Stock market may move sharply down today
Mumbai: The shooting down of a Pakistani spy aircraft in Kutch in Gujarat could take the stock markets down today. The news of the shooting down of the aircraft came after the markets closed on Tuesday, which means there is a possibility of the Bombay Stock Exchange's Sensex opening sharply weaker on Wednesday. Market sources say that the decline could be anywhere in the region of 175 to 200 points.

The markets were down by 45 points on Tuesday. There was lack of activity from foreign funds and local operators were also seen unwinding their long positions.

(On Tuesday, an IAF Mig-21, shot down a Pakistani maritime patrol aircraft, reportedly intruding Indian territory. )
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UTI's US-64 inflows slump
Mumbai: The net inflows into the Unit Trust of India's flagship US 64 scheme has dipped to Rs.1,028 crore, which is down by more than 50 per cent from the previous year’s level, while the inflows were in the region of Rs.2,500 crore.

The gross sales of the scheme in July were Rs.1,286 crore, and repurchases were Rs.258 crore. In the same period in the previous year, the sales and repurchases were Rs.3,300 crore and Rs.800 crore respectively.

Retail sales this year were only Rs.300 crore while Rs.450 crore came from financial institutions such as Industrial Development Bank of India, Life Insurance Corporation of India and State Bank of India.

The committee set up to review the functioning of US 64 scheme, headed by Deepak Parekh, has recommended that the initial contributors, mainly the financial institutions, should inject permanent funds into the scheme, amounting to at least Rs.500 crore at the current sale price.
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Sebi wants to further streamline the IPO market
Mumbai: With many public issues in the pipeline, the Securities and Exchange Board of India is reconvening the Y H Malegam Ccommittee for bringing Indian disclosure norms closer to world standards, the Business Standard reported.

According to O P Gahrotra, senior executive director, in-charge of primary markets, this issue is high on Sebi’s agenda, since the timing is right. The Malegam Committee, which has given one set of disclosure norms for public issues, was set up way back in 1995, after the MS Shoes primary market scam.

Sebi has committees for secondary market disclosures, headed by C B Bhave and a corporate governance committee headed by Kumar Mangalam Birla.
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BSE plans for alternative to badla
Mumbai: The Bombay Stock Exchange is devising plans for introducing a revised form of badla which will work well in a rolling settlement scheme as planned by the Securities and Exchange Board of India.

Sebi had announced on Monday that it would be introducing rolling settlement for 10 stocks, starting December first week. With this announcement, the BSE players feared that badla would not survive if settlements are shifted from the current weekly basis to a daily basis.
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UTI-UGS-10000 performs extremely well
Mumbai: The UGS-10000 scheme has shown a rise of 54.2 per cent in its net asset value to Rs.15.42. Hindustan Lever alone accounted for more than 21 per cent of the scheme.

The other stocks the scheme had booked or realised profits were Pfizer, Smithkline Beecham Consumer, ITC, NIIT, Glaxo and Carrier Aircon among others.

The scheme was to invest in stocks of pharmaceuticals and multinational companies and was launched in May 1998.
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