BSE falls sharply, NSE gains marginally
Mumbai: The Bombay Stock Exchange index of 30 shares closed at 4,661 on 15 September 1999, down 70 points from the previous close. The National Stock Exchange index of 50 shares closed at 1375 points, a gain of 4. It was a new settlement day at the NSE and operators would have probably shifted their positions from the BSE to the NSE.

Shares in the limelight were Satyam Computers, Zee Telefilms, Reliance Industries, Ranbaxy Laboratories and Digital Equipment.

Meanwhile, the BSE has delisted Altos India and Shrishti Videocorp owing to court orders that stated the companies were in the process of being wound up.
Back to News Review index page

Sebi announces rolling settlement shortlist
Mumbai: The Securities and Exchange Board of India has announced a list of 46 shares that will figure in the rolling settlement system planned from December first week. Of the 46 shares, 15 will come under the rolling system only after the start of the daily badla. These 15 are currently part of the specified or ‘A’ group shares on the Bombay Stock Exchange.

The 46 shares shortlisted are given below in alphabetical order:

From the badla category: ACC, Bajaj Auto, BHEL, BPL, Castrol India, Digital Equipment, Dr.Reddy’s, Glaxo, Hindustan Lever, HCL Infosystems, Infosys, MTNL, NIIT, Sterlite, Tisco.

From the non-badla category: Birla Global Finance, Chambal Fertilisers, Concor, DLF Cement, Essar Steel, Federal Bank, GAIL, Global Trust Bank, IFCI, Indo Rama Synthetics, IndusInd Bank, Jindal Iron and Steel, Krishna Filaments, MRPL, Nalco, Oswal Agro Mills, Prism Cement, SPIC, VSNL
Back to News Review index page

Private sector MFs show 20% growth
Mumbai: According to Association of Mutual Funds of India, private sector Indian mutual funds have around Rs.12,619 crore of assets under their management. In August 1999 alone, the mop-up of private sector mutual funds has been 20 per cent higher over July 1999.

During the five months ended August 1999, private mutual funds increased their assets under management by close to 83 per cent from their level in March 1999. Private funds have mopped up around 44 per cent of the total amount of Rs.13,009 crore during the five months of financial year 1999-2000. UTI’s share was 51 per cent.
Back to News Review index page

IDBI signs MoU with Principal
Mumbai: The Industrial Development Bank of India has signed a memorandum of understanding with the Principal financial group of the US, enabling the American group to pick up a 50 per cent stake in IDBI Investment Management company from IDBI. The financial considerations are being worked out.
Back to News Review index page

Sebi may allow covered short-sales by MFs
Mumbai: The Securities and Exchange Board of India is close to allowing mutual funds and domestic institutions to do covered short sales by permitting them to borrow securities. For allowing foreign institutional investors, the Sebi has to get clearance from the Reserve Bank of India and the Union government.

Sebi is also set to disallow the current practice of custodians who pay for shares only when the broker delivers them and not on the pay-in day at the concerned exchanges.

Sebi will also shortly introduce unlisted securities trading on the Over The Counter Exchange of India.
Back to News Review index page

Issues
Mumbai: The 12.5 per cent, three year, Rs.900-crore bond issue of Ashok Leyland has been fully subscribed.

West Bengal Infrastructure Development Finance Corporation’s 13.6 per cent, seven year, Rs.200-crore bond issue is slated to open today. The interest will be payable semi-annually.

Reliance Petroleum’s 13 per cent, five year, Rs.100-crore bond issue has closed following full subscription.

Mumbai’s Euro Asian Securities is planning a Rs.30 crore equity issue at a price of Rs.50 per share. The promoters will be offloading a 25 per cent stake to the public through the issue.
Back to News Review index page

Peerless General files petition against Canara Bank
Calcutta: Peerless General Finance and Investment Company Ltd. is dragging Canara Bank to court. The case is over Canara Bank’s mutual fund subsidiary’s Cantriple Plus scheme, which had earlier assured returns of over 300 per cent in 90 months. Subsequently, the mutual fund made certain modifications, whereby the returns were not as high.

Peerless is making the Securities and Exchange Board of India also a party to the case since it claims Sebi had failed to take action against Canbank Mutual Fund.
Back to News Review index page

Fidelity to enter India
Mumbai: Fidelity Investments, the world’s largest mutual fund, will set up shop in India. Plans are being worked out at its Bahrain office that reports to Fidelity, London.

Fidelity manages around $801 billion of assets globally, runs 150 schemes and has over 15 million investors. It is the world’s single largest employer of fund managers.
Back to News Review index page