Stock markets down sharply
Mumbai: The Bombay Stock Exchange index of 30 shares declined 173 points to close at 4270 on 1 November 1999. The National Stock Exchange index of 50 shares closed at 1270, recording a loss of 55 points.

Reliance Industries and State Bank of India were some of the major shares that touched the lower end of the circuit filter.

The toppers in terms of turnover were Satyam Computers, Zee Telefilms, Reliance Industries, Ranbaxy Laboratories, State Bank of India, Pentafour Software and Infosys Technologies.

During the last 11 trading sessions, the BSE market capitalisation has declined by Rs.1,23,538 crore.
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NSE may ask clients also to bear margins
Mumbai: The National Stock Exchange has asked the Securities and Exchange Board of India to make it compulsory for all investors to pay a minimum ten per cent up front margin.

The NSE feels that since brokers pay margins to the exchanges on the deals they make, their clients should also pay up front margins. This would reduce risks at all levels of the market.
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UTI at the top in terms of mobilisation
Mumbai: The Unit Trust of India continues to occupy its predominant position in the Indian mutual fund market in terms of fund collected.

UTI’s first monthly income plan launched during the financial year 1999-2000 has collected over Rs.1,100 crore. The scheme has assured returns of 11 per cent for the first year and the returns for the second year will be announced by the first year end.
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Badla in rolling settlement to be studied
Mumbai: The J R Verma Committee set up by the Securities and Exchange Board of India will study the embedding of ‘badla’ or carry forward trades in the rolling settlement mechanism.

Mr.J R Verma is a Sebi board member and a professor at the Indian Institute of Management, Ahmedabad. He had earlier headed the review committee set up for studying the carry forward system.

Other members of the panel will be National Stock Exchange managing director, R H Patil, Unit Trust of India executive director, M M Kapur, Bombay Stock Exchange president, Anand Rathi and members from investor associations.
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CMC to raise Rs.500 crore
Mumbai: CMC Ltd. will issue Rs.500 crore worth of shares through the book building method. The price and size of the issue will be finalised after consultation with its merchant bankers.

The government has cleared the public issue subject to its stake not falling below 51 per cent in CMC.

For the first half of the financial year 1999-2000, CMC made a net profit of Rs.4.67 crore on sales of Rs.182.63 crore.
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