FIIs on buying spree
Mumbai: The markets opened with intense activity on 6 December, after the weekly holiday. Foreign institutional investors, with their vigorous buying in infotech stocks, sent the Bombay Stock Exchange’s indicator spiralling. At the close of the trading session, the benchmark Sensex was higher by 122 points at 4835. The National Stock Exchange’s S&P CNX Nifty too gained 24 points to close at 1442. The institutions are apparently in a buying spree to ensure that there is no open settlement position in the new year. Besides infotech stocks, FMCG, telecom and pharma stocks witnessed intense activity. Infosys Technologies, Pentafour Software, Digital Computers, Satyam Computer Systems,. Silverline and NIIT posted substantial gains. MTNL, Bharat Petroleum Corporation, Gujarat Ambuja, Arvind Mills, HDFC Bank, Zee Telefilms, Wockhardt and Punjab Tractors were the other shares that cornered the limelight. Hindustan lever also gained three per cent.
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Special margins on 51 stocks
Mumbai: The Bombay Stock Exchange has imposed special margins on 51 stocks in the range of Rs 2 to Rs 200 effective 6 December. The intention is to contain volatility in their trading. The list mainly comprises small-sized infotech and finance companies in the B1 group. The main companies in the list are Morepen Laboratories, Onward Technologies, Jain Studios, Morepen Hotels, Sriven Multi, Adven Computer, Vakrangee Industries, Synergy Log-in and Sawaca Communications.
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Court directive in Harshad Mehta case
Mumbai: The special court handling the Harshad Mehta case has ruled that genuine shares of Apollo Tyres held by Mr Mehta should be sold in the open market, possibly to banks and institutions. Mr Mehta has some 47 lakh shares amounting to 13 per cent of Apollo’s total equity in his possession. The court has asked the custodian to forward these shares to the company for its scrutiny and shares where there is no evidence of fraud will be transferred to the custodian. The rest will be referred to a scrutiny committee.
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OTCEI, Nasscom sign MoU
Mumbai: The Over The Counter Stock Exchange of India and the national Association of Software and Services Companies are signing a memorandum of understanding "to provide for exchange of ideas and concepts for developing a vibrant and active market for hi-tech companies". Nasscom will nominate a representative on the screening committee for listing of infotech companies on OTCEI, develop models and methodology for rating promoters and projects of software companies planning to raise capital through the exchange.
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