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Infotech stocks to the fore again
Mumbai: Infotech stocks rallied on the stock exchanges to retain their
leading edge. The activity was spurred by a McKinsey & Co report that discusses great
growth potential in the Indian information technology sector. Stocks of Hughes Software,
Satyam Computers, Leading Edge Systems, Pentafour Software, Silverline Industries, DSQ
Software, and Global Telesystems made significant gains.
Private sector banks too made a good showing, and the
stocks of HDFC Bank, ICICI Bank, Centurion Bank and Global Trust Bank made a mark on
trading activity. Zee Telefilms reached an all-time high of Rs 941.25 on a one rupee
paid-up share.
The Sensex of the Bombay Stock Exchange recorded a gain of
44.93 points to close at 4710.49. The S&P CNX Nifty of the National Stock Exchange
also gained 18.30 points to end at 1419.70.
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Zee pushes Infosys to 3rd
place in market cap
Mumbai: Zee Telefilms has attained a market capitalisation of Rs
36,354.27 crore, overtaking Infosys Technologies (Rs 32,732 crore) to reach the second
place in market cap rankings. The Zee Telefilms stock has appreciated steadily after the
stock split.
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Badla volumes at Rs 500
cr at Calcutta bourse
Calcutta: The carryforward trading (badla) volume on the Calcutta Stock
Exchange has crossed the Rs 500-crore mark on 16 December. The badla rates were at a high
of 42 to 46 per cent as trading opened. Later the rates dropped and settled around 23 to
26 per cent. Market players said brokers were reluctant to pick up deliveries, leading to
demand for funds for financing carry-over positions.
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Silverline ups ADR
float size
Mumbai: Silverline Industries has decided to increase the size of its
proposed American depository receipts/American depository shares issue by $50 million to
$125 million. The company’s board of directors has approved a resolution to this
effect. The company has also decided to reserve up to two million shares out of the
proposed ADR/ADS issue for employees of the company, and subsidiary and associate
companies other than promoter directors.
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IPOs of 4 infotech
companies cleared
Mumbai: The Securities and Exchange Board of India has approved initial
public offerings of four infotech companies – Tyche Peripheral Systems (Rs 3.19
crore), Sibar Software Service (Rs 5.0-5 crore), Pentagon Global Solutions (Rs 9.52 crore)
and Shree Rama Multi-Tech (issue size to be finalised).
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IDBI debt issue
over-subscribed
Mumbai: The Rs 1,200-crore subordinated debt issue by the Industrial
Development Bank of India has been over-subscribed by seven to 10 per cent, when it closed
on 15 December. IDBI is expected to retain the over-subscribed portion. This is the
development bank's maiden debt issue.
IDBI sources said nearly 150 organisations subscribed to
the issue made through private placement. With these funds now available, IDBI’s
capital adequacy will go up to 13.25 per cent.
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Mandatory demat
decision put off
New Delhi: The government has decided to postpone implementation of its
decision to make it mandatory for companies to issue demat shares for all initial public
offerings of Rs 10 crore and above. The law ministry is understood to have advised against
making demat mandatory through the proposed short Companies Bill. It has pointed out that
the existing Depositories Act has ample overriding provisions over all other laws,
including the Companies Act.
Under the Depositories Act, an investor has the right to
demand physical shares in any companies and as such any change in the present format will
need to be made in the Depositories Act.
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