Sensex records 5,500

By Our Markets Bureau | 20 Dec 2003

1


Mumbai: Riding on strong investor confidence in the expected 3rd quarter performance of corporates and an expectation of stronger participation in the stock markets by foreign institutional investors, the 30-share sensex closed at 5541.35, gaining 86 points, on Friday, December 19, 2003.

This was marginally short of 5541.54 - its highest ever, recorded on April 11, 2000.

In a setback to creditors, and a boost to defaulting companies, the Supreme Court has postponed its judgement in Mardia Chemicals v/s ICICI Bank. In October 2002, ICICI Bank had acquired assets of Mardia Chemicals on its inability to repay loans of Rs 185 crore.

The company filed a case against the bank and obtained an order preventing ICICI Bank from liquidating the acquired assets. Though the bank has contested the case, the postponement of the judgement, will hold up recovery plans of secured creditors like banks and institutions, which had regarded this as a test case at the apex court.

Apart from its dues to ICICI Bank, Mardia Chemicals has defaulted on its repayments worth Rs 68 crore to IFCI, Rs 50 crore to LIC and HSBC each and Rs 37 crore to IDBI.

 

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