People familiar with the matter said ONGC had tapped a cluch of Japanese companies to firm up a pact. The firm stood third in operating profit margin as also in capital spending. Shares on the Bombay Stock Exchange rallied for the second consecutive day on Wednesday. The benchmark BSE 30-Share Sensitive Index closed its Wednesdays innings at 3,219.93 points, up 53.09 points from its Tuesdays close. The court was approached by an investor Jasmin Bhogilal Shah with an appeal that Sebi should be ordered and directed to investigate the price-rigging case.
Dealers expect the issue to sail through without too much of a bother.
The Reserve Bank has completed 68 per cent of the government borrowing programme for 1998-99. Operating profit amounted to Rs 258.83 crore. The bank said comparative figures for the first quarter of 1997-98 were not available. Deposits spurted 29.3 per cent to Rs 9,710.24 crore, while advances soared 49.3 per cent to Rs 4,251.08 crore. The Reserve Bank has supposedly told the Bank of Baroda that Bareilly Corporation Bank cannot be merged with itself, people familiar with the matter said on Wednesday.