Bids for PSU shares far exceed target

The current round of disinvestment of PSU shares has attracted bids aggregating more than Rs. 5,000 crores against the Government’s target of mobilising Rs. 2,500 crores, according to indications provided by financial institutions. Leading the pack of investors is the Unit Trust of India (UTI), which has bid for all the seven scrips in the list. The trust, which is the biggest player in the capital market, is reckoned to have put in bids worth around Rs. 3,500 crores. In the last round of disinvestment also, UTI had acquired a major chunk of the PSU shares.

‘7 m. manhours lost’

The strike by the employees of the financial sector today has cost the banking industry an estimated loss of 7 million manhours... Mr. J. V. Shetty, Chairman of Indian Banks’ Association, said that on a rough estimate, over 40 lakh financial instruments, including cheques amounting to Rs. 7,000 crores, could not be cleared because of the strike. That apart, the enormous inconvenience caused to customers cannot be quantified, he said.

Hosokawa resigns

The Japanese Prime Minister, Mr. Morlhiro A Hosokawa, unable to come clean on charges of dubious personal financial deals in the Diet, today said he was resigning. The Cabinet later endorsed his decision which is expected to normalise a deadlocked Diet and open a Budget debate boycotted by the Opposition demanding Mr. Hosokawa clear up a number of shady deals he had made some years ago. The Prime Minister told his coalition Cabinet that he was resigning to take moral responsibility for the political confusion created by the Opposition demands.

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