Sensex sheds 99 points
Mumbai: The see-saw activity in the share market continued. The 30-share Bombay Stock Exchange Sensex shed 99 points, nearly 2 per cent to close at 4,617.82. Market watchers attributed the slowdown in fund flow from foreign institutional investors as the main reason for the decline.

Infotech stocks led the fall, with market leader Infosys Technologies in the forefront. The scrip slipped to Rs 5,081.75, down by Rs 437. Its ADR on the Nasdaq too lost $19 to settle at $91. On 19 July, the scrip had risen by 8 per cent.

The fall in the Infosys stock led to a similar downtrend in other infotech stocks. Satyam Computers fell by Rs 83, Pentafour Software by Rs 69, NIIT by Rs 159 and Wipro by Rs 199.

Other pivotals, including ITC, Reliance Industries, State Bank of India, Telco and MTNL, too were on the slide. However, Hindustan Lever retained its poise and saw a new high of Rs 2,518. Pharma companies also did well.
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Z group trading from 26 July
Mumbai: The Bombay Stock Exchange will start trading in the Z group shares from 26 July 1999. There are 293 scrips listed in this group created by the exchange for companies which had erred in following listing norms of the exchange and other regulations. The companies are now traded in the B2 group.

The exchange has evolved a method by which an alert message will be flashed on the BOLT terminal when trading in any of the Z listed scrips.
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Plantation companies face contempt proceedings
Mumbai: The Securities and Exchange Board of India is planning to initiate contempt proceedings against 400 plantation companies which are yet to furnish details of their assets in keeping with the Delhi High Ccourt's directive. Sebi is expected to move the Delhi Hhigh Court in this matter.

Notices were issued to 613 plantation and collective investment schemes in October last year. They had been asked to get themselves credit-rated, to provide a list of their assets and liabilities, and the directors of these companies were asked to furnish their assets.

Sebi finds that nearly 470 companies have not complied with the court's order. The matter will come up for hearing on 28 July, and Sebi is planning to push for contempt of court proceedings against these companies.
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ICICI to invest in overseas ventures
Mumbai: ICICI Ltd is planning to invest 50 per cent of funds raised from international equity markets in financing overseas ventures of Indian companies.

ICICI is targeting to raise $400 to $500 million through the issue of depository receipts by September end.

Under the current guidelines, ICICI can make direct investments abroad from the proceeds of a depository issue, subject to a limit of 50 per cent of the issue amount. The financial institution finds that a number of Indian companies are pursuing growth opportunities through overseas investments.
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UTI retains 6 PSU scrips
New Delhi: The Unit Trust of India has retained buoyant public sector unit scrips including those of Mahanagar Telephone Nigam, Hindustan Petroleum Corporation and Bharat Petroleum Corporation after it had decided to transfer the PSU share portfolio of the US-64 scheme to a SUS-99 as part of the bail-out package.

It has already transferred 29 scrips to the SUS-99.

The scrips retained by UTI have been seeing appreciation in value since October last year, when UTI ran into problems. These shares are now found to be valued at much more than their book value The bail-out package envisaged transfer of all the PSU scrips in the US-64 portfolio to SUS-99 at book value redeemable at the end of five years through a routing mechanism. The 35 scrips were valued at around Rs 4,800 crore in October last. 
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