Technology shares pull down Sensex
Mumbai: Driven by concerns in earning by technology and new economy companies, the Bombay Stock Exchange (BSE) Sensex closed at 4,867.43, down 38.51 points from Friday. The National Stock Exchange (NSE) S&P CNX Nifty closed at 1,509.65, down 7.95 points from Friday.

The slide apparently began with the release of the results of Zee Telefilms. The company is planning significant investments particularly in the Internet and media businesses where it already faces a lot of competition. Its investments may take some time to show returns. Zee Telefilms late Friday reported a 58 per cent rise in its net profit for April-June. However, Zee's earnings along with those of its subsidiaries saw a growth of just 5 per cent.

Another recent concern for Zee Telefilms is its main rival, Star TV's latest offering "Kaun Banega Karodpati" which has shot up the rankings and is attracting a substantial amount of advertisement revenues.

Of the 30 Sensex stocks, 16 ended above their Friday closes, while 14 ended lower. Of the 50 Nifty stocks, 22 ended higher and 27 ended lower, while one remained unchanged.

Technology stocks were the worst hit as traders sold these on concerns that below-expected earnings from Infosys and Satyam would hit these stocks the worst. Most of the technology components of the key share indexes ended lower. These include Zee Telefilms, NIIT, Satyam, and Infosys.
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ICE sector casualty: Creative Eye pulls out public issue
Mumbai: The first casualty of the dipping stock markets and the fall from grace of ICE stocks seems to have been taken. Mumbai-based television content provider Creative Eye has become the first ICE-sector company in recent times to withdraw its initial public offering (IPO).

The company, which was to have offered 25.02 lakh equity shares of a face value of Rs 10 each; plans to re-launch the IPO in 30 to 60 days after re-pricing the book-building portion at a lower level against the earlier Rs 225 per share. The company has been reportedly advised by its lead manager, HSBC Securities & Capital Markets, to re-launch the issue at a more investor-friendly price.

The company will submit its revised proposal to the Securities and Exchange Board of India (Sebi) shortly for approval following which it plans to announce the re-launch. The equity shares of the IPO are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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