IT stocks help market in marginal recovery
Mumbai: Infotech stocks, once again, came to the rescue of the markets. Foreign institutional investors made continued purchases of the infotech stocks, which helped the sagging profile of the market to recover to a certain extent. The BSE’s 30-stock Sensex went up by 52 points to close at 4,636.31while the S&P CNX Nifty of the National Stock Exchange too registered a marginal upward trend to close at 1,375.25, up 13.4 points.

Infosys Technologies has been in the limelight, moving to a 52-week high of Rs 9,290 during intra-day trading. At close, the stock showed a net gain of Rs 500 at Rs 9,190. Several other IT stocks also gained on the renewed bullish support. Aftek Infosys moved up further to hit the band and touched a new 52-week high of Rs 731.20. Wipro, Silverline, SSI, Visual Software and CyberTech also hit the upper bands. .
Back to News Review index page

BSE, NSE holiday
Mumbai: The Bombay Stock exchange and the National Stock Exchange will remain closed on 23 November on account of Guru Nanak Jayanti..
Back to News Review index page

Infosys M-cap soars
Mumbai: Infosys Technologies' market capitalisation soared to Rs 30,428 crore on the Indian stock markets on 22 November sailing past Oil and Natural Gas Corporation whose market cap has been at Rs 29,944 crore. The Infosys scrip closed at an all-time high of Rs 9,190 on the Bombay Stock Exchange. On the Nasdaq, Infosys' American depository receipt was quoted at $228.5, with its market capitalsiation reaching $15.11 billion. Infosys is also the single highest-priced stock on the Indian bourses, ahead of Madras Cements, now quoted at Rs 7,500.
Back to News Review index page

UTI to come up with venture fund
Mumbai: The Unit Trust of India is launching its offshore venture capital fund beofre the close of the year. It is expecting approval from the Securities and Exchange Board of India for the fund. UTI sources said it has already received firm commitments from a couple of investment institutions and banks for its entire domestic offering of about $28 million, out of the planned $65 million fund. UTI is setting up the fund to help overseas Indian entrepreneurs. .
Back to News Review index page

IPO from STG
Mumbai: Software Technology Group International is coming out with its initial public offering on 9 December. The software training and development firm will issue 31,87,500 equity shares of Rs 10 each for cash at a premium of Rs 56 per share, aggregating Rs 21 crore. The funds will be used for expansion of the company’s software division.

STG plans to set up offices in the UK and Australia and an offshore software development centre near Delhi. .
Back to News Review index page

IDBI MF to be a public limited co
Mumbai: The Industrial Development Bank of India is planning to convert IDBI Mutual Fund into a public limited company with a capitalisation of Rs 25 crore. This will make the mutual fund the highest capitalised trustee company.

The company will be named IDBI Trustee Company Ltd and its new board will include a member from the Principal Financial group. Principal, the largest provider of retirement products in the US and managing assets worth $1215 billion, is taking a 50 per cent stake in IDBI Mutual Fund..
Back to News Review index page

RBI security paper auction fully subscribed
Mumbai: The Reserve Bank of India received full subscription for the twin auction of government securities worth Rs 5,000 crore on 22 November. The RBI managed to raise the targeted Rs 3,000 crore of the 12.30 per cent 2016 paper at a cut-off of Rs 103.49. For the auction of the 11.68 per cent 2006 security worth Rs 2,000 crore, the central bank had set a cut-off price of Rs 102.88. Dealers said the cut-off prices were on the higher side of market expectations and indicated aggressive bidding. After the auction was over, there was an increase of 10 to 15 per cent in the prices of Gilts. .
Back to News Review index page

NSE.IT, CA sign MoU
Mumbai: NSE.IT, the information technology service division of the National Stock Exchange, signed a memorandum of understanding with Computer Associates International of the US to form a strategic partnership for offering information technology solutions in the securities sector. Under the alliance, NSE.IT will be the solutions provider using CA’s technology, such as Jasmine, for web-based applications and, Unicenter TNG, for management of enterprisewide IT infrastructure.
Back to News Review index page