Institutional investors activate market
Mumbai: Buoyed by institutional investors, the stock  market witnessed active trading which sent the benchmark 30-share Sensex of the Bombay Stock Exchange up by 116.7 points,  2.57 per cent to close at 4,644.07 points.Cement,software and pharmaceutical shares witnessed intense activity.

The trading intensity also saw the combined turnover of the Bombay and National stock exchanges reach a peak volume of Rs 5,656 crore, beating an earlier record of Rs 5,622 crore on 6 March. The surge was also attributed to speculative purchasing, mainly in cement shares, as market reports talked about  a 15 per cent growth in volume in the cement industry. The expectations were not belied as Gujarat Ambuja announced a 34 per cent growth in the fourth quarter of its financial year.

Infotech, consumer goods and pharma shares were also in the limelight and UTI has been a big buyer. Wipro, Mastek, Sonata Software, VisualSoft, Aftek Infosys, Infotech Enterprises, Pentafour Software and Satyam hit all-time highs in the infotech sector, while Ranbaxy, E. Merck, German Remedies, Dr Reddy's and Sun Pharmaceuticals in pharma and Gujarat Ambuja Cements, Madras Cements and Larsen and Toubro in cements were favourites.
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Gilt yields at record low
Mumbai: Yields in the gilt market   fell to record lows. A 10-year government security fell to 11.50 per cent. The rise in prices was backed by volumes in trade -- a turnover of Rs 2,140 crore on 4 August.

The heavy purchases had earlier taken the volume to a record Rs 2,215 crore on 3 August.  The Reserve Bank of India is expected to place for auction  its Rs 3,000 crore 11.99 per cent  2009, 10-year paper on 5 August. The 10-year paper was among the most highly traded.
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Sebi panel for market for unlisted securities
Mumbai: The Securities and Exchange Board of India's committee on venture capital is considering the viability of creating a market for unlisted securities in order to provide an exit route to venture funds.

Venture funds have been finding  it difficult to have an exit option in view of the tightening of norms for initial public offerings. Sebi is considering that the Over the Counter Exchange of India could be an ideal platform for trading in unlisted securities.
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18 companies change accounting year
Mumbai: Eighteen companies have informed the Bombay Stock Exchange of a change in their accounting year. The companies include BCS Software, Cupid Rubbers, Coimbatore Popular Spinning Mills, DCM Ltd, Dunlop India, European Software Alliances, Harijay Industries, Kilburn Engineering, Lakshmi Trade Credits, Lloyds Finance and Tinplate Company of India. Fourteen of these companies have sought extension of accounting period by three to six months over the normal 12-month period.

Analysts say companies resort to this step generally when their results are not good.
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Sebi summons Shriram Mutual trustees
Mumbai: The Securities and Exchange Board of India has summoned the trustees of Shriram Mutual Fund for a personal hearing on 16 August on the mutual fund's alleged involvement in the bail-out of brokers connected with last year's price rigging in the Videocon International scrip.

Sebi is understood to have received a response from the mutual fund in defense of the market regulator's notice. But, it is not satisfied with the response and the trustees and senior personnel of the asset management company have been called for a personal hearing.

This is for the first time that a mutual fund has been investigated  for price manipulation.
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VisualSoft raises Rs 42.75 crore
Mumbai: Hyderabad-based software company VisualSoft has raised Rs 42.75 crore by placing three lakh shares with foreign institutional investors and mutual funds. The placement has been completed at Rs 1,425 per share, while the cut off price as per Sebi formula worked out to Rs 1,.026 per share.

Three leading foreign funds, Schroders Capital Management, Battery March Asset Management and Morgan Stanley are expected to pick up majority of the placement.
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