Stock markets weaken
Mumbai: Sustained selling pressure depressed stock prices on the stock exchanges in the country. The Bombay Stock Exchange index of 30 shares declined by 20 points to close at 4709 points on 3 September 1999. The National Stock Exchange index of 50 shares closed at 1375 points, a drop of 1 point.

Shares of Ranbaxy, Digital Equipment and Reliance Industries on the BSE met with huge selling pressure as bulls liquidated their long positions. The Sensex has dropped by around 190 points in the last three trading days.

Reports claim that Morgan Stanley bought 4 lakh shares of Tata Tea. SQL Star International, a software company which had come out with a public issue recently, had got listed at Rs.98. The share shot up to touch Rs.156 on 3 September 1999. The issue price of the company was just Rs.55 per share.
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UTI to open UGS 10000 again
Mumbai: The Unit Trust of India will reopen its Rs.132 crore, UGS 10000 scheme on 6 September 1999. The scheme launched in May 1998, had a net asset value of Rs.16.52 as of 30 August 1999.
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Increase in NAV of US-64 scheme
Mumbai: The net asset value of US-64 scheme of the Unit Trust of India has appreciated nearly 20 per cent in the last two months, compared to 15 per cent increase in the BSE Sensex.

A senior official of UTI, disclosing the increase, said this is as a result of the difference between the NAV and the repurchase price narrowing down. The current sale and repurchase price of the scheme stands at Rs 13.80 and Rs 13.50 respectively.

The scheme has benefitted from appreciation in the value of stocks like Himachal Futuristic Communications, Reliance Petroleum,, ACC, Hindustan Lever, Mahindra & Mahindra, ICICI and Hindalco.
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Compucomp to launch IPO
Mumbai: Sebi has cleared the proposal of Compucomp Software Ltd. to come out with a Rs.10.8 crore public issue at a price of Rs.75 per share.

Compucomp is in the business of creating telecom software and developing internet and intranet solutions. It has offices both in the US and in India. The company’s clients include Bell Atlantic and Lucent Technologies. The board of Compucomp has representative from the US-based $100 million Tekmark Global, with which it has a strategic alliance.
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Assocham wants more representation for capital market
New Delhi: The Associated Chamber of Commerce and Industry of India has sought 50 per cent representation for capital markets on the board of Securities and Exchange Board of India.

Assocham said eminent persons from the capital market like merchant bankers, stock brokers and mutual fund representative should be on the board of Sebi.

Assocham also suggested that the government appointed directors on Sebi board should work full time.
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MFs' investment cap in GDR/ADR fixed
Mumbai: The Securities and Exchange Board of India has permitted Indian mutual funds to invest in global depository receipts/American depository receipts of Indian companies subject to a minimum of $20 million and a maximum of $50 million per mutual fund.

The Reserve Bank of India, Sebi and the government of India in a joint decision, have also fixed an investment cap of 10 per cent of the net assets managed by the funds and an overall investment ceiling of $500 million.
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NYSE on course for IPO
New York: According to Richard Grasso, chairman, New York Stock Exchange, its board has given  assent for the exchange to be converted into a public company. The board has not given clearance for making NYSE a for-profit company. It still remains a non-profit organisation. This may cause the exchange to come out with its public issue by mid-2000.

Other sensitive issues involved in the forthcoming public issue are the tax implications and the pricing.

The stock exchange was founded in 1792. There are more than 70 million investors who own shares in the stocks traded on the NYSE.
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