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Lacklustre
stock trading
Mumbai: A festive mood gripped the bourses
across the main stock exchanges. The Bombay Stock Exchange
index of 30 shares fell by 5 points to close at 4,760,
compared to the 4,765 recorded on 10 September 1999. The
National Stock Exchange index of 50 shares closed at 1,391,
a loss of 6 points. The volumes on BSE and NSE were Rs.1,721
crore and Rs.1,945 crore respectively.
The brightest point of the day
was when Infosys closed at Rs.6,020 on the BSE, its all-time
closing high. The scrip’s all-time high is Rs.6,080,
reached on 8 September 1999.
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BSE
move on Z group companies in vain?
Mumbai: The Bombay Stock Exchange’s
move to transfer companies that are not complying with
the listing regulations to the Z group has so far, not
had the desired effect. Many of these companies are yet
to redress grievances pending against them.
The BSE
has moved over 600 companies to the Z group from the B2
group. Padmini Polymers tops the list of pending complaints
with 291 complaints. Pittie Cements with 264 and Pentafour
Products with 185 complaints are the companies at number
two and three.
Notably,
in August 1999, 10 complaints have been received against
Industrial Finance Corporation of India, which is one
of the 20 companies that have received huge complaints
for the month.
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Service
tax rules clarified
New Delhi: The Central Board of Excise
and Customs (CBEC) has announced that 5 per cent service
tax has to be levied on the bill amount plus the surcharge,
in case there is a late payment. The surcharge is a fine
imposed when a bill is paid late. Currently, the service
tax is payable only on the total bill amount, that excludes
the late payment surcharge.
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UTI’s
Masterplus 91 faces erosion
Mumbai: The Unit Trust of India’s
Masterplus 91 has seen a capital erosion of 44 per cent
since June 1998. Its unit capital now is Rs.910 crore
compared to the Rs.505 crore in June 1998. Its reserves
have diminished by 59 per cent during the same period.
UTI’s
monthly income plan which collected Rs.2,700 crore earlier
in the year has registered a negative reserves position
of Rs.7 crore. Nine schemes of the UTI have shown an increase
of over 100 per cent in terms of reserves.
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Sebi’s
‘mission of the missing men’
Mumbai: The Securities and Exchange Board
of India will take action against 205 directors of 80
vanished companies.
Sebi
had earlier given a 15 day notice to such directors of
companies which were not complying with certain Sebi regulations
to appear before it. Having only received a marginal response,
It will now issue a public notice against these directors
before it bars them from the stock markets for a minimum
period of five years.
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UTI
to float infotech venture capital fund
Mumbai: India’s largest mutual fund,
the Unit Trust of India, will set up a venture capital
fund to be invested in information technology start-ups.
It has applied to the Securities and Exchange Board of
India to set up the offshore fund along with Intec Ventures,
a Hyderabad-based company.
The
fund will be called India Technology Venture Fund. UTI
is planning the launch by end-1999.
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Sony
India launches CP issue
New Delhi: Sony India has launched a
Rs.75 crore commercial paper issue, which is an extension
of its commercial paper issue of Rs.50 crore, that concluded
in August 1999. The company will use this amount for financing
its working capital requirements. The coupon will range
between 9-10 per cent. The issue has been accorded a ‘P1
plus’ rating indicating timely payment of financial
obligations.
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