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Listless trading on bourses
Mumbai: It was dull and listless trading on major stock markets. Though
there was continued support from foreign institutional investors, a number of stocks
registered downward trends.
The 30-share Sensex of the Bombay Stock Exchange lost 10
points closing at 4,629.61. The S&P CNX Nifty of the National Stock Exchange also lost
nearly 17 points to close at 1,389.25.
The turnover on the BSE amounted to Rs 2,266 crore against
Rs 2,652 crore on the previous day.
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Sebi plans meet on hand
deliveries
Mumbai: The Securities and Exchange Board of India has decided to convene
a meeting of heads of foreign institutional investors to discuss the ban on hand
deliveries. Sebi chairman D.R. Mehta has already held meetings with representatives of
several FIIs during his recent visit abroad. The FIIs are understood to have told him
there are legal hitches, which prevent them from investing in certain emerging market
countries unless they know the counterparts. They have also pointed out that the ban on
hand deliveries will prevent certain pension and provident funds from investing in India.
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UTI has a new tax scheme
Calcutta: The Unit Trust of India will launch the "millennium
edition" of its tax saving scheme, an open-ended equity-oriented tax saving fund on
15 November. The new scheme, UTI Tax Equity Savings Plan, will substitute its Master
Equity Plans launched every year.
UTI expects to mop up about Rs 100 crore from the fund by
March 2000. The initial offer period will be from 15 November to 15 December. Thereafter,
it will reopen for sales from 1 January 2000. Repurchase is allowed after the mandatory
lock-in period of three years.
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Few takers for Gail GDR issue
New Delhi: The global depository receipt issue of Gas Authority of India
had poor response outside the offers made by Enron and British Gas. Merchant bankers say
that apart from these two companies, the total demand from other institutional investors
was way below the quantum of shares on offer. The two companies have managed to get about
40 per cent of what they had sought.
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