Infotech stocks in limelight again
Mumbai: A reduced inflow of funds from foreign institutional investors and somewhat dull quarter one results of major commodities companies contributed to a weak market. The 30-scrip Sensex rose 5 points to 4598.18.

Investors, not happy with the performance of commodity companies, turned to information technology scrips, with almost all the leaders closing sharply higher. Infosys gained by Rs 225 to Rs 4,725, NIIT Rs 31 to Rs 2,105, Satyam Computers Rs 60 to Rs 1,705, Pentafour Software Rs 78 to Rs 1,285, Wipro Rs 373 to Rs 5,.033 and Digital Equipment Rs 44 to Rs 659.
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UTI told to stop assuring returns
Mumbai: The asset management committee of the Unit Trust of India has recommended that UTI should immediately stop assuring returns on its schemes.

The committee has also recommended that the monthly income plan, which UTI plans to launch in August, should be deferred to a later date. It is also not in favour of UTI assuring fixed returns even for a year as is being envisaged for its next MIP schemes.
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OTCEI plans long-term strategy
Mumbai: The Over the Counter Exchange of India is in the process of formulating a long-term strategy. One of the options being considered is to hand over the entire management of the exchange to the National Stock Exchange, says a report in the Business Standard.

The promoter institutions of the exchange are meeting shortly to discuss the strategy.

The exchange has initiated a number of cost-cutting measures and the promoters are looking at the viability of the exchange giving precedence to sectors like venture capital and infotech in its activities.
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6 exchanges face extinction, says Sebi
Mumbai: The Securities and Exchange Board of India has identified six regional exchanges -- Guwahati, Magadh, Bhubaneswar, Indore, Rajkot and Jaipur -- which have little or no trading at all now. These exchanges face extinction, D.R. Mehta, chairman of Sebi, told a meeting of the Association of Mutual Funds in India.

Sebi has asked these exchanges to come up with a revival plan, but they have not done so. These exchanges could consider a merger, and Sebi would offer all possible assistance, Mr Mehta added.
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Advisory panel on MFs
Mumbai: The Securities and Exchange Board of India is setting up an advisory committee for mutual funds on the lines of the regulator's advisory committees on primary and secondary markets. The committee will be headed by B.G. Deshmukh, former cabinet secretary.

D.R. Mehta, chairman of Sebi, said the committee will have representatives of Unit Trust of India, Association for Mutual Funds in India and the Institute of Chartered Accountants and the Institute of Company Secretaries, in addition to others as members.
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P1 rating for Godrej GE paper
Mumbai: Credit rating agency Crisil, has accorded a P1 (very strong with relatively higher standing within the category) rating to the commercial paper programme of Godrej GE Appliances for an enhanced amount of Rs 68 crore.
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Andhra Bank IPO
Hyderabad: Andhra Bank is coming out with a Rs 115-crore initial public offer sometime in December 1999. The bank is awaiting approval from the ministry of finance for the IPO.

The bank has wiped out its accumulated losses of Rs 243.37 crore in March 1999. It had earlier tapped the market with a Rs 100-crore subordinated debt issue on 3 May through the private placement route.
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