Stocks bounce back
Mumbai: The stock markets seem to be recovering from their dive on 29 February, Budget day. The Bombay Stock Exchange’s 30-share Sensex rose a steep 304 points from the day's low to close at 5642, reflecting a gain of 195 points, or 3.5 per cent, over the previous day’s close. On the National Stock Exchange the S&P CNX Nifty gained 57.90 points or 3.5 per cent to close at 1654.80.

Notwithstanding the perception that software exporters will be hit by the imposition of tax on export profits, infotech stocks made gains. They includes Infosys Technologies, Satyam Computers, Digital Equipment, NIIT, SSI , Wipro , Global Tele , Himachal, Hughes Software, Rolta, Mastek, DSQ, Leading Edge, PSI Data, Sonata, Pentamedia, Polaris, and HCL Tech. Himachal Futuristic Communications touched a new 52-week high of Rs 1,895, and closed at that level, registering a 8 per cent gain over its previous close. Global Tele-Systems also rose.

Shares of pharmaceutical companies declined, with Cipla dropping 8 per cent to close at Rs 1,035, Ranbaxy Labs 7 per cent to Rs 818, Sun Pharma 6.6 per cent to Rs 2,479, and Rhone Poulenc 5.6 per cent to Rs 981.

Other losers included Cummins India, Britannia, ITW Signode, Otis Elevators, Snowcem and Burroughs Wellcome.

Volumes were relatively low, with the BSE turning over Rs 3689.85 crore and the NSE Rs 4599.12.
There were more advances than there were declines on both major exchanges. The BSE saw 1,227 advances against 898 declines, and the NSE 717 advances and 242 declines.
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Sun F&C launching monthly income scheme
Mumbai: SUN F&C Asset Management Company will launch its first monthly income plan scheme on 9 March 2000. The open-ended MIP scheme will provide monthly or quarterly dividends or allow for accumulation. The investment portfolio of the scheme will include fixed income securities, equity, and equity-related securities. As much as 85 per cent of investible funds will be invested in debt and money market securities.

In the meanwhile, SUN F&C’s Emerging Technologies Fund closed with an intial subscription of Rs. 200 crore.
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MTNL issuing bonds for Rs 500 crore
Mumbai: The public sector Mahanagar Telephone Nigam Ltd is raising Rs 500 crore through a private placement of five-year bonds with a call and put option after three years. It has a green-shoe option for an unspecified amount.

The funds are being raised through a book-building process.
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Dundee’s TaxSaver fund
Mumbai: Dundee Mutual Fund has launched its TaxSaver fund, an open-end equity-linked tax-saving scheme. The scheme will invest up to 80 per cent of its funds in equity and equity-related securities.

The fund, available on a no-load basis until 24 March 2000, when the initial public offer ends, also offers an option for automatic re-investment.
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Sundaram Newton for short term plays
Mumbai: The Sundaram Newton Asset Management Company has launched its Sundaram Money Fund on 2 March 2000. The fund targets short term investments by subscribers. It will invest its funds in the money market and debt instruments.
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