Markets witness revival
Mumbai: It’s rally time at the bourses once again. Foreign institutional investors and to a certain extent domestic buyers were able to create strong buying support, as a result of which the Bombay Stock Exchange’s Sensex went up 50 points to close at 4686.11. Infotech stocks, of course, led the surge aided by sustained interest in shares of public sector refineries and steel and cement stocks. The S&P CNX Nifty of the National Stock Exchange gained 19.70 points to close at 1394.95.

Stocks that were in the limelight included Sonata, Aftek Infosys, Wipro, Satyam, Pentafour, Hughes Software, SSI, Infotech Enterprises, SQL Star and Visual Software in the infotech sector, BPCL and HPCL in the refineries sector and Sail and Tata Steel in the steel sector. ACC, DLF, Grasim. Telco, Zee Telefilms. Crisil, Philips India and Ranbaxy were the other stocks that recorded hefty gains.
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UTI plans delisting schemes
Mumbai: The Unit Trust of India has applied to the Securities and Exchange Board of India for permission to delist its open-ended schemes listed on the stock exchanges. This will help UTI achieve its target of raising Rs 15,000 crore in fresh inflows. It is also expected to help remove the gap between net asset value of the schemes and their traded prices.

UTI officials say the proposal to delist the schemes has been made as UTI has a network of 53 branches and franchise centres and more than 300 chief representatives.
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HCL issue receives Rs 12,000 cr demand
Mumbai: The initial public offering of 1.42 crore shares of HCL Technologies through the book-building route has received demand 10 to 15 times the total number of shares to be allotted. The demand is in the price range of Rs 500 to Rs 580 a share taking the total demand size to between Rs 10,000 crore and Rs 12,000 crore. The figure is, however, notional, indicating investor interest, and does not constitute actual receipt of funds. The issue will probably be priced at Rs 580 per share and retail investors are likely to allotted the full 10 per cent of the issue size.
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