Markets improve further 
Mumbai: The share markets made a further improvement on 9 November, true to the signals available at the ceremonial "moorat" session on 7 November. Foreign institutional investors were present on the bourses with selective buying. The 30-share Sensex of the Bombay Stock Exchange closed at 4,621.76, some 23 points above the last full-fledged official trading level of 4,598.45 points on 5 November. The National Stock Exchange’s S&P CNX Nifty also closed slightly higher at 1,371.20.

Volumes were, however, low. FIIs were active in software and pharmaceutical stocks. They had also taken large chunks of cement shares. Domestic financial institutions were absent, except Unit Trust of India, which made its presence only on the National Stock Exchange.

Silverline, among software shares, hit the headlines   closing at Rs 470, up 5.59 per cent, as did Siemens and India Cements, both of which hit the circuit at Rs 472.25 and Rs 95.80 respectively.
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ISE launches iAccess in Chennai
Chennai: The Interconnected Stock Exchange of India, the first multi-exchange venture of 15 stock exchanges in the country to create a consolidated national market, has launched the second phase of its expansion for appointing dealers in major centres.

ISE launched its iAccess, an innovative product, in the city and according to M R Mayya, chairman, ISE, ‘iAccess’, was well received in Mumbai with 55 dealers enrolled.

For a mere investment of Rs 5 lakh, the dealers will have access to the new national market of ISE consisting of 2,500 member brokers, besides the NSE and the BSE.

Mr Mayya said ISE has the potential to increase the member brokers to 4,500 and cover as many as 3,500 listed companies.
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Sebi clears Apple sale of schemes to Birla MF
Mumbai: The Securities and Exchange Board of India has permitted Apple Mutual Fund to sell two of its schemes to Birla Mutual Fund. Sebi had earlier expressed doubts about the structure proposed by Apple Mutual Fund for the sale. The revised structure involves "migration of the schemes from Apple Mutual Fund to Birla Mutual Fund''. Essentially, it means the transfer of all assets and investor base of the two schemes to Birla Mutual Fund. This is, however, subject to 75 per cent of the investors – currently over one lakh -- giving their consent to the switchover.

The two schemes – both open-ended -- up for sale are Apple Platinum Shares (corpus about Rs 15 crore) and Apple Midas Fund - The Goldshare (corpus around Rs. 50 crore).
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Two funds from Dundee MF
New Delhi: Dundee Mutual Fund is launching two schemes -- an ADR/GDR Fund for investment in Indian companies at overseas stock exchanges, and a Balanced Fund for investment in equities and debt.

"These funds are expected to be launched in the next couple of months and the draft prospectus will be filed with Sebi shortly,’’ Dundee Mutual Fund president Sunil Joseph said. Under the ADR/GDR fund, investments will be made only in those company stocks, which have raised money in the international market. The balanced fund will invest 60 per cent of its corpus in equities and the rest in debt.

The Canada-based Dundee is launching the funds for investment in equities in the country for the first time. It has three schemes, which are dedicated for investment in debt.
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Visesh Info to go public
Bangalore: Visesh Infosystems is proposing an initial public offering later this month. The company is issuing 27,75,000 equity shares of Rs 10 each for cash at a premium of Rs 40 per share. Of this 1,25,000 shares are reserved for Taib Bank EC on firm allotment and 1,50,000 shares for NRIs and employees of the company. The issue opens on November 24 and closes on November 29. Rs 25 is payable on application and Rs 25 on allotment.

Company officials said that the money raised from the issue will be used to part finance the setting up of an off-shore development centre in Gurgaon, Delhi, and expanding the company’s existing development facilities and marketing operations. It will also use it to expand its educational facility in Bangalore and set up additional such facilities in Delhi, Mumbai, Chennai and Hyderabad, besides setting up branch offices in the US and Canada.
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