Pharma shares rule
Mumbai: The stock markets witnessed a reversal of the uptrend, mainly on account of profit-booking. But pharma shares redeemed the situation, Ranbaxy Laboratories in the lead. The share closed at 1,024.80 on the Bombay Stock Exchange.

The Sensex dropped 43 points to close at 4,601.19. Market watchers say the slide would have been worse but for the intense trading activity in pharma shares. Besides Ranbaxy, Cipla (up Rs 142), Dr Reddy's, Pfizer, Glaxo, E. Merck, Sun Pharma, Burroughs Wellcome and German Remedies ruled the market.

The combined volumes on the Bombay and National stock exchanges declined to Rs 4,716 crore from the record of Rs 5,656 crore registered on 5 August. Another reason for the lukewarm performance was the fear that badla rates in Bombay on 7 August would turn out higher, exceeding three per cent per month.
Back to News Review index page

Ranbaxy scrip at all-time high
Mumbai: Ranbaxy Laboratories' share reached a record level on the Bombay Stock Exchange at Rs 1,024.80, taking the market capitalisation of the company to Rs 12,031 crore against a figure of Rs 8,182 crore a month ago.

The scrip has been active for over a month, following news of talks about its deal with Bayer of Germany for a novel drug delivery system form of ciprofloxacin.

The scrip has gained nearly 47 per cent in the last one month. Its price on 6 July was Rs 687.60.

The combined volume in Ranbaxy shares on the BSE and NSE totalled 53.90 lakh shares against 26.60 lakh shares on 4 July, reflecting an increase of over 100 per cent. Several foreign institutional investors, the Unit Trust of India and leading bull operators are said to have acquired the company's shares.
Back to News Review index page

UTI restructures investment portfolio
Mumbai: The Unit Trust of India has given a higher weightage to growth sector stocks in its restructured US-64 investment portfolio. Growth stocks had a 25 per cent share in the portfolio on 30 June against a low 7.9 per cent share in the total corpus of Rs 16,000 crore, UTI said in a press statement.

Software stocks, which were not a priority for UTI in the top 25 holdings last year, find place in the new scheme of things. At least five leading software companies are among the top 50 holdings.

The top 10 holdings in 1999 (with amounts in rupees crore in brackets) are: Reliance Industries (1,457), ITC (1,403), State Bank of India (503), MTNL (443), Tata Steel (417), Reliance Petroleum (336), Larsen & Toubro (306), Pentafour Software (254), Hindustan Lever (1265) and Grasim (162). Infosys Technologies, Pentafour Software, Colgate, SmithKline Beecham Consumer, Global Tele-Systems, Satyam Computers Punjab Tractors and Hindustan Lever are debutantes in the top 25 investment priorities.
Back to News Review index page 

Demat requests to be cleared by 15 August
Mumbai: The National Securities Depository Ltd has received an assurance from leading registrars that the backlog in dematerialisation requests will be fully cleared by 15 August.

The registrars included Karvy Consultants, MCS, Tata Share Registry and officials of the registrars' association.

NSDL's managing director C.B. Bhave said the depository has received 3.75 lakh demat requests in the last fortnight, while 4.35 lakh requests have been confirmed in the same period. The registrars have assured NSDL that they will clear the backlog and the processing machinery which has been under strain due to the backlog will be back to normal.
Back to News Review index page

Sebi suspends Sony Securities' licence
Mumbai: The Securities and Exchange Board of India has suspended the registration of Sony Securities for two years effective 10 June 2000. A Sebi probe has found that the stock broker manipulated the prices of BPL, Videocon and Sterlite scrips on the Bombay and National stock exchanges in May and June 1998.
Back to News Review index page

BOLT system to be expanded
Mumbai: The Bombay Stock Exchange is planning to expand its online trading connection, BOLT, to 500 cities this year.

BSE president Anand Rathi said the exchange expects that the restrictions on setting up BOLT terminals, especially in cities having stock exchanges, will be removed.
Back to News Review index page

Demat kiosk in Rajkot
Rajkot: The State Bank of Saurashtra, in association with the Stock Holding Corporation of India, has installed a self-service dematerialised share trading kiosk at the bank's stock exchange branch in Rajkot.

The request trading machine, imported from Siemens Nixdorf of Germany, will enable the bank's customers to buy or sell shares with their brokers at the Bombay Stock Exchange or National Stock Exchange in Mumbai.
Back to News Review index page

Mutual fund NAVs outperform Sensex, Nifty
Mumbai: The net asset values of 45 out of 50 open-ended equity funds have out-performed the National Stock Exchange's S&P CNX Nifty in July 1999, according to a study by a research organisation, Credence. Against the Sensex of the Bombay Stock Exchange, 19 of the 50 have achieved this performance.

The Nifty had a 7.11 per cent gain in July and the Sensex 12.33 per cent gain.

The top performer has been Kothari Pioneer Infotech Fund, with an NAV growth of 25.63, more than double the growth in the Sensex and more than thrice that of the Nifty. Alliance Equity Fund and Apple Midas Fund-Goldshare occupied the third and fourth place with NAVs of 20.04 per cent and 18.05 per cent respectively.
Back to News Review index page