Markets weaken
Mumbai: The stockmarkets witnessed bull liquidation on 11 November. A number of pivotals, including Reliance Industries, Larsen & Toubro and Steel Authority of India showed downward trend. The Bombay Stock Exchange’s 30-share Sensex appreciated by 17.4 points to close at 4,639.36, mainly on account of foreign institutional investors making continued purchases. The S&P CNX Nifty of the National Stock Exchange gained 0.50 points to close at 1,389.60. Other stocks that came under the pressure were McDowell, Silverline Industries, Bombay Dyeing, Tata Elxsi, Global Tele-systems and E-Merck. However, infotech stocks like Satyam Computers, Aftek Infosys, KLG Systel, Cybertech Systems and Mastek recorded good margins.
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Hughes Software scrip at record premium
Mumbai: Hughes Software, which got listed on the bourses on 11 November, had a splendid rally with the stock price appreciating by a huge Rs 890 per share. The stock closed at Rs 1,519 on the Bombay Stock Exchange against an offer price of Rs 630 per share. Around 3.5 lakh shares were traded on day one.

Hughes Software made an initial public offer in October 1999 which was over-subscribed 40 times. The company could garner Rs 1,098 crore against an issue size of Rs 27 crore.
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UTI posts Rs 2,577 crore as net income in Q1
Mumbai: Unit Trust of India has a net income of Rs 2,577 crore for the quarter ended 30 September 1999, against a full year income of Rs 5,984 for the financial year ended 30 June 1999. UTI’s net inflow was Rs 1,268 crore during the first four months of the current financial year against a net outflow of Rs 1,744 crore in the comparable period last year.

UTI said its sales for the first four months of the current accounting year are at Rs 4,613 crore and repurchases amounted to Rs 3,345 crore. The reserves of its US-64 scheme stood at Rs 2,878 crore as on 30 September against Rs 130 crore as on 30 June.
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Bond sale over
Mumbai: The Rs 3,500-crore auction of the 15-year tenor government of India bonds has been fully subscribed at a cut off yield of 11.83 per cent. The auction held by the Reserve Bank of India received bids worth Rs 8,742 crore. The freshly issued bonds – 11.83 per cent 2014 bond – were traded up to Rs 100.15, a premium of 15 paise, in the secondary market immediately after the auction results were announced. The government has now completed 90.60 per cent of its gross market borrowing programme and has mopped up Rs 76,130 crore.
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New scheme from Kothari Pioneer
Mumbai: Kothari Pioneer Mutual fund has launched its Balanced fund. The fund will be open for subscription from 15 November to 10 December. It will reopen for sale and repurchase on an ongoing basis from 17 January 2000.

Kothari Pioneer claimed that the Balanced Fund is an ideal product for conservative investors who do not want to take the risk of a volatile equity market. It is expected to give higher returns than a pure debt scheme.
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