Bearish phase in stock market
Mumbai: The stock market has gone bearish. Lack of purchase by institutional investors and the last day of the settlement cycle saw prices retreating on the Bombay Stock exchange.

The benchmark BSE-30 Sensex dropped by 55.77 points to close at 4,487.87 points. The S&P CNX Nifty of the National Stock Exchange too lost 17.65 points to close at 1,291.85 points.

Shares of infotech companies reacted on profit taking by funds. Satyam Computer, Pentafour Software, Digital Equipment, NIIT and others lost ground. Satyam shares hit an all-time high of Rs 2,000 before closing at Rs 1,815, a loss of Rs 83.

Infosys Technologies, HCL Infosystems, Aftek Infosys and Fujitsu ICIM, however, recorded gains.

Two pharma shares, Wockhardt and Nicholas Piramal, were in demand as they hit the upward band on the exchanges.
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Sebi calls for vigil on IT stocks
Mumbai: The Securities and Exchange Board of India has asked stock exchanges to be on a tight vigil on software stocks in view of their volatility. The idea is to ensure that investors are not taken for a ride.

Sebi has advised a closer watch for the stocks of companies that have recently changed their names to add a software tag.
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Trading in 6.25 lakh DSQ Software shares barred
Mumbai: The Bombay Stock Exchange has suspended trading in 625,000 shares of DSQ Software, a Dinesh Dalmia group company. The shares are held in the name of Radha Dalmia, wife of Mr Dalmia, promoter of the company.

The move follows an order issued by the Chennai Debt Recovery Tribunal restraining the promoters from transferring their shareholdings in DSQ Software and two other companies as the companies owe banks around Rs 32 crore. The order is on a case filed by Bank of India.
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Private placement by Onward Technologies
Mumbai: Onward Technologies has placed seven lakh equity shares with a face value of Rs 10 each at a price of Rs 260 per share with a group of mutual funds including the Unit Trust of India, SBI Mutual Fund, Birla Mutual Fund and two foreign institutional investors.

Enam Financial Consultants has brokered the Rs 18.2-crore private placement deal. The funds generated will part-finance the company's capital expenditure on equipment.
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25 more in Z group
Mumbai: The Bombay Stock exchange has decided to shift 25 more companies to the Z group, in addition to the 350 companies already in this list.
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DSP Merrill Lynch plans new fund
Mumbai: DSP Merrill Lynch Mutual Fund has filed a prospectus with the Securities and Exchange Board of India to launch a dual plan, opened ended-government securities fund, investing exclusively in central government securities.

The fund is targeted at wholesale investors and has a total corpus size of Rs 860 crore.
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