Badla rates at 15 per cent
Mumbai: Weighted average badla rates on the Bombay Stock Exchange dipped to 15 per cent at the carry forward session on 6 November against the previous week’s 20.5 per cent. Market sources said the dip is a result of the sharp decline in the net outstanding positions carried to the next settlement. The net outstanding position fell Rs 251 crore during the week to Rs 2,398 crore.

Indian Petrochemicals Corporation Ltd attracted the highest badla rate of 16.13 per cent, followed by Satyam Computers, which attracted 13.05 per cent.

There will be a special moorat trading session on 7 November from 7.00 p.m. to 8.30 p.m. on the Bombay Stock Exchange and the National Stock Exchange. The BSE will be closed on 8 and 10 November while the NSE will be closed on 8 November.
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UTI, ING plan new products
Mumbai: The Unit Trust of India is launching its first-ever open-ended equity-linked savings on tax scheme called UTI Equity Tax Plan.

ING Investment Management India is also launching a balanced fund called the ING Select Portfolio, which will be targeted at charitable and religious societies. Also, Alliance Capital Asset Management will soon launch its 'Sector Select Series' of funds
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Ramco-Nortel to revamp Bolt system
Chennai: The Ramco-Nortel combine has bagged the contract for revamping the Bombay Stock Exchange’s Bombay Online Trading (BOLT) network. Worth over $2.5 million, this will be the largest "pure networking order" given to any Indian company.

The plan envisages re-engineering BSE’s wide area network infrastructure besides restructuring the local area network to enable speedy processing on the BOLT system. The team comprising Chennai-based Ramco Systems and US networking major Nortel Networks bagged the order in the face of competition from Cisco-Wipro and 3Com-HCL.
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NYSE to go electronic
Florida: The New York Stock Exchange said it plans to launch an electronic share trading system. The system will help the 207-year-old exchange to thrive in the next millennium.

The system, scheduled to be operational by the middle of next year, will enable member firms to electronically match customer orders for 1,000 shares or less.
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