Infotech stocks gain strength in market recovery
Mumbai: There was further recovery in the market and infotech shares continued to lead the way. The government’s announcement freeing ADR and GDR issues by companies from departmental curbs, spurred the market as this step will have a direct bearing on capital raising by Indian companies abroad. Leading the recovery were Infosys Technologies Pentafour Software, Silverline Industries, Tata Elxsi. Aptech, HCL Infosys, Aftek Infosys, DSQ Software, Mastek, Polaris, Goldstone Technologies, Rolta, Kale Consultants and Soffina Software. All of them hit the upper bands of the circuit breaker. Media stocks like Sri Adhikari Brothers also flared up. Contrary to the trend on Wednesday, Reliance Industries’ stock was rather subdued having declined by Rs three. A number of cash shares like Times Bank, Pidlite, Nelco, Blue Star and Vikas WSP also gained fresh support.

The Sensex of the Bombay Stock Exchange had a marginal net gain of 14 points, closing at 5,478.24. The S&P CNX Nifty recorded a gain of 28.15 points to close at 1634.85.
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BSE to expand membership base
Mumbai: The Bombay Stock exchange has decided to expand its membership base of stockbrokers from the present 654 to 750. This will enable fresh members to be admitted, says Anand Rathi, president of the exchange. The decision was taken at an extraordinary general meeting of the exchange. BSE has already offered membership to smaller exchanges at a concessional rate of Rs 50 lakh against the prevailing membership card price of over Rs two crore.
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Centurion Bank floats bonds
Mumbai: Private sector Centurion bank is planning to raise Rs 75 crore through a private placement of 63-month bonds. The placement will be done through the book-building route at a rate of 12.50 to 12.95 per cent. The bank will have the option to retain Rs 25 crore of the oversubscription. The bidding has started on 18 January and will end on 31 January.
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Open offer for Color Chips
Hyderabad: Color Chips Animation Parkted, a company engaged in the business of two and three-dimensional animation and feature syndication, is coming out with an open offer to the shareholders of Color Chips (India) to purchase its 20,21,000 shares at Rs 10 a share. Color Chips Animation Parkted has already acquired nearly 72.44 per cent of the voting capital of Color Chips (India). Color Chips Animation Parkted, incorporated in August 1999, is promoted by Uttam Kumar, an artist and animator, associated with the animation industry in Hollywood. Color Chips India is into finance business and it had a net loss of Rs 1.98 lakh on a total income of Rs 2.03 crore.
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Jay Shree Tea plans buyback
Calcutta: B.K. Birla group company Jay Shree Tea and Industries is planning a buyback of its equity shares. The company’s board is meeting on 24 January to decide on this issue. The B.K. Birla group holds about 40 per cent of the equity share capital of the company and rest is with institutions and the public. The company had made a bonus issue of shares in the ratio of 1:1 in 1999.The book value of the share is around Rs 125, while it is traded around Rs 78.
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