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Sensex loses 112 points on selling pressure
Mumbai: The markets witnessed large scale selling and this coupled with
the absence of institutional investors led to a fall in the indices. The Sensex of the
Bombay Stock Exchange lost 112 points and closed at 4690.78. The S&P CNX Nifty of the
National Stock Exchange too was down by 29.40 points to close at 1398.25. Stocks of
Consumer goods and auto companies took a beating. Hindustan Lever, Bajaj Auto, IPCL, Tata
Tea and MTNL were the severely affected. However, infotech stocks attracted buying and
foreign funds were active on NIIT, Pentafour Software and Wipro counters. Other select
infotech stocks like Silverline Industries, Digital Equipment, Leading Edge Systems, Aftek
Infosys, Kale Consultants and Orient Information Technology registered significant
volumes.
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BSE warns of companies
with IT tag
Mumbai: The Bombay Stock Exchange has raised a virtual warning to
investors against 23 companies, which have altered their names to give an infotech tinge.
Most of these companies are engaged in financial services. The exchange had publicised a
similar list of 20 companies in January 1998.
The exchange says it is announcing the names of the
companies to warn investors, especially since there is substantial increase in volumes and
prices of software stocks in the market. The list comprises Aftek Infosys, Alps Infosys,
Ez-Comm Trade Technologies, Mascon Global, Sriveni Multitech, Millennium Cybertech,
Chicago Software Industries, CAT Technologies, Corcomp Infosystems, Trillenium
Technologies, ICES Software, CMS Infotech, Netvista Information Technologies, STG India,
GMR Vasavi Infotech, Sanvan Software, Pentium Infotech, Prakash Fotran Softech, Hathway
Bhavani Cabletel & Datacom, Soni Infosys, Kushagra Software, Vakrangee Softwares and
VMC Software.
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Bharti Televentures may
issue ADRs
New Delhi: Bharti Televentures, the Bharti group’s holding company
for cellular and telephone ventures is planning an ADR issue in 2000 to raise $10 million.
Company sources, however, say ADR is an option. The company may also consider private
placement. The group requires funds for acquisitions and to meet capital expenditure.
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HDFC completes debt plan
Mumbai: Housing Development Finance Corporation closed its eight-year,
book-built debt issue of Rs 100 crore with a Rs 150-crore green-shoe option at 12 per cent
per annum. HDFC has now raised Rs 650 crore through the private placement. In 1999-2000.
The company will repay the debt in three parts of 30 per
cent, 40 per cent and 30 per cent in the sixth, seventh and eighth year from the date of
issue.
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Nasdaq, Hong Kong
bourse to co-list shares
New York: The Nasdaq and the Hong Kong Stock Exchange say they will
co-list stocks traded on each other’s markets. The alliance with the Hong Kong
exchange is one of Nasdaq’s plans to create a global digital stock market.
Nasdaq’s promoter, the National Association of Securities Dealers, has gone on record
saying it will build markets in Europe and Japan as alternatives to the traditional
European exchanges and the Tokyo Stock Exchange.
The Hong Stock Exchange will list Nasdaq-listed companies
like Intel, Microsoft, Cisco Systems, Dell Computer and Applied Materials.
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