Market sentiment is dull
Mumbai: Market sentiment is on the retreat. Barring infotech and some economy stocks, there was lack of trading interest. Foreign funds remained bullish on infotech stocks, but their support for other stocks has been negative. Added to this scenario has been profit booking by traders.

The stocks of Infosys, SSI, Global Tele-systems, Aftek Infosys, HCL Infosystems, and DSQ Software attracted substantial buying interest. Wipro (Rs 2 paid-up) flared up and hit the circuit breaker for the fourth day in a row and touched an all-time high of Rs 3,803.10. Wipro’s market cap rose to Rs 87,148 crore, nearly eight per cent of the Bombay Stock Exchange’s market cap of around Rs 10 lakh crore. Reliance Industries, Sterlite Industries, Asian Paints, and Apollo Tyres too did well.

The benchmark Sensex of BSE lost1.31 point to end the day at 5369. The S&P CNX Nifty, on the other hand, gained 17 points to end the day at 1603.90.
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Shriram MF fined
Mumbai: The Securities and Exchange Board of India has imposed the maximum penalty of Rs 5 lakh against the asset management company of Shriram Mutual Fund, which has been charged with acting against investors’ interests. The AMC is accused of having bought shares of certain companies at prices higher than the prevailing market prices to bail out some Bombay Stock Exchange brokers during the  June 1998 payment crisis. According to an adjudication order issued by Sebi, the AMC is guilty of violating mutual fund regulations.
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Amfi report on ad norms for MFs
Mumbai: The Association of Mutual Funds of India has submitted a report on guidelines for advertising by mutual funds to the Securities and Exchange Board of India. The report sets terms and provides definitions of advertising, and has suggestions on uniform standards for performance advertisements, says Amfi’s chairman A.P. Kurian.

The report has been prepared by a two-member committee comprising Ramgopal G. Sharma, chief executive of LIC Mutual Fund, and Nandgopal K. Sharma, chief business development officer of Birla Sun Life Asset Management Company.
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Reliance plans NCDs
Mumbai: Reliance Industries is launching a Rs 100-crore, five-year floating interest rate rupee-denominated non-convertible debenture issue, which will be benchmarked to the coupon rate of five-year government of India security paper. It will be priced at 0.5 per cent above the comparable rate of the government security, say sources involved with finalising the issue. The company is awaiting a rating from Crisil for the debenture for it to be launched.
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Sebi may add another 100 stocks to rolling system
Mumbai: The Securities and Exchange Board of India is planning to add another 100 stocks to the list of stocks that have to go for rolling settlements. The list now has 10 stocks. Market players had actually been expecting Sebi to scrap the system, as it has led to reduced volumes and prices for the stocks now covered under the system. The promoters of the companies that are expected to be included in the system have made it clear that will oppose the system.
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Sebi bar on Jaltarang Motels
Mumbai: The Securities and Exchange Board of India has barred the promoters of Jaltarang Motels from accessing capital markets and dealing in securities for five years. The regulator had conducted an investigation into the alleged grey market operations of the promoters of the company to rig the prices of their shares before a public issue in December 1995.

Sebi has also directed the bankers of the issue to refund the subscription money to investors. It has also pulled up two banks, Union Bank of India, and Bank of India, for their neglect of duties as bankers.
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Premier Auto in Z group
Mumbai: The Bombay Stock Exchange is shifting Premier Automobiles to the Z group from 31 January. The stock is now quoted below par in the B1 group.
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ICICI floats bonds
Mumbai: ICICI is floating a Rs 600-crore bond issue with a Rs 300-crore greenshoe option on 7 February. It is offering regular income, tax-saving and cumulative income schemes. The regular income bonds will carry a coupon of 11.25 per cent payable annually and the tax saving bonds will carry a 11 per cent return annually. These bonds will have a three-year tenure.

ICICI is also issuing floating rate bonds with a five-year tenure and the coupon rate is at 50 basis points above the yield of government bonds with similar tenure. ICICI had earlier withdrawn the prospectus of a proposed bond issue after the government announced a reduction in saving scheme interest rates.
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