.Infotech stocks rule in market consolidation
Mumbai: Infotech stocks have retained their edge in a consolidating market. The rally on the Bombay Stock Exchange and the National Stock Exchange was led by infotech stocks. The Sensex of the Bombay Stock Exchange rose 22 points to close at 4,714, while the S&P CNX Nifty rose by 9.15 per cent to close at 1418. Foreign institutional investors were net buyers.

A number of infotech stocks touched the upper bands of the circuit breakers. Silverline, SSI, Aftek Infosys, DSQ Software and CyberTech were among the most buoyant stocks. Satyam, Infosys Technologies and Wipro ruled steady. The market also witnessed demand for FMCG, pharma and bank stocks going up.
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Tata Sons, HDFC plan debt issues
Mumbai: Tata Sons and HDFC are in the market with debt issues. These issues will be made through the book-building route. Tata Sons is understood to be planning two fully-secured AAA-rated five year bond issues which offer price bands of 10.95 to 11.15 per cent and 11.40 to 11.55 per cent respectively. HDFC has also come with an eight-year paper in a band of 11.95 top 12.10 per cent.

While Tata Sons will raise Rs 400 crore, HDFC plans to raise Rs 250 crore.
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Zenith Infotech IPO
Mumbai: Zenith Computers group company Zenith Infotech is making an initial public officer of 28.75 lakh equity shares of Rs 10 each at a premium of Rs 100 per share. The company had a total paid-up equity capital of Rs 71.02 lakh in March 1998, which was increased to Rs 1.84 crore by March 16, 1999, and subsequently to Rs 7.87 crore by October 1999.

The company has recently acquired Zensoft Technologies Singapore, another group company.
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CMC names lead managers for issue
New Delhi: The public sector CMC has appointed SBI Capital Markets along with HSBC Capital Markets and DSP Merrill Lynch as book-running lead managers for its forthcoming public issue. The company plans to make the Rs 500-crore-odd issue through the book building route. It has already appointed ICICI Securities and Kotak Mahindra as lead managers.

The company intends to expand its equity base without compromising on the present holding of 51 per cent by the government. The funds raised are to be used for setting up development centres and joint ventures, and for marketing.
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NYSE scraps archaic rule
New York: The New York Stock Exchange has decided to scrap a rule that put restrictions on member-firms while selling certain blue chip stocks by prescribing where these stocks can be sold. The Securities and Exchange Commission and the US Congress told the exchange that the rule was archaic and anti-competitive.

The exchange’s board voted unanimously to rescind Rule No 390, which affects about 23 per cent of the 3,100 stocks listed on the exchange, but accounting for nearly 46 per cent of the share volumes. The rule, instituted in 1976, was designed to ensure that the investors got the best prices possible for their stocks.
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