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Stocks plummet
Mumbai: The Bombay Stock Exchange index of 30 shares closed at 4,884
points on 15 October 1999, registering a loss of 191 from the previous close. The National
Stock Exchange index of 50 shares fell 50 points to close at 1,454 points.
The markets saw hectic trading in stocks
such as Satyam Computers, Ranbaxy Laboratories, Silverline Industries, Reliance, Zee
Telefilms and Pentafour Software.
The markets started falling as soon as
trading began, on hearing the news that Alan Greenspan, head of the US Federal Reserve
said that he expected a potential fall on Wall Street. There was hectic selling by foreign
institutional investors
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UTI for
continuation of nominee directors
Mumbai: P S Subramanyam, chairman, Unit Trust of India, feels that
insider trading on account of nominee directors is a myth since board meetings do not
discuss too many price sensitive issues. He feels that promoters, who are allowed to be on
the board of all group companies and investment arms, are also capable of indulging in
insider trading.
He said this in reaction to the corporate
governance report submitted by the Kumarmangalam Birla Ccommittee to the Securities and
Exchange Board of India.
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MSE to set up
subsidiary
Chennai: The Madras Stock Exchange will form a subsidiary company that
will enroll as a member of other stock exchanges. By Mid-November 1999, the exchange will
make necessary changes to its memorandum of association, through an extraordinary general
meeting.
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BSE card sold
for Rs.2.15 crore
Mumbai: The Bombay Stock Exchange has auctioned a defaulting
member’s card for Rs.2.15 crore. On 27 August 1999, the BSE had sold a card for
Rs.2.03 crore.
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Ten Indian
cos. line up for NYSE listing
New Delhi: After ICICI’s success, ten more Indian companies such as
the Mahangar Telephone Nigam Ltd, Videsh Sanchar Nigam Ltd, State Bank of India, Pentafour
Software and Satyam Computers want to get listed on the New York Stock Exchange in the
next 12 months.
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Pantaloon
finishes private placement
Mumbai: Readymade garments chain Pantaloon Retail has privately placed
about Rs.14 crore worth of shares at Rs.43 per share. This works out to a sale of about 25
per cent of its equity. According to a report in the Business Standard, the deal
was managed by Prime Securities, and the placement of shares was made with the Unit Trust
of India, SBI Mutual Fund, ICICI Venture Fund, Soros Fund and the Oppenheimer Fund.
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Sri Adhikari
plans private placement
Mumbai: Sri Adhikari Brothers Television Network will convene an
extraordinary general meeting in November 1999 to get the shareholders’ approval for
raising Rs.125 crore through a private placement.
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Geometric
Software to float issue
Pune: The Pune-based Geometric Software, a Godrej group company, will
float a Rs.39-crore issue at a price of Rs.300 per share. The Rs.39 crore will be
collected through an offer for sale as well as by the issue of new shares.
Post-issue, Godrej & Boyce will hold
21.54 per cent, down marginally from the current 22.8 per cent.
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