Stocks cool down
Mumbai: The Bombay Stock Exchange index of 30 shares closed at 5,057 on 12 October 1999, up 25 points from the previous close of 5,031. The National Stock Exchange index of 50 shares closed at 1,483, down 0.15 points.

The NSE registered a record turnover of Rs.4,228 crore and an all-time high of 151 million shares traded.

There was buying activity in cement and banking stocks, including ACC, India Cement, Gujarat Ambuja, Grasim, State Bank, Bank of Baroda and Corporation Bank. As usual, software stocks such as Satyam Computers, Pentafour Software and DSQ Software were in the limelight.
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UTI US-64 performing well
Mumbai: The flagship scheme of the Unit Trust of India, the US-64 has shown a growth of 24 per cent in its net asset value for the financial year ended 30 June 1999. According to P S Subramanyam, chairman, UTI, the US-64 has outperformed the Bombay Stock Exchange sensitive index since 30 June 1999. This has brought down the NAV to sale/repurchase price gap to 7 per cent from the 29 per cent that prevailed as on 30 June 1999.

The US-64 and the US-71 schemes have made provisions of Rs.558 core towards doubtful outstanding and accrued income. UTI has invested about 55 per ecnt of its investible funds in equity instruments. About 34 per cent is accounted for by corporate debt instruments.
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Sebi wants exchanges to be more vigilant
Mumbai: The Securities and Exchange Board of India has changed its reporting format for stock exchanges. The new format includes details to be given to Sebi on the disabling of members’ terminals, suspension of stocks notwithstanding the period of suspension, actions taken, if any, against members, rumour verification procedures and the system of information sharing with members.

Sebi feels that this will enable the stock exchanges to become more proactive and improve monitoring. Stock exchanges have to inform Sebi about price-sensitive information disseminated by companies. Companies will have to provide details of all important developments to the stock exchanges.
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IFCI rights issue in Jan 2000
New Delhi: In the first week of January 2000, the Industrial Finance Corporation of India will issue rights shares amounting to Rs.353 crore, in the ratio of 1:1. The institution will use the proceeds to enhance its capital adequacy ratio to above 9 per cent by March 2000, compared to the 8.3 per cent currently.
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BSE profit rises
Mumbai: A net profit of Rs.15.53 core has been registered by the Bombay Stock Exchange for the financial year ended 31 March 1999. For the period ended March 1998, the net profit was Rs.38 lakhs. The bourse has made profits from investments, deposits, charges and penalties recovered from brokers.
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CSE undecided on card auction
Calcutta: The Calcutta Stock Exchange has not yet decided what to do with the 12 bids that were made finalised by the previous board for six cards that were auctioned in June 1999. The bidders are willing to pay Rs.12.51 lakh per card and have already paid the exchange a sum of Rs.3 lakh. This amount will be refunded or adjusted on allotment.
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Hughes issue oversubscribed
Mumbai: Hughes Software Systems has managed to mop up around Rs.700 crore against the targeted amount of Rs.27 crore. About 4.37 lakh shares were offered by the company at Rs.630 per share. In the issue that the company had sold earlier through the book-building route, it had received Rs.6,000 crore as subscription compared to the target of Rs.250 crore. The shares will be listed on the National Stock Exchange, the Bombay Stock Exchange and the Delhi Stock Exchange.
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