Stocks recover
Mumbai: Stock markets showed some signs of firming up on 17 September 1999. The Bombay Stock Exchange index of 30 shares moved up by 47 points from 4,571 on 16 September 1999 to close at 4,618. The National Stock Exchange index of 50 shares closed at 1,360, up 9 points.

Once again, software stocks such as Infosys, NIIT, Satyam Computers, Mastek, BFL Software, Pentafour Software and Digital kept sentiment up.
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NSE may introduce daily badla
Mumbai: The National Stock Exchange may offer daily badla within the rolling system, according to a report in the Business Standard. In a proposal submitted to the Securities and Exchange Board of India, the NSE says that the system will be somewhat similar to that of the continuous net settlement system being followed in several developed markets.

In the continuous system, the seller is allowed to defer delivery by a day or the buyer is provided leeway to pay the next day. The NSE proposal intends to be a hybrid of the two. It intends to allow both deferment of payment and delivery.

NSE is also planning to offer derivatives trading once the regulations in this regard are cleared by the Sebi.
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Kotharis sell ITI stake
Chennai: According to a report in the Business Standard, the Kotharis have sold their 24 per cent stake in Chennai-based Investment Trust of India to TCK Finance and Leasing of Calcutta at Rs.24 per share.

ITI is co-promoter of the highly successful Kothari-Pioneer Asset Management Company. The other partner is the Pioneer Group of the US.

As per the guidelines of the Securities and Exchange Board of India, the new buyers have to now make a public offer.
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UTI- Manulife MoU not renewed
Mumbai: The memorandum of understanding signed between the Unit Trust of India and the Canadian Manulife Financial Corporation for a pension fund joint venture, has not been renewed. According to a report in the Business Standard, this puts an end to the proposed venture. The reason for the non-renewal is that the pension fund sector is yet to be opened up in India.

In the meantime, UTI has converted five of its software, pharma, petro, services and brand value funds into open-ended schemes. These funds will henceforth report daily net asset values. All these funds were launched in the period May-June 1999.

The pharma fund has an NAV of 21.2 per cent and the software fund has an NAV of Rs.13.67 already. The petro, services and brand value funds have NAVs of Rs.10.52, Rs.10.08 and Rs.10.7 respectively.
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OTCEI subsidiary to become NSE member
Mumbai: The Over the Counter Exchange of India will float a subsidiary, which will apply for membership at the National Stock Exchange. OTCEI members will then be able to trade on the NSE without having a NSE membership.

OTCEI has about 700 members. There is very little trading on that exchange, and members are looking for ways of expanding volumes. The new move will help them trade on the NSE without incurring initial costs.
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Kotak to introduce customised MF scheme
Mumbai: K Gilt Serial Plan, to be launched by Kotak Mahindra Asset Management Company, will provide investors with the option of choosing the maturity profile of the investments in government securities. From investors' angle, the facility would eliminate credit and price related risks.

The K Gilt series has consecutive maturities. The K Gilt 2001, matures on 31 December 2001. The other such schemes are for the years 2003, 2005 and so on until 2019.
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