Markets show firming-up
Mumbai: Stocks firmed up again after a slight reversal on 20 July, with pivotals gaining on speculative buying. Foreign institutional investors were active at select counters, and the volume of business was also reported to be good.

The 30-scrip Sensex of the Bombay Stock Exchange rose from 4,617.82 to close at 4,659.49, after touching an intra-day high of 4,689.62. The increase is nearly half the 99 points lost on 21 July.

The recovery was led by pharma shares. Almost all pharma shares were on the upward trend, and some of them hit circuit brakes, with Ranbaxy flaring up 8 per cent to a new 52-week high of Rs 866. Novartis, Pfizer, Knoll and Rhone Poulenc also moved up 8 per cent.

IT shares also showed signs of recovery led by Digital Equipment, Satyam Computers, and Pentafour. Infosys, however, declined further by over six per cent to close at Rs 4,772, following a sharp fall in the company's ADR prices.
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UTI takes up fund overhaul
Calcutta: The Unit Trust of India has undertaken a complete overhaul of its backroom technology to enable the mutual fund to implement full integration of various equity focused funds. UTI chairman P.S. Subramaniam said the trust is going through a process of business re-engineering and is working on a module to integrate its systems in keeping with its central focus, which is ensuring maximum value to unit holders

The trust has also taken steps to introduce the M-Fund accounting systems followed by fund management companies worldwide, he said.

UTI will relaunch two offshore funds during 1999-2000 -- a $500 million infrastructure fund and a $50 million venture capital fund.
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Another 400 in Z category
Mumbai: The Bombay Stock Exchange is to announce another 400 companies to be shifted to Z group. It has shortlisted these companies in addition to the 293 companies already shifted to the group with effect from 26 July.

Z group companies are those that have violated listing norms and other regulations of the exchange. 
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