Prominent losers during the day were Telco and Tata Chemicals, each of which lost around 7 per cent. Others to decline were Tata Steel, Grasim, Mahindra and Mahindra, United Phosphorous, Hindalco and ITC.

The undertone, according to market sources, is so bullish that the BSE index will cross the 5000-mark in the next six months.
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Sebi recommends listing of foreign cos. in India
Mumbai: The Securities and Exchange Board of India has recommended the listing of foreign companies in India. According to a report in The Economic Times, the listing norms would be akin to those prevailing on stock exchanges abroad, such as the Nasdaq.

To become eligible for getting listed in India, a foreign company will have to raise capital from India. The company will be required to comply with Sebi and Company Law regulations.

Sebi has also decided to give high priority to the issue of internet-based stockmarket  trading in the country. A sub-group studying the issue has been given 30 days to recommend standard message formats between networks, according to a report in the Business Standard.

The committee includes D B Phatak, of IIT Mumbai, Sebi senior executive directors L K Singhvi and O P Gahrotra and executive director Dharmishta Raval, apart from senior officials from the department of telecommunications.
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Kotak Mahindra will share AMC fees
Mumbai: Kotak Mahindra Mutual Fund’s asset management company, Kotak Mahindra AMC, will be sharing the AMC fees with investors in its forthcoming K Bond income fund.

The sharing will be 0.25 per cent, 0.6 per cent and 1 per cent for redemption made by investors after one, two and three years respectively.
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Sebi committee recommends rolling settlements
Mumbai: A Sebi committee on rolling settlements has recommended that such settlements should be started at all the stock exchanges that are connected to depositories. It has also suggested that it should be open for all types of investors.

A T+5 settlement system (that is, five days after the transaction) has been suggested for the system. To begin with, Sebi will introduce rolling settlement in 10 stocks starting from the first week of December.

The committee is of the opinion that, at the time of introduction, the shares that are prevalent in the carry-forward category may not be taken. Also it will take shares where there is just moderate level of liquidity.
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MFs see net inflow of Rs.1,476 crore in July
Mumbai: The net inflow into the mutual fund sector during July 1999 was Rs.1,476 crore. Total assets managed by the mutual funds rose to Rs.79,501 crore at end-July 1999. The largest contributor to the inflow was the Unit Trust of India.
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Goldman loses US $100 million
London: US-based investment banker, Goldman Sachs, has lost $100 million in its swap operations conducted in London. The investment banker refused to comment. But sources say that the loss occurred as the markets were unstable owing to expected interest rate rise in the US and Europe.
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