Sebi may allow relax listing of dotcoms in local stock exchanges
New Delhi: In an announcement made by Mr. D. R. Mehta, the Securities and Exchange Board of India (Sebi) is examining a proposal to ease regulations allowing Indian dotcom companies that are listed on the overseas exchanges to list on the domestic exchanges.

According to current norms, companies are required to have a three-year dividend track record or bankers appraisal of the public issue, to take a minimum of 10 per cent equity in the company.

The concession is being made on the grounds that if these companies can list overseas, where the norms are tougher, they should be automatically given the approval to list on domestic exchanges as well.

This relaxation should help many Indian dotcom companies like rediff.com , indiainfoline.com , indiatimes.com, who have already announced plans to list on the technology-heavy Nasdaq exchange.
Back to News Review index page  

BSE to start derivatives trading from June 9
Mumbai: Following a decision taken by the National Stock Exchange to allow derivatives trading on the exchange from June 12, the Bombay Stock Exchange has also decided to commence derivatives trading in Sensex futures from June 9. The Sensex would be the underlying stock index with the contract multiplier of 50 and tick size of 0.10 (equivalent to rupees five).

The BSE stated that the contract would be valid for a period of three months with last Thursday of the contract month being the last trading day.

Final settlement would be on the last trading day and the final settlement price would be calculated based on a set of 120 cash Sensex values taken in the last half-anhour of trading.

The 20 highest and 20 lowest values would be ignored and the settlement price would be computed as an average of remaining 80 values.

The online derivatives trading and settlement software was developed in-house and takes care of trading, settlement, risk management, default handling and collateral management, the exchange said.
Back to News Review index page  

Stocks fluctuate on a narrow band
Mumbai: The stock markets, which resumed on a low note, fluctuated on a narrow band, barring a few software and telecom stocks. Some amount of profit-booking was witnessed in shares of media and entertainment and technology companies.

However, speculative purchases into market-moving scrips Satyam and Himachal Futuristics led to a smart recovery in other technology stocks. In specified section, the Satyam Computer scrip touched the extended circuit-breaker of 12 per cent for the second day in a row on renewed buying interest by US funds.

Shares of telecom equipment player, Himachal Futuristic rose 10 per cent to Rs 1,403 on sizeable speculative purchases. The scrip topped the turnover list on both the Bombay and National stock exchanges.

Punjab Tractors spurted by Rs 25 to Rs 750 following the announcement of a liberal bonus issue in the ratio of two shares for every one share held.
Back to News Review index page