Markets confused
Mumbai: The major stock markets showed a confusing trend, with movement in a narrow range. The reason: the pending election results.

The Bombay Stock Exchange index of 30 shares rose by 23 points to close at 4,641. The previous trading close was 4,618. The National Stock Exchange index of 50 shares closed at 1,358, a loss of 2 points from the previous trading close.
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Infosys, TimesBank steal the limelight
Mumbai: The Infosys Technologies share price shot up to cross the Rs.7,000 mark. With this rise, Infosys has become the company with the fourth highest market capitalisation in the country. Its market capitalisation is currently Rs.23,375 crore.

The top three in terms of market capitalisation in the country are Hindustan Lever Ltd. (Rs.54,662 crore), Oil and Natural Gas Commission (Rs.31,655 crore) and Wipro (Rs.24,886 crore). On both the Bombay Stock Exchange and the National Stock Exchange, 1.2 lakh shares each of Infosys were traded on 20 September 1999.

Timesbank’s shares made their debut on the bourses at Rs.15 per share. The bank had recently made a primary market issue, aggregating Rs.35 crore at Rs 10 a share. The share touched an intra-day high of Rs.16.9. Over 7,26,000 shares were traded in the scrip.
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NSDL, NSE, BSE, Sebi plans rolling settlement
Mumbai: The National Securities Depository Ltd., the National Stock Exchange, the Bombay Stock Exchange and the Securities and Exchange Board of India are preparing a timetable for the rolling settlement plan, scheduled to begin in December 1999. The timetable will facilitate smooth communication between the depositories, their participants and clients of the participants.
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Hughes IPO at Rs.480-Rs.630
Mumbai: Hughes Software Systems Ltd. has set a price range of Rs.480 to Rs.630 for its maiden equity offer of 43,75,000 shares. Of the total, 8,75,000 shares will constitute new equity and 35,00,000 shares as an offer of sale by existing shareholders.

Close to 90 per cent of the shares will be sold through the book building method, and the balance 10 per cent will be sold to the public on a fixed price basis.

In 1998-1999, Hughes made a net profit of Rs.22.4 crore on a turnover of Rs.87.3 crore. In 1999-2000, the company has projected a net profit of Rs.26.2 crore on a turnover of Rs.105 crore. The company employs 760 people.

US-based Hughes Electronics, HNS-India and HNS Mauritius Holdings have promoted Hughes Software. They hold a 76 per stake currently. Post-issue, their stake is expected to come down to 56 per cent.
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Sebi to push for near-total demat trading
Mumbai: The Securities and Exchange Board of India wants all ‘A’ group shares to be traded in the dematerialised mode. Sebi’s ultimate aim is to have 95 per cent of all trades done on the exchanges through the dematerialised mode.

Currently, 104 out of the 156 shares in the Bombay Stock Exchange's ‘A’ group are in the compulsory dematerialised list. Sebi wants the remaining 52 shares also to be traded in demat form.
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Gontermann converts debt to equity
Calcutta: Ispat group company, Gontermann Peipers (India) Ltd. has converted Rs.145 crore of debt into equity with effect from 23 July 1999. The amount was raised through a rights-cum-public issue of fully convertible debenture issue of Rs.100 each in 1997. With this move, Gontermann’s debt-equity ratio has become healthier at 2.08:1.
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