Dull day in markets
Mumbai: Trading on the stock markets was dull, mainly because of the impending settlement on the Bombay Stock Exchange. Volumes on both the BSE and the National Stock Exchange dipped as foreign funds remained away from the bourses. Only selected purchases were reported.

The BSE Sensex gained 40 points to close at 4839, while the S&P CNX Nifty of the NSE gained a marginal 8.90 points, closing at 1447.55. Infotech stocks, however, continued to command higher prices, with Pentafour attracting renewed buying interest. It closed at Rs 1,155 on the BSE after hitting the circuit breaker. Other stocks in the limelight were SSI and Satyam Computers. Crisil too hit the upper band, while Global Trust Bank and HDFC Bank witnessed price fluctuations.
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NSE clocks 6 lakh trades a day
Mumbai: The National Stock Exchange had a record six lakh trades on 9 December. The bourse has announced that it will upgrade its system to handle 10 lakh shares.
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Sebi wants MF arms to disclose investments
Mumbai: The Securities and Exchange Board of India is thinking of making it mandatory for mutual funds to disclose investments made by their associate companies if these investments are more than 25 per cent of the corpus of the fund. Sebi will define an associate company in line with the Companies Act, 1956.

The advisory committee on mutual funds discussed the matter and felt that associate companies investing in their own mutual funds get a tax advantage and help their mutual funds in raising their corpus. Sebi has also suggested that stock brokerage should not be paid on investments made by associate companies. Sebi has asked the Association of Mutual Funds to submit a proposal on this issue. The Sebi board will discuss the issue.
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Sun F&C plans four funds
New Delhi: Sun F&C Mutual Fund will launch four new schemes next year in addition to the balanced fund it has already announced. The new schemes -- an integrated fund to invest in international market for equities and debt, an emerging technology fund, a daily dividend fund and a monthly income plan -- will almost double its fund portfolio from Rs 840 crore to Rs 1,500 crore.
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Himachal Futuristic plans private placement
Mumbai: Himachal Futuristic Communications is making a private placement of up to 15 million shares of Rs 10 each at a premium to promoters, financial institutions and foreign institutional investors The company informed the Bombay Stock Exchange that it will decide the premium on the basis of the market price prevailing at the time of the offer.
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TV18 IPO at Rs 180
Chennai: Television Eighteen India, which plans to enter the capital market with an offer of 27,36,000 equity shares of Rs 10 each, has fixed a premium of Rs 170 per share. The initial public offering opens on 16 December. Besides the public, the company is offering the shares on a firm allotment basis to four funds of the Alliance group at a price of Rs 180 per share.

The proceeds will be used to create a production infrastructure, set up a business portal on the Internet and pre-pay loans.
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