Icra accords highest safety rating to Hero Honda
New Delhi: Credit rating agency Icra has reaffirmed the highest safety rating 'LAAA' assigned to the Rs 15 crore non-convertible debenture programme of Hero Honda Motors Ltd.
The rating takes into account the companys strong market position in the motorcycle segment, strong cash accruals from operations, healthy return on capital employed and low gearing level resulting in strong coverage indicators, Icra said in a statement here.
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UTI to delist all schemes
Mumbai: The Unit Trust of India (UTI) is expected to delist all its listed schemes from the bourses by January-end. The sale and repurchase facility for these schemes would thereafter be available only through the repurchase window of the UTI.

Only two UTI schemes - US-64 and Mastershare - are now left listed. Since April 2000, UTI has delisted around 13 schemes and providing the sale and repurchase options through its own window.
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Crisil raises Dabur rating
Mumbai: The Credit Rating and Information Services of India Ltd (CRISIL) has raised the long-term and medium-term ratings of Dabur India, citing its strong market position and favourable financial profile.
The rating agency said it had upgraded the rating for Dabur's Rs 200 million non-convertible debenture programme to AA+ from AA, both indicating high safety, and that of its fixed deposit programme to FAAA or highest safety from FAA+ or high safety.
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UTI borrowed Rs 6,500 cr to meet redemption
New Delhi: The Unit Trust of India's flagship fund US-64 borrowed Rs 6,500 crore to meet redemption pressures in April and May 2001.The scheme's current net asset value (NAV) of Rs 6 per unit was net of debt, according to UTI chairman Damodaran.

As on 28 December 2001, the market value of US-64's assets - including equity, debentures (NCDs) and term loans - was Rs 13,647 crore. But if the total liability of around Rs 6,500 crore is deducted from this figure, its net assets come down to Rs 7,150 crore. This makes the NAV around Rs 6 only.
US-64 faced redemption of around Rs 3,800 crore in May 2001 and Rs 1,900 crore in April 2001.
According to an estimate, the fund will have to pay at least Rs 650 crore per annum to pay for its borrowings. Against this, the scheme has around Rs 5,300 crore invested in debt instruments. Of this, Rs 3,570 crore is invested in government securities which are going to mature in 2004. The current yield on these securities is only 7.5 per cent.
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