Sell-off in pivotals lead to downward trend
Mumbai: Heavy sell-off of shares of Reliance Industries, Hindustan Lever and Ranbaxy resulted in a downward trend on the Bombay Stock Exchange. Operators were also squaring off long positions on the last day of the settlement cycle. The Sensex of the BSE shed 22.06 points to close at 4584.10. The S&P CNX Nifty of the National Stock Exchange also lost 2.40 points to close at 1361.85.

The market showed weakness despite continuing purchases by foreign institutional investors. Net purchases by FIIs on 18 November amounted to Rs 73 crore. In the first 18 days of November they made a total Rs 900 crore worth of purchases.
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Sebi orders suspension of 3 brokers
Mumbai: The Securities and Exchange Board of India has ordered suspension of the membership of three Bombay Stock Exchange brokers for a period varying from 18 months to three years. Sebi has also ordered cancellation of membership of one broker. The suspension and cancellation are for the brokers’ involvement in the manipulation of the prices of BPL, Videocon and Sterlite shares in June 1998.

Rajratan R. Mohta has been suspended for three years till 11 June 2003, Ramrakh R. Bohra and Malar Share Shoppe have been suspended for 18 months effective till 3 July and 1 May 2000 respectively and S.N. Tara’s membership has been cancelled.
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Infosys at record high
Mumbai: Infosys Technologies’ stocks reached a new high of Rs 8,780 on the Bombay Stock Exchange on 19 November. With this, the market capitalisation of Infosys has gone to Rs 28,772 crore. On the Nasdaq too, the scrip touched a new high of $230, way above the previous close of $210. The scrip finally closed on the BSE at Rs 8690 on profit booking.
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200 BSE brokers not yet ready with Y2K
Mumbai: The Bombay Stock Exchange has warned over 200 of its 637 registered brokers that their terminals will shut down by the first week of December 1999 for failing to submit Y2K compliance certificates. A.N. Joshi, executive director of the exchange, said failure to submit a Y2K certificate for back-office operations will compel the exchange authorities to deactivate their trading terminals by the first week of December.
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CMC equity offer next year
Mumbai: CMC will make a fresh equity issue in 2000 to fund expansion plans. The computer solutions company may decide to raise the capital in two instalments. The issue will probably be through the book-building route but the firm has not finalised the details. The government holds 83.8 per cent of the company's equity and does not intend to reduce its stake below 51 per cent.
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SBI plans Rs 4,000-crore issue
New Delhi: The State Bank of India is planning  simultaneous domestic as well as overseas issues to mobilise around Rs 4,000 crore. The issues are, however, subject to the Reserve Bank of India not subscribing to its rights issue.

The bank’s chairman and managing director G.G. Vaidya said a proposal is being sent to the RBI. "We are exploring all possibilities, including an overseas offering, and everything would depend on whether the RBI would want to subscribe to the rights issue." In case the bank comes out with the issue, the RBI’s holding in the bank will come down to 40 per cent from the present 59.74 per cent. This will require an amendment to the SBI Act.

Mr Vaidya said the bank may also consider a rights-cum-public issue in the domestic market if the RBI is ready to infuse more funds. The bank is also interested in a listing on a US bourse.
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