Sensex down by 121 points
Mumbai: In keeping with the indications of a lower start and fuelled by the drop in the Nasdaq, the sensex came tumbling down and lost 121 points.

But for the gains made by some select old economy stocks, the fall in the sensex could have been greater. There was near absence of the foreign institutional investors and domestic financial institutions in the market today.

The BSE sensitive index opened at 3,842.63 and later moved in a narrow range of 3,863.35 and 3,797.50 before closing at 3,820.08.
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Stricter norms for acquirers of companies on stock exchanges
Mumbai: At a meeting attended by only six of the eighteen members, the Justice Bhagwati panel on takeovers passed a resolution making it mandatory for acquirers to inform not just the company concerned, but also stock exchanges, when the 5, 10 and 14 per cent acquisition levels are breached. Currently acquirers are only required to inform the company in the event that their holding crosses the five per cent mark. The exchanges and companies would, in turn, be required to disclose these details on their websites.

The panel also voted in favour of retaining the 20 per cent open offer rule, even though it has decided to seek a written consent from members on whether there should be a mandatory 51 per cent or even 100 per cent open offer requirement.

The merchant banking community, however, is averse to the idea of raising the minimum open offer limit beyond 20 per cent as it believes it would not serve any purpose as even the existing limit has been rarely achieved in the open offers made in the last couple of years.

In light of the fact that the financial institutions have been taking joint decisions in cases like the Reliance open offer on BSES, the committee felt that it should examine the point whether the FIs’ should be treated as "acting-in-concert" under the provisions of the takeover code.
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Sify ahead of all Indian companies on US bourses
Mumbai: Even if Infosys is the best known company as far as software services go, Satyam Infoway seems to lead the Indian pack on the US bourses.

The only Indian company in the top 20 on the Nasdaq and NYSE, Satyam ranks 16th among the top 20 exchange-listed depository receipt programs in the US based on shares traded. In terms of the value of trades, it ranks 14th.

In terms of number of shares traded, Sify is ahead of such big names as SAP, Carrier1 International of Switzerland and Rupert Murdoch’s News Corporation.

In terms of the value of trades, Sify is ahead of companies such as Taiwan Semiconductor, SAP, Grupo Televisa of Mexico and NewsCorp.
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