Markets in revival mould
Mumbai: Sustained buying by foreign financial institutions in information technology, telecom and media and entertainment stocks has revitalised the markets. Foreign funds have picked up a substantial volume in stocks like NIIT, Hughes Software, Pentafour Software, Himachal Futuristic Communications, Global Telesystems, Silverline Industries, Aftek Infosys and SSI.

The Sensex of the Bombay Stock Exchange at one point rose to 4,876. Profit-booking at higher levels, however, brought down the indicator to 4802.96, which was 14.96 points higher than the previous close. The S&P CNX Nifty of the National Stock Exchange, however, lost 12.05 points to close at 1427.65.

One of the media reports that propelled the market was the government’s reported decision to bring in a system of automatic approvals for ADRs and GDRs. Naturally, infotech stocks were in great demand. The stock hit the circuit breaker for the third consecutive day and reached an all-time high of Rs 1347.75.
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VSAT snag affects NSE
Mumbai: The National Stock Exchange was affected by a technical snag, which led to a half-hour delay in trading on 13 December. The problem occurred in the VSAT system resulting in loss of connectivity to the main system of the exchange.
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Infosys closes at Rs 10,180
Mumbai: On 13 December Infosys Technologies achieved a rare distinction. For the first time its stock closed above the Rs 10,000-mark on the Bombay Stock Exchange -- at Rs 10,180,  reflecting an appreciation of Rs 280 over the previous weekend close of Rs 9,900. Even at this price, the stock is at a discount of nearly 50 per cent compared to its ADR price of $272 on the Nasdaq. Each ADR represents half a share of the company in the domestic market.
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Bangalore bourse to become NSE member
Bangalore: The Bangalore Stock Exchange is planning to become a member of the National Stock Exchange. The exchange feels the membership will help it gain a wider investor base. However, it will be allowed to trade only in demat shares.

The BgSE is already a member of the Interconnected Stock Exchange.
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Stock clearing corporation in agreement with depository
Calcutta: The National Stock Clearing Corporation has signed an agreement to link up with Central Depository Services to enable its clearing members settle trades in dematerialised securities.

The National Stock Exchange, promoter of the National Stock Clearing Corporation, has made it mandatory for all its clearing members to open a clearing account with a depository participant by 31 December. At present, the pay-in and pay-out of securities to be settled in dematerialised form is effected through the National Securities Depository. It is necessary for all clearing members of the National Stock Clearing Corporation to have a depository account with both the depositories, the Central Depository Services of the Bombay Stock Exchange and the National Securities Depository.
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3 Alliance funds to open on 15th
Mumbai: Alliance Capital Asset Management has announced that its three sub-funds in the Alliance sector Select series will open for subscription for a month starting 15 December. The funds are: the Alliance Basic Industries Fund, the Alliance Buy India Fund and the Alliance New Millennium Fund.
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Tata Sons raises Rs 150 crore debt
Mumbai: Tata Sons has raised Rs 150 crore in five-year debt at a low interest rate of 10.95 per cent and 11.40 per cent from the private placement market. The company offered two structured instruments with exit at the end of one year and two years respectively.
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Sebi meet on capital markets
Mumbai: The Securities and Exchange Board of India has organised a meeting on 23 December to discuss reforms in capital markets. The meeting will also focus on income tax related issues concerning the market players. Sebi will prepare a draft memorandum to be sent to the government on these matters. Merchant bankers, mutual fund managers and representatives of stock exchanges, Association of Merchant Bankers of India and Association of Mutual Funds in India have been invited for the meeting.
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