Sensex gains 55 points with rally
Mumbai: The rally is on. Sustained buying has pushed up volumes on the bourses as infotech stocks continued to be the focus of attention. Infosys Technologies cornered most of the limelight with the company’s announcement that it is planning a stock split.

The Sensex of the Bombay Stock Exchange made a 55-point gain to close at 4740.68. Profit-taking at higher levels brought the Sensex down to that level from an intra-day high of 4770. The sentiment was visible on the National Stock Exchange too, where the S&P CNX Nifty gained 13.70 points to close at 1408.65.

Many infotech stocks were part of the rally. Infosys closed at 9545, netting a gain of Rs 415. Stocks like Satyam Computers, Visualsoft, Mastek, Aftek Infosys, KLG Systel, Citicorp Securities, Sonata Software, Vakrangee Software and Maars Software hit the circuit breaker. Refinery stocks were also in demand.
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Infosys plans stock split
Mumbai: Infosys Technologies is considering a stock split of its Rs 10 paid-up share. The company’s board will take a final decision at its meeting on 29 November. As the news became official, the Infosys stock hit the circuit breaker. It reached a new high of Rs 9,750 on the Bombay Stock Exchange. Subsequently, the price declined to Rs 9,545 on account of  profit taking. On the National Stock Exchange too the scrip was at its high at Rs 9,773, but closed at Rs 9,542.85. The company’s market cap also touched an all-time high of Rs 31,603 crore.

Infosys Technologies is the third Indian company to announce a stock split after the Securities and Exchange Board of India allowed existing companies to split the face value of stocks to smaller denominations. Wipro and Zee Telefilms have announced stock splits earlier. HCL Technologies has announced an initial public offer of shares with a face value of Rs 4.
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HCL Tech stock demand past Rs 20,000 cr mark
Mumbai: HCL Technologies’ initial public offering of 12.78 lakh shares through the book building process has received a demand worth Rs 20,100 crore, almost 27 times the number of shares offered. The company has set the allotment price at Rs 580, the price at which most of the bidders have submitted their offers. The company now plans to move to the second phase of the IPO when it will issue 14.20 lakh shares at a fixed price of Rs 580 per share.

The issue will open on 10 December. The total size of the issue is Rs 823.6 crore. The company’s post-issue equity capital will be at Rs 55.47 crore as the face value of the share is Rs 4.
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BSE refuses listing to Visesh
Mumbai: The Bombay Stock Exchange has refused listing of  software company Visesh Infosystems. The National Stock Exchange has already permitted its listing and the Securities and Exchange Board of India has cleared the company’s initial public offering. The BSE is learnt to be  having objections to the promoters of the company cornering a large chunk of the shares through bonus issues for consideration other than cash. The company has decided not to pursue the listing on the BSE.

The company’s initial public offering of 27 lakh equity shares of Rs 10 each at a premium of Rs 40 opened for subscription on 24 November.
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IDBI plans two issues
Mumbai: The Industrial Development Bank of India has finalised a twin issue of 63-month and 87-month tenor bonds to raise Rs 1,050 crore towards it tier II capital. The issue will be first for the IDBI and will be in the private placement market in the first week of December 1999.

The offerings will be priced at 90-10 basis points above the prevailing yields of government securities of similar maturities. The yields on an annualised basis work out in the range of 12 per cent and 12.25 per cent for the 63-month and 87-month securities respectively.
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BPCL raises Rs 25 cr through debentures
Mumbai: Bharat Petroleum Corporation has raised Rs 250 crore in five-year debentures at an annual rate of interest of 12 per cent. The company had come out with a Rs 150-crore debenture issue with a Rs 100-crore green-shoe option. The secured debentures are offered on a book-building basis between 12 and 12.20 per cent interest per annum, payable annually.

The issue was largely subscribed by banks, and the company is planning to use the proceeds to fund its long-term working capital and capital expenditure needs.
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Dena, Deutsche pick up NSDL stake
Mumbai: Dena Bank and Deutsche Bank are picking up stakes in National Securiteis Depository Ltd. Dena Bank is taking a stake of nearly 1.25 per cent paying Rs 1.5 crore for shares worth Rs 1.25 crore, while Deutsche Bank will have a 2.4 per cent stake in shares worth Rs 2.50 crore, which it is picking up at Rs 3 crore. Both banks are purchasing the stake from the Unit Trust of India. The total equity of the depository is Rs 105 crore.

UTI had earlier sold Rs 5 crore worth of equity at a 20 per cent premium to HSBC and HDFC Bank.  The National Stock Exchange has also divested 2.38 per cent for to Citibank Rs 2.5 crore. 
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