Cement shares lead market recovery
Mumbai: Cement shares pioneered a recovery on the stock markets after three consecutive days of bear activity. Gujarat Ambuja Cements' shares flared up by the maximum permissible limit of 8 per cent and touched a 52-week high of Rs 409.30. It recorded a high volume of 8.57 lakh shares on the Bombay Stock Exchange. The flare-up was mainly on account of rumours of a bonus issue.

There was also strong demand for cement shares as news about higher demand for cement all over the country in spite of rains has reached the market. ACC, Grasim and Madras Cements were other cement stocks whose prices went up by 8 per cent. Larsen & Toubro, Kesoram and India Cements too witnessed significant gains.

The buoyant sentiment contributed to a 33 point increase in the Sensex of the Bombay Stock Exchange. The Sensex closed at 4527.30. The volume of business on the Bombay and National Stock exchanges also went to an aggregate of Rs 5,339 crore from Rs 4,363.

Infotech stocks also continued to rule firm with Satyam moving up by Rs 60 to Rs 1,825 and Visual Software by Rs 77 to a new high of Rs 1,785.
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Britannia, Satyam in Nifty
Mumbai: The National Stock Exchange has revamped its 50-share S&P CNX Nifty with two new companies, Satyam Computer Services and Britannia Industries replacing Industrial Finance Corporation of India and Indian Rayon and Industries.

The changes will become effective from 8 September.
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Sebi plans uniform margins
Mumbai: The Securities and Exchange Board of India is thinking in terms of a common set of exposure margins for all stock exchanges in the country.

"We have been working towards streamlining the margin systems and have recently fine-tuned and standardised the volatility and mark-to-market margins being collected from members. These have come into effect from 31 July. The next step is to bring in a common set of exposure margins as these currently vary across the exchanges. The issue will be discussed by the committee on margins shortly, L.K. Singhvi, Sebi's senior executive director said.
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Saregama shares to be traded on OFEX
Calcutta: The shares of Saregama Plc, a subsidiary of Gramaphone Company of India will be traded on the UK bourse, OFEX from 10 August.

The company had made a share offer for 2.665 million pounds and the issue was oversubscribed. This is for the first time that an Indian majority-owned company has been floated in the UK.

Saregama was incorporated in the UK to manufacture and market Indian CDs and music cassettes in the NRI territories of Europe, UK and the US.
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Sebi suggests stiffer law
Mumbai: The Securities and Exchange Board of India officials have advised the Kumarmangalam Birla committee on corporate governance not to rely on enforcing norms through the listing agreement.

The penalty for violation of the listing agreement is Rs 1,000 and it is, therefore, crucial that the penalty is either enhanced or other measures are implemented.
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3 MFs for portfolio management services
Mumbai: Three private sector mutual funds have sought permission of the Securities and Exchange Board of India to offer portfolio management services to clients.

Prudential ICICI Asset Management Company, Templeton Asset Management (India) and Jardine Fleming India Asset Management are the three companies, which have applied to Sebi.

Sebi had earlier announced guidelines for portfolio management services for mutual funds following which several brokerage houses had been granted licences to function as PMS managers/advisors. No mutual fund asset management company has been granted approval for starting PMS services.
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Stricter delisting norms by NYSE
Mumbai: Indian companies seeking listing on the New York Stock exchange will have to tackle several barriers that have come in the light of an amendment issued by the regulator, the Securities and Exchange Commission.

The amendment covers delisting and any company wanting to delist will have to obtain the prior approval of its audit committee and would have to notify 35 of its largest shareholders of record in writing off its intention to delist from the exchange. The company will also have to wait for a minimum 20 business days before delisting.
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DCW to issue rights shares
Mumbai: DCW has decided to issue rights shares in the ratio of 1:5 . The board of the company, at its meeting on 30 July also decided to issue detachable warrants along with each right equity share against which open equity share of Rs 10 at par will be allotted to the warrantholder.
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S&P, Morgan Stanley plan new index
London: Standard & Poor's and Morgan Stanley International are launching a classification standard grouping equity stocks from different countries into sectors as a tool for global fund managers.

It marks a further intensification of the battle between index providers to set the global benchmark for cross-border equity investors.

The move marks the end of the partnership between S&P and FTSE International, the UK's leading index providers. S&P is likely to be removed from the FT/S&P Actuarial World Index benchmark, a widely used index for fund managers investing in international equity markets.
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