Profit-booking affects trading
Mumbai: Profit-booking by traders affected trading in the stock markets. Selling pressure by domestic funds too prevented any visible enthusiasm. The 30-share Sensex of the Bombay Stock Exchange lost 43.69 points to close at 4585.92. The weak trend persisted despite continued purchases by foreign funds.

On the National Stock Exchange, the S&P CNX Nifty lost 10.85 points to close at 1,362.70.

MTNL and Himachal Futuristic led the downtrend on the BSE. However, infotech stocks like Pentafour Software, Aftek Infosys, DSQ Software and Maars Software gained while most others suffered losses. Hughes Software dropped by Rs 49 to close at Rs 1387. With today’s fall, the scrip has lost nearly Rs 500 or 25 per cent of its all-time high of Rs 1,900 recorded on the first day of its listing.
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DSE brokers to set up terminals in Mumbai
New Delhi: A group of Delhi Stock Exchange brokers led by Ashok Agarwal, president, is planning to set up DSE’s trading terminals in Mumbai. The move follows the clearance by the Securities and Exchange Board of India allowing setting up trading terminals anywhere in the country. The first DSE terminal in Mumbai will be opened in a fortnight.
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Sebi to host regulators' meet
Mumbai: The Securities and Exchange Board of India is organising a meeting of heads of various regulatory bodies from emerging markets. The meeting, to be held in New Delhi on 22-24 November, is being organised under the auspices of the International Organisation for Securities Commissions, the nodal body for all security market regulatory bodies in the world.

The meeting will discuss the development of regulations in emerging markets. It will also facilitate greater cooperation among  regulatory bodies in these countries.
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Gilt scheme from LIC Mutual Fund
Mumbai: LIC Mutual Fund, the asset management company of the Life Insurance Corporation, has launched a gilt fund. The scheme, LICMF Government Securities Fund, will remain open for initial subscription from 15 to 29 November 1999. It will reopen for sales and repurchases on 10 December. The sale and repurchase will be at net asset value.

LIC Mutual Fund says the scheme is ideally suited for all categories of risk-averse investors. The company expects to mobilise Rs 500 crore by the end of the financial year.
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Shasun plans private placement
Chennai: The Rs.166-crore Chennai-based Shasun Chemicals and Drugs is planning private placement of one million equity shares with a venture capital fund. The company, with an equity base of Rs 8 crore, expects to mobilise about Rs 15 crore with this placement. It had shelved its earlier plan to issue preference shares worth Rs 5 crore.

The company, which has tied up with the Chicago-based Austin Chemical Company for custom manufacturing and process development, has successfully developed an efficient and economical manufacturing process for two active pharmaceutical ingredients and three fine chemicals. The active pharmaceutical ingredients will be used to make anti-viral and anti-TB drugs.
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Morepen to raise Rs 200 crore
New Delhi: Morepen Laboratories is planning to raise Rs 200 crore through a preferential allotment to one or two strategic investors. The company intends to use the funds to finance its expansion plans and retire high-cost debt.

K.B. Suri, chairman and managing director of Morepen Laboratories, said the company is confident of raising the amount through the issue of around 1.5 to 2 million shares at a premium of 40 per cent over the market price. The company has an equity base of 15.6 million shares and the market price is around Rs 750.
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BSE seeks dividend details from Premier
Mumbai: The Bombay Stock Exchange is seeking details from Premier Automobiles on unpaid dividend for the year ended 30 September 1998. The exchange has received complaints from investors over irregularities in accounts. The National Stock Exchange had recently suspended trading in the company’s shares for violation of the exchange’s listing guidelines.

An investor has complained to the BSE, pointing out several loopholes in the accounts and urging the exchange to take punitive action against the company.
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