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Markets down due to settlement
Mumbai: The markets witnessed a downtrend on 10 December as the day was
the last day of the settlement period on the Bombay Stock Exchange. There was, however,
buying in software, telecom and media shares. The BSE Sensex shed 50.69 points to close at
4839.16. The S&P CNX Nifty of the National Stock Exchange lost 7.85 points to close at
1439.70.
Infosys Technologies touched a new high of Rs 10,110.
Infotech stocks Pentafour Software, Kale Consultants, Cyberspace Infosys, Pentafour
Communications, Infotech Enterprises, VisualSoft, SSI, Leading Edge Systems, Hughes
Software, Rolta India, Fujitsu ICIM, MindTech, Tata Infotech and DSQ Software hit the
upper band. Also to touch the circuit breaker were Sriven Multitech, Adani Exports and
McDowell.
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RBI, Sebi areas demarcated
New Delhi: The government has clarified that all debt instruments listed
and traded on stock exchanges will be regulated by the Securities and Exchange Board of
India and those not listed and traded on bourses by the Reserve Bank of India. This ends
the contentious issue that has been raging between the two regulators of debt markets. The
government clarification is based on a note by the finance ministry.
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Sebi clears
entrepreneurs’ venture fund
New Delhi: The Securities and Exchange Board of India has cleared the
first entrepreneur-financed venture capital fund for the infotech industry, the Infinity
Venture Fund. The fund is being set up by several Silicon valley investors of Indian
origin, including Kanwal Rekhi and Suhas Patil. The fund will have an initial capital of
Rs 85 crore.
Sebi is also understood to have finalised a draft report
on venture capital funds.
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Hand delivery settlement
allowed
Mumbai: The Securities and Exchange Board of India has allowed foreign
institutional investors and mutual funds to settle trades through hand delivery beyond 15
January 2000, provided these trades are settled within two days of the payout date for the
settlement at the stock exchanges. Sebi had earlier banned hand delivery trades beyond 15
January 2000.
Sebi has also ordered that transactions that are partly
settled in the clearing house and involve auctions/closeout procedures, should be settled
with the clients’ custodians within two working days of the completion of the
auction/closeout process for that settlement.
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Cholamandalam
for insurance foray
Mumbai: Chennai’s Cholamandalam Investment and Finance Company is
entering the non-life insurance business. It is tying up with French insurance major Axa
for the purpose. A joint venture company will be set up soon. At a later date, the
non-banking finance company will also consider entering life insurance. Cholamandalam had
a tie-up with Guardian Royal Exchange, which is now a subsidiary of Axa.
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Dishnet IPO next year
Mumbai: Internet service provider Dishnet DSL, a group company of
Chennai’s Sterling Infotech, will go public in early 2000. The company plans to come
out with an initial public offer, a senior official of the company said. Dishnet DSL is at
present providing its services in13 cities, including Pune, Bangalore, Chennai, Delhi, and
now in Mumbai.
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VA Linux shares soar 700%
on Day 1
San Francisco: VA Linux Systems, maker of computers that run the Linux
operating system, entered Wall Street with its stocks recording a 700 per cent gain on the
first day of trading. Its $30-priced shares closed at $239 at the end of the day. The
company surpassed the record of the biggest first-day gain among IPOs, taking the lead
from the globe.com, which soared 606 per cent on its first day of trading.
Linux, created Finnish programmer Linus Torvalds and a
group of programmers, has been welcomed by major computer makers.
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