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Speculation, Nasdaq come to markets’
aid
Mumbai: The markets bounced back on
speculative buying, and aided by a record spurt in the Nasdaq index, funds went on a
buying spree in infotech stocks. Frontline stocks like Infosys Technologies, Satyam
Computers, Wipro, SSI, Silverline Industries, Pentafour Communications, CMC, Sonata
Software and PSI Data Systems were in great demand and all of them recorded handsome
gains. Reliance Industries also recovered after news on the56 per cent growth in profits
in Q3 actually penetrated the market layers. Tata Steel, Gujarat Ambuja Cement, Sterlite
Industries, Tata Chemicals, Asian Paints and Finolex Cables were the other stocks that
attracted renewed buying interest. Institutional investors were largely absent, except for
dabbling in the handful of infotech stocks, yet the market recovery was significant.
In another rally, Wipro, aided by a sterling Q3 show,
retained the No 1 position in market cap terms displacing Hindustan Lever. The
company’s market cap reached Rs 69,183 against Hindustan Lever’s Rs 55,441 crore
with the Wipro share touching the circuit breaker to close at Rs 3,019. Market sources
said the in the third quarter of 1999-2000, Wipro had sold close to 47 lakh shares in
Wipro Net to an undisclosed buyer for Rs 109 crore, which, to a great extent, helped the
company to shore up its profit line.
The Sensex of the Bombay Stock Exchange gained 67.25
points to close at 5,423, while the S&P CNX Nifty of the National Stock Exchange had a
gain of 19.50 points, ending the day at 1620.60.
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Trading in 49
‘vanishing’ cos to stop
Mumbai: The Bombay Stock Exchange will
suspend trading in the shares of companies which have been identified as
"vanishing" companies by the Securities and Exchange Board of India. There are
now 49 such companies and BSE intends to stop trading in all these companies. Sebi
had restrained these companies and their directors from raising funds in the capital
market after notices sent to their last known addresses remained undelivered.
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US-64 NAV at Rs 15/16
Mumbai: The net asset value of the flagship US-64 scheme of the Unit
Trust of India is now around Rs 15 to Rs 16, according to UTI sources. The scheme had
collections of over Rs 200 crore in the quarter ended 31 December 1999, the sources
revealed. The higher net asset value is on account of higher valuations in the information
technology and pharma sectors, which constitute a large chunk of the scheme’s
portfolios – 19 per cent in infotech and 6.5 per cent in pharma. UTI had recently
overhauled its debt and equity portfolios.
Meanwhile, UTI is planning to switch over to a system of
daily disclosure of NAV in the scheme and then shift to pricing the units on the basis of
NAV.
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ICICI Bank for float
Mumbai: ICICI Bank is likely to come out with
an American depository receipts issue soon. A meeting of the bank’s board is due on
24 January when the mater will come up for discussion. The bank has notified the Bombay
Stock Exchange about its intention to float an issue. If it decides to float an ADR issue,
it will be the first Indian bank to do so.
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PNB Gilts postpones IPO
Mumbai: PNB Gilts is postponing its initial
public offering, scheduled for February 2000. The company has recorded better performance
and as such it feels the price -- Rs 21 to Rs 25 per share – fixed earlier needs to
be reviewed. The company’s managing director Arun Kaul says the company may review
the pricing or may adopt book building procedure and announce the issue at a later date.
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