IT, pharma stocks rule
Mumbai: On a day when trading was limited to only the National Stock Exchange in Mumbai, there was demand for most of the pharma stocks as well as select software stocks. The S&P CNX Nifty ended with a 17.90 point gain to close at 1,389.10. There was no trading on the Bombay Stock Exchange on account of the day being a holiday.

Foreign institutional investors were net buyers for around Rs 67.4 crore. Purchases were high in stocks of Satyam Computer, Infosys, DSQ Software and NIIT. Novartis, Cipla, Dr Reddy’s and Glaxo also witnessed activity.
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Anmi seeks concessions from NSE
Calcutta: The Association of the National Stock Exchange Members of India has sought a package of reliefs and concessions for members, against whom the bourse has initiated default proceedings. The reliefs are meant to revive their operations. Anmi in a communiqu said the NSE should contemplate granting certain reliefs to members who have defaulted in payment of margins to the exchange.

The concessions sought include waiver of interest on the defaulted/overdue amount to the extent of the security deposit and the amount recovered from the bankers against the bank guarantees provided by the members.
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HCL Technologies’ IPO
Mumbai: HCL Technologies has announced its initial public offering at a price range of Rs 450 to 540 per share. The company is planning to issue around 14.2 million shares at a face value of Rs 4 each, amounting to 10.2 per cent of its paid-up capital. About 90 per cent of the issue will be subscribed through the book-building route. The remaining 10 per cent will be made through a fixed price offering.
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Hughes Software listing on BSE, NSE, DSE
Mumbai: Hughes Software Systems will list its shares simultaneously on the Bombay, Delhi and National stock exchanges. According to the Bombay Stock Exchange, the total number of shares to be listed includes 8,75,000 new shares. The total equity shares include old existing shares and the new shares issued through the offer document.

The initial public offering of the company was oversubscribed 30 times and the company collected over Rs 700 crore.
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UTI plans next MIP in January
Mumbai: The Unit Trust of India is planning its next monthly income plan in January 2000. UTI officials said its recent MIP had mopped by more than Rs 1,100 crore, which was 40 per cent more than an earlier scheme.

UTI is now comofrtable with its development reserve fund, which stood at Rs 850 crore as on 30 June 1999. The figure may cross the Rs 1,000-crore mark by 30 June 2000. The fund will take care of any shortfall arising out of MIP obligations.
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Zenith Infotech plans IPO
New Delhi: Zenith Infotech, a subsidiary of the Rs 200-crore Zenith Computers, will make an initial public offering of 34,75,000 equity shares to the public, aggregating Rs 39.12 crore. The company plans to offer the shares of Rs 10 each for cash at a premium of Rs 100 per share to retail investors and at a premium of Rs 105 to institutional investors.

With this issue, the holding of Raj Kumar Saraf, the promoter of the company, will come down from 15.85 per cent to 10.85 per cent and that of other family members to 68 per cent.
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