL recently, it had rejected the idea. The SPC Managing Director. Dr. K. Govindarajan said that SPIC had spent totally Rs. 1 60 crores on the PTA project out of the total investment of over Rs. 850-crores under SPC.

Final report of panel on share transfer released

SEBI has released the final report of the Chandhrasekaran Committee on procedures for share transfer. The report has been finalised after taking into account the views on the draft report from various quarters. To improve the secondary market system, the Committee has suggested that a registered broker shall not deal with a client without proper identification. And the broker shall be responsible for all the transactions, trades and documents introduced by him in the market on behalf of his client.

Six-year Govt stock heavily oversubscribed

As expected, the six-year Government stock 2003 was heavily oversubscribed, with the Reserve Bank of India receiving 554 bids for Rs. 13,044 crores for a notified amount of Rs. 3,000 crores. RBI has accepted 33 bids for the notified amount at the cut-off yield of 1 1.83 per cent and below. 11 bids at that cut-off yield were partially allotted. The oversubscription is an indication of excess liquidity.

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