BSE
falls sharply, NSE gains marginally
Mumbai: The Bombay Stock Exchange index
of 30 shares closed at 4,661 on 15 September 1999, down
70 points from the previous close. The National Stock
Exchange index of 50 shares closed at 1375 points, a gain
of 4. It was a new settlement day at the NSE and operators
would have probably shifted their positions from the BSE
to the NSE.
Shares in
the limelight were Satyam Computers, Zee Telefilms, Reliance
Industries, Ranbaxy Laboratories and Digital Equipment.
Meanwhile,
the BSE has delisted Altos India and Shrishti Videocorp
owing to court orders that stated the companies were in
the process of being wound up.
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Sebi
announces rolling settlement shortlist
Mumbai: The Securities and Exchange Board
of India has announced a list of 46 shares that will figure
in the rolling settlement system planned from December
first week. Of the 46 shares, 15 will come under the rolling
system only after the start of the daily badla. These
15 are currently part of the specified or A
group shares on the Bombay Stock Exchange.
The 46 shares
shortlisted are given below in alphabetical order:
From
the badla category: ACC, Bajaj Auto, BHEL, BPL,
Castrol India, Digital Equipment, Dr.Reddys, Glaxo,
Hindustan Lever, HCL Infosystems, Infosys, MTNL, NIIT,
Sterlite, Tisco.
From
the non-badla category: Birla Global Finance,
Chambal Fertilisers, Concor, DLF Cement, Essar Steel,
Federal Bank, GAIL, Global Trust Bank, IFCI, Indo Rama
Synthetics, IndusInd Bank, Jindal Iron and Steel, Krishna
Filaments, MRPL, Nalco, Oswal Agro Mills, Prism Cement,
SPIC, VSNL
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Private
sector MFs show 20% growth
Mumbai: According to Association of Mutual
Funds of India, private sector Indian mutual funds have
around Rs.12,619 crore of assets under their management.
In August 1999 alone, the mop-up of private sector mutual
funds has been 20 per cent higher over July 1999.
During
the five months ended August 1999, private mutual funds
increased their assets under management by close to 83
per cent from their level in March 1999. Private funds
have mopped up around 44 per cent of the total amount
of Rs.13,009 crore during the five months of financial
year 1999-2000. UTIs share was 51 per cent.
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IDBI
signs MoU with Principal
Mumbai: The Industrial Development Bank
of India has signed a memorandum of understanding with
the Principal financial group of the US, enabling the
American group to pick up a 50 per cent stake in IDBI
Investment Management company from IDBI. The financial
considerations are being worked out.
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Sebi
may allow covered short-sales by MFs
Mumbai: The Securities and Exchange Board
of India is close to allowing mutual funds and domestic
institutions to do covered short sales by permitting them
to borrow securities. For allowing foreign institutional
investors, the Sebi has to get clearance from the Reserve
Bank of India and the Union government.
Sebi is
also set to disallow the current practice of custodians
who pay for shares only when the broker delivers them
and not on the pay-in day at the concerned exchanges.
Sebi
will also shortly introduce unlisted securities trading
on the Over The Counter Exchange of India.
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Issues
Mumbai:
The 12.5 per cent, three year, Rs.900-crore bond issue
of Ashok Leyland has been fully subscribed.
West
Bengal Infrastructure Development Finance Corporations
13.6 per cent, seven year, Rs.200-crore bond issue is
slated to open today. The interest will be payable semi-annually.
Reliance
Petroleums 13 per cent, five year, Rs.100-crore
bond issue has closed following full subscription.
Mumbais
Euro Asian Securities is planning a Rs.30
crore equity issue at a price of Rs.50 per share. The
promoters will be offloading a 25 per cent stake to the
public through the issue.
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Peerless
General files petition against Canara Bank
Calcutta: Peerless General Finance and
Investment Company Ltd. is dragging Canara Bank to court.
The case is over Canara Banks mutual fund subsidiarys
Cantriple Plus scheme, which had earlier assured returns
of over 300 per cent in 90 months. Subsequently, the mutual
fund made certain modifications, whereby the returns were
not as high.
Peerless
is making the Securities and Exchange Board of India also
a party to the case since it claims Sebi had failed to
take action against Canbank Mutual Fund.
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Fidelity
to enter India
Mumbai:
Fidelity Investments, the worlds largest mutual
fund, will set up shop in India. Plans are being worked
out at its Bahrain office that reports to Fidelity, London.
Fidelity
manages around $801 billion of assets globally, runs 150
schemes and has over 15 million investors. It is the worlds
single largest employer of fund managers.
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