Sensex hits 16-month low amid Asian fever
Mumbai: The Bombay Stock Exchange sensex created a new 16-month low yesterday when it closed at at 3,836.51, registering a loss of 108 points over the previous day’s close. The NSE index, the S&P CNX Nifty was also down by 37.05 points to close at 1,201.90.

The steep fall in the markets followed a global trend and was exaggerated by the lowering of the country’s rating from positive to stable.The advance-decline ratio was also unfavourable, with declines out-numbering advances with 824 losers against 346 gainers and 106 scrips remaining unchanged.
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Geometric Software issues profit warning
Mumbai: In keeping with the trend of issuing warnings on its earnings, Mumbai-based, Geometric Software, has announced that operating results for the quarter ending September 2000 are expected to be below the management’s targets.

Geometric will, thus, be first Indian company to issue warnings on its earnings in line with trends in the US and UK. The company, which received an overwhelming response to its share issue, has seen its share prices fall from a high of Rs. 900 to its current level of Rs. 290.

The company management has announced falling sales and increase in fixed costs with the commissioning of the Pune facility, are the main reasons for the profit shortfall.

The company has already initiated changes to ensure that this does not happen and has reorganised its sales and marketing functions. Mr. Dick Miller, chief executive of the company’s US subsidiary has resigned with effect from September 30, and Mr. Manu Parpia, MD of Geometric Software, has taken over this function.
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