BSE to launch evening trading
Mumbai: Bombay Stock Exchange (BSE), country's premier stock exchange is reported to be actively considering the idea of launching an evening trading session of its own, closely following the trend set by OTC Exchange of India, which recently launched its evening trading.

BSE brokers have favoured the idea of an evening trade, especially with technology stocks leading the way in the markets and the local markets having got intrinsically linked with the tech-heavy Nasdaq, which begins its trading only hours after BSE closes its day trading. The launch of an evening trading session on BSE would enable BSE members to discount any information that comes after the closing of the normal market hours. BSE requires another 30 to 45 minutes for its post-closing session to be conducted after the main session has ended.

BSE's evening session could commence at about 5 PM or 5.30 PM and exchange sources say once the formal decision to have evening trading is taken, it would take a few days to put the necessary systems in place by making alterations to the existing software.
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Essar Steel to raise Rs 267 crore through a rights issue
Mumbai: Essar Steel board of directors has proposed to issue rights shares in the ratio of four for every five shares held for cash at par aggregating Rs 267 crore. The rights issue forms a part of the overall restructuring plan approved by lead institution -- IDBI. The issue is slated to open in the first quarter of the next fiscal.
The company has posted a net profit of Rs 15 crore for the third quarter ended December 2000 against a huge net loss of Rs 116 crore in the corresponding period the previous year. Following the fall in steel prices, sales have come down to Rs 615.4 crore from Rs 684 crore the previous year. The fall in turnover is also partly attributed to the decrease in hot rolled coil prices, which came down about 20 per cent to Rs 12,000 per tonne over the last one year.
The company's gross profit before interest, depreciation and tax rose to Rs 126 crore, from Rs 94 crore. The company has been able to extend the maturity of its debt from the present level of 3 years to 8 years.
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