Additional
margins bring Sensex down
Mumbai: On 1 September 1999, the Bombay
Stock Exchange index of 30 shares closed at 4824, which
was 74 points below the close on 31 September 1999. The
National Stock Exchange index of 50 shares closed at 1401
losing 1 point. The BSE move to impose additional carry
forward margins compelled bulls to liquidate.
Pivotals such as State Bank of India, MTNL,
Gujarat Ambuja Cements fell by 3.2 per cent, 4.5 per cent
and 3.1 per cent respectively. Digital Equipment, fell
8 per cent on 1 September 1999.
Back
to News Review index page
Sebi
bans negotiated deals
Mumbai: The Securities and Exchange Board
of India has put a ban on all negotiated deals and cross
deals in stocks listed in all stock exchanges and corporate
debt instruments. The negotiated deals committee met on
1 September 1999.
This move
puts an end to off-market deals, since every transaction
has to be on the screen. This would ensure liquidity and
benefit retail investors. The ban may be relaxed for foreign
institutional investors in a company’s shares where
they are holding the maximum permissible amount.
The
Sebi has made move as it feels that in a dematerialised
era, negotiated deals should be dispensed with. Some market
men also feel that some stock market players have used
such deals to manipulate the market.
Back
to News Review index page
Tata
AMC, Bank of Madura in tie-up talks
Chennai: The Tata Asset Management Company,
manager of the Tata Mutual Fund, is holding talks with
the Bank of Madura for marketing all its schemes in south
India. The bank is also expected to provide the AMC with
cash management facility.
Tata
Mutual Fund has launched the Tata Gilt Fund, which will
invest all its funds in government securities. The new
scheme, according to N.Atmaramani, managing director of
Tata AMC, will be suitable for investors, in a period
where interest rates are expected to fall further.
Back
to News Review index page
No
Y2K problems for stock exchanges
Mumbai: The Securities and Exchange Board
of India has said that all stock exchanges would be closed
on 31 December 1999. Thus, 30 December 1999 will be the
last trading day for calendar year 1999. According to
O P Gahrotra, senior executive director, Sebi, 16 out
of 23 stock exchanges in India are Y2K compliant.
Back
to News Review index page
Cholamandalam AMC to launch new schemes
Chennai: Cholamandalam Cazenove Mutual
Fund will launch schemes such as a sector-specific fund,
gilt fund, and a debt fund in the near future.
Accodring
to D Ravishankar, chief executive of the asset management
company, Cholamandalam Cazenove AMC’s corpus is expected
to go up to Rs.350 crore by March 2000. He predicts that
corporate sector to grow by around 20 per cent this fiscal.
Back
to News Review index page
|
