Markets closed
Mumbai: All major markets in the country, including the National Stock Exchange, Bombay Stock Exchange, and Delhi Stock Exchange, remained closed on 13 September 1999 on account of the Hindu festival Ganesh Chaturthi.
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Kothari’s 3 schemes in country’s top 5
Chennai: According to Micropal, for the year ended 1998-99, three open-ended growth schemes from the Kothari Mutual Fund stable figure in the list of India’s top five. Kothari’s Infotech Fund has given returns exceeding 178 per cent and is ranked first in its category. Prima Plus and Kothari Prima are ranked fourth and fifth, with returns of 106 per cent and 103 per cent respectively. Birla Sunlife’s Birla Advantage Fund is ranked second, and 20th Century’s Zurich India equity fund is ranked third in the ranking.
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SBI Caps' issue plan opposed by ADB
New Delhi: SBI Capital Markets Ltd’s plan to come out with an issue at a price of around Rs.40 per share has run into rough weather. The Asian Development Bank, which holds a 14 per cent stake in SBI Caps, is against the idea of an initial public offer now. The ADB had bought a stake for Rs 71 crore, at Rs.80 per share, in 1996-97.

SBI Caps has an equity capital of Rs.58 crore and a net worth of Rs.260 crore. State Bank of India, promoter of SBI Caps, had wanted to reduce its stake in the venture -- hence the equity issue plan.

Canara Bank and Punjab National Bank have deferred their planned IPOs as they felt that the market may not offer a good price.
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