BSE to move to 3-day cycle from 1 April
Mumbai: All securities traded on the Bombay Stock Exchange (BSE) will switch to a shorter settlement cycle next month.

Starting April 1, trades will be settled on a T+3 basis, replacing the current five-day settlement cycle (T+5).

That means all transactions will be closed three trading days after the deal is struck, instead of five days later as is now the practice.

The change was recommended by an expert panel following a payments default crisis last March accelerated a market dive which erased $47 billion from the market capitalisation of the BSE.
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Tatas to issue Rs 1,300-cr NCDs
Mumbai: The Tata group is raising Rs 1,300 crore through an issue of zero coupon non-convertible debentures (NCDs) to part-fund the group's acquisition of 25 per cent stake in Videsh Sanchar Nigam Ltd (VSNL).

The NCDs would be issued by Panatone Finvest Ltd, an investment company of the Tata group, which has acquired the VSNL stake.

The Tatas require Rs 2,591 crore for acquiring 45 per cent stake in VSNL.
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ICRA retains rating for Parasrampuria
Mumbai: ICRA has retained the rating of non-convertible debentures and cumulative convertible preference shares programme of Parasrampuria Synthetics Ltd (PSL) at `LD', indicating default.

The rating takes into account the company's continuing default by PSL to banks, financial institutions and other creditors.

There has been a substantial deterioration in the financial performance of PSL leading to accumulated losses. The company has already applied to the BIFR saying that its net worth has been completely eroded by losses. ICRA expects the company to remain in default on its liabilities.
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