UTI sets up 7-member panel to devise new corporate plan
Mumbai: The board of trustees of India’s largest mutual fund, the UTI, has recently appointed a seven-member corporate positioning committee. This committee will devise a new corporate plan, which includes complying with Sebi Mutual Fund regulations.

The seven-member committee is expected to submit its report within the next six months and will also suggest the amendments necessary to the UTI Act to set up a trust and asset management company structure and expand the number of trustees of UTI by five to 16.

The committee, which has many luminaries as its members, will see Mr. Cyril Shroff, noted advocate and lawyer, as its convenor.

The UTI board felt it appropriate to have the benefit of assessment and advice from expert professionals on corporate positioning of UTI in the new millennium.
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BSE in talks with NYSE, Nasdaq for alliance
Mumbai: Representatives of the Bombay Stock Exchange (BSE) recently visited the US for talks with the New York Stock Exchange (NYSE) and the Nasdaq for a possible alliance.

Both foreign exchanges have shown keen interest in affiliating themselves with the Indian markets. BSE president Mr. Anand Rathi had the first round of talks with NYSE chairman, Mr. Richard Grasso and his team.

The BSE has also held detail discussions with Mr. Lee A Congdon, the senior vice-president for strategic initiatives of National Association of Securities Dealers Inc (Nasdaq).

Both, the NYSE and the Nasdaq, were also apprised of the efforts initiated by the BSE during the last two years to represent itself as a globally preferred technology savvy and investor-friendly exchange.

The alliance would centre around various parameters, which include exchange of broader information between the respective bourses at several levels, dissemination of market information, working on common technology parameters and utilisation of the latest technology products for the benefit of investors.
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eVentures seeks partnership with Intel and Microsoft
Mumbai: eVentures India, a Rupert Murdoch-Softbank-P K Mittal, which has a combined corpus of $150 million, is said to be in advanced stages of negotiations with Intel and Microsoft to pick up equity in the fund as strategic business partners. With the inclusion of new equity partners, the fund corpus is slated to increase.

According to the chief executive officer of eVentures, since technology would be the key driver of the firms future expansion plans, the promoters of the fund are open to bringing in a technology partner, with equity participation.

eVentures India is promoted by Softbank Inc, ePartners (a $1 billion Internet, e-commerce and new media venture fund in which Murdoch’s News Corp is the key investor) and Ispat group vice- chairman P K Mittal.

The fund would look at hooking up with Indian distribution and retailing companies, which already have a strong offline presence. "We would be looking at tie-ups with offline companies which are moving towards a dotcom identity as well," said Bhargava.
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Weak sentiment keep markets down
Mumbai: With sentiment at the BSE continuing to remain subdued, the Sensex closed at 4,905.94 points, up by about 20 points over the previous day's close of 4,885.6 points. At the National Stock Exchange (NSE), the benchmark index - S&P CNX Nifty - pared most of its intra-day gains to close marginally higher at 1,517.60 points.

Tata Steel, Infosys Technologies, Satyam Computer and Zee Telefilms were the major gainers among the universe of Sensex stocks. Though the overall market sentiment ruled weak, buying interest was evident in select stocks.

Novartis and Ranbaxy Laboratories were the top gainers from the pharmaceutical sector.

The Aptech stock was another prominent gainer of the day's trading. In the cement sector, Gujarat Ambuja Cement and ACC were the major gainers.

Gramophone Company, Indian Shaving Products, Digital Equipment and PSI Data Systems were the other major losers of Friday's trading.
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