Interest in infotech stocks as markets go down
Mumbai: The stock markets witnessed a trend of investors switching over to defensive infotech stocks. This, along with smaller inflows from foreign institutional investors, higher badla charges and uncertainty over the first quarter results of major companies, brought the market down. The 30-share Sensex of the Bombay Stock Exchange fell sharply to a day's low of 4592.67 to recover and close at 4625.40, down 46.72 points from the weekend's close.

The fall, led by cement shares, spread to other shares. Infotech scrips showed some activity with Infosys Technologies gaining Rs 64 to Rs 4,573.90, NIIT Rs 68.80 to Rs 2,110, Satyam Computer by Rs 25.90 to Rs 1,581 and Pentafour Software Rs 19.70 to Rs 1,216.70 and Wipro Rs 216 to Rs 4,635.

Other gainers included Zee Telefilms, Ranbaxy and ITC.
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BSE plans system upgradation
Mumbai: The Bombay Stock Exchange is planning a Rs 70-crore hardware and software upgradation to provide the bourse with state-of-the-art technology. The upgradation through Tandem's S72000 series will provide for multi-fold increases in trading volume capacities.

BSE president Anand Rathi said the governing board of the exchange has approved the upgradation proposal.
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Satyam plans ADRs in two stages
Mumbai: Satyam Computer Services is planning its issue of American depository receipts in two stages.

"The initial stage covers the proposal to raise funds through an equity placement, the proceeds of which will be primarily used to retire all debt," the company said in a statement. "Stage two will be the issue of ADRs to be listed in the US towards the beginning of the next financial year.
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Crisil launches 2 new indices
Mumbai: Crisil has announced the launch of a gilt index to track down the government of India dated securities and a AAA bond index to keep a watch on those issued by AAA-rated companies and financial service providers.

Both the indices will be published by Crisil Research and Information Services rather than Indian Index Services and Products, a joint venture between Crisil and the National Stock Exchange of India. The indices will be calculated and published daily and will be weighted in proportion to the amount outstanding of the specific security of each of the constituent companies of the AAA index.
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Crisil downgrade for Jindal Iron and Steel debentures
Mumbai: Crisil downgraded the Rs 460 crore non-convertible debentures issue of Jindal Iron and Steel Company buy three notches to NBB (inadequate safety) from BBB+.

Jindal Iron and Steel Company is the ninth in a growing list of steel companies rated by Crisil to fall below investment grade.

Tata Iron and Steel Company gets an AA+ (highest safety with relatively higher standing within the category) rating. The public sector Kudremukh Iron and Steel Company has a similar rating.
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