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Speculative buying helps recovery
Mumbai: Speculative purchases enabled a recovery of sorts on the bourses.
Finance minister Yashwant Sinha’s assertion that the Indian economy is in fine fettle
brought in cheer among investors. True to the enthusiasm, the benchmark 30-share Sensex of
the Bombay Stock Exchange gained 64.68 points to close at 4,606.16. Similarly, the S&P
CNX Nifty of the National Stock Exchange also recorded a 12-point gain to close at
1,364.25.
Infosys was the star performer with its price shooting up
by Rs 450 to Rs 8,580 on the BSE. The company’s plan to have a strategic partnership
with Aetna buoyed the activity in the share.
Other infotech stocks like NIIT, SSI, Aftek Infosys and
KLG Systel also recorded gains.
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DSE unveils VRS
New Delhi: The Delhi Stock Exchange is planning to restructure. The plan
includes a Rs 2.6 crore voluntary retirement scheme, which will reduce the number of staff
by half from 180 to 90. Executive director S.S. Sodhi said some 80 employees have already
opted for the VRS.
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Infosys tops in market
cap among IT companies
Mumbai: Infosys Technologies has displaced Wipro and emerged as the
information technology company in India with the largest market capitalisation on the
Indian stock markets. At the end of 18 November trading, the market cap of Infosys
Technologies touched Rs 28,408 crore against that of Wirpo’s Rs 25,618 crore. The
company is now in the third position in the overall market cap ranking behind Hindustan
Lever (Rs 51,598) and Oil and Natural Gas Corporation (Rs 30,379). There are two other
infotech stocks in the list of top 25 companies in terms of market cap – NIIT (Rs
9,373 crore) at 14th position and Satyam Computers (Rs 8,404) at the 15th
place.
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NTPC issues under rating
watch
Mumbai: Crisil has placed under rating watch the AAA (highest safety)
ratings assigned to two National Thermal Power Corporation’s non-convertible
debenture issues for a total of Rs 187.50 crore, the FAAA (highest safety) assigned to a
NTPC fixed deposit scheme and the P1+ (very strong with relatively higher standing within
the category) rating assigned to its Rs 250-crore commercial paper programme. This has
been done in view of the announcement by the power ministry that NTPC may buy out the
government’s entire stake in the National hydro Electric Power Corporation
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MF collections double
Mumbai: Mutual funds have been able to mobilise collections to the tune
of Rs 25,210 crore in the first seven months of the current financial year, almost
doubling the collections made in the corresponding period last year. The net assets
managed by public sector mutual funds exceeded that of private sector mutual funds.
However, private sector funds accounted for 17 per cent of net assets under management of
the industry as compared to 10 per cent for the public sector funds, a Sebi release said.
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RBI announces Rs
5,000-crore gilt auction
Mumbai: The Reserve Bank of India has announced a Rs 5,000-crore twin
auction of dated government securities on 22 November. The auction will comprise a fresh
issue of Rs 2,000-crore worth seven-year 11.68 per cent 2006 security and Rs 3,000-crore
worth 17-year 12.30 per cent 2016 securities. Following this auction, the government would
have completed 97.16 per cent or Rs 81,630 crore of the target gross market borrowing
programme for the current financial year.
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Sebi yet to decide on
rolling settlement
Mumbai: The Securities and Exchange Board of India is reconsidering its
decision on introducing rolling settlement system on Indian stock exchanges. The regulator
is undecided whether to postpone the launch of the new system to January 2000 to avoid any
Y2K-related problems or go ahead with the launch in December.
Sebi chairman D.R. Mehta is, however, emphatic that he
wants to have the system in operation before he demits office in February 2000. Rolling
settlement is a common system in developed markets and its introduction in Indian bourses
will mark the ultimate in the modernisation of the stock trading system in India.
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Zenith Infotech’s
IPO
Mumbai: Zenith Infotech is coming out with an initial public offering to
raise Rs 39.12 crore. The company’s draft offer document has been approved by the
Securities and Exchange Board of India. Under the IPO, retail investors will be offered
the company’s Rs 10 shares at a premium of Rs 100 and institutional investors at a
premium of Rs 115.
Zenith Infotech is a company promoted by Raj Saraf, who is
promtoer of Zenith Computers, which is also a listed company.
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Apple schemes renamed
Mumbai: Apple Midas and Apple Platinum, two schemes from Apple Mutual
Fund that were recently purchased by Birla Mutual Fund will be renamed as Birla MNC Fund
and Birla IT Fund.
Both the revamped schemes will be open-ended in nature and
will have growth and dividend options. Birla Mutual has sought approval of existing unit
holders of these schemes through a postal ballot for reorganisation and subsequent changes
in the nature of the schemes.
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