Volatile trading continues
Mumbai: Markets continued to be in the grip of volatile price movements although the volumes did not match price fluctuations. Software stocks saw a mixed trend as a few top-rung companies came under selling pressure. Foreign funds are understood to be unloading the stocks they have collected in the past few weeks and they are said to be turning their concentration on non-index shares. Among the software stocks that touched new highs were Satyam Computers, SSI, Global Tele-systems and Himachal Futuristic. Surprisingly, Digital Equipment hit the lower end of the circuit breaker. Banking shares like ICICI Bank and HDFC Bank also touched new highs on the Bombay Stock Exchange.

The first day of a new settlement at the BSE saw the Infosys stock split come into being. The company's split stock of Rs five closed at Rs 7,150.

The Sensex of the BSE closed at 5,423.05, up 35.01 points from the previous close. However, the S&P CNX Nifty of the National Stock Exchange lost seven points to end the day at 1,613.60.
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Sebi to relook at rolling settlement scheme
Mumbai: The Securities and Exchange Board of India is said to be undertaking a review of its decision to introduce compulsory rolling settlements. Sebi finds that the 10 stocks it had identified for rolling settlements have witnessed a fall in volumes and prices. It is said that as rolling settlements do not allow investors to square up their trades within the same settlement, speculators are not interested in taking positions in these stocks. The scheme was introduced at the instance of the finance ministry.
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Special margin on 151 stocks
Mumbai: The Bombay Stock Exchange has imposed special margins on 151 stocks with effect from 24 January 2000 following volatile movements in their prices. The major stocks that have attracted special margins are the Gramophone Company, Cyberspace Information, Onward Technologies, Crest Communications, Orient Information, Atco Industries, and Jain Studios.
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ICICI Bank plans ADR issue
Mumbai: ICICI Bank has decided to enter the US market in April 2000 with a $125 million (Rs 545 crore) American depository receipts issue. This will be the first ADR issue by an Indian bank. The date and time of the issue as well as its final size will be decided later. The bank is also considering other options, including a global depository receipts issue and a local issue to mop up funds.
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Allahabad Bank IPO in March
New Delhi: Public sector Allahabad Bank is planning to issue 82.3 million equity shares of Rs 10 each at par sometime in March through an initial public offering. This issue will reduce the government’s equity holding in the bank to 75 per cent. The proposal, approved by the bank’s board, has been sent to the finance ministry for final sanction.

SBI Capital Markets has been appointed lead manager to the issue.
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Two funds from DSP Merrill Lynch
Mumbai: DSP Merrill Lynch Asset Management (India) is launching two open-ended equity schemes – DSPML Technology.com Fund and DSPML Opportunities Fund. The Technology.com Fund will invest in technology and technology-dependent stocks, while the Opportunities Fund will focus on investing in companies that have concentrated on building dominant price setting franchises supported by mass marketing. The sectors identified include fast moving consumer goods, and pharmaceuticals.
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