The 5000 point land mark is around 100 points away for the BSE. Market sources say that within the next few days this mark is likely to be breached.
Back to News Review index page

BSE changes settlement rules
Mumbai: The Bombay Stock Exchange has reduced the intra-settlement limits and the carry forward limits for individual stocks. The reductions are from Rs.7.5 crore to 6 crore and Rs.5 crore to Rs.4 crore respectively.

The exchange in the meantime, has told Sebi that there are practical difficulties in abiding by the Sebi suggestion, to keep 25 per cent of carry forward profits until the outstanding position is squared up. This is in light of the Verma Committee’s recommendations on the modified carry forward system which does not make this rule compulsory. Sebi and the exchange will discuss this issue shortly.
Back to News Review index page

Wipro to float public ADR issue
Mumbai: Wipro Ltd. will be going for an American Depository Receipts issue, though it is undecided on the timing of the issue, according to Azim Premji, chairman of the company.

Wipro is planning to build businesses through the acquisitions route. According to Mr.Premji, the company is expanding its market reach in North America, Europe, Japan and Asia Pacific, which includes India.
Back to News Review index page

Prudential-ICICI assets cross Rs.2,000 crore
Mumbai: Prudential-ICICI Asset Management has touched the Rs.2,000 crore mark in terms of assets, and now stands second in terms of size among private sector mutual funds. The biggest is Birla Mutual fund which has assets of over Rs.2,200 crore under management.

In the past three months, Prudential’s asset base has almost doubled and now contributes 4 per cent of the total assets of Prudential Corporation Asia.

The company has representations in 15 locations and has launched six open-ended schemes so far. Three are equity funds – Growth Plan, FMCG Fund and Tax Plan. Three are debt funds – Liquid Plan, Income Plan and Gilt Fund.
Back to News Review index page

Demat backlog declines
Mumbai: The backlog of requests for dematerialisation with the registrars has dropped by around 50,000 in August 1999. The total backlog for requests pending for more than 21 days is around 90,000. The National Securities Depository Ltd. expects registrars to clear a pending request within 21 days.

In August 1999, 55 crore shares were dematerialised.
Back to News Review index page

Market making committee urges banks to lend
Mumbai: The Securities and Exchange Board of India appointed G P Gupta Committee on market making has, in its draft report, suggested lending by banks to market makers. The recommendations will be open for public debate until 20 September 1999, after which it will be taken up for finalisation.

The Gupta panel was set up to suggest the operational procedures of market making, eligibility criteria for market makers and risk containment measures.
Back to News Review index page