Badla rates go up
Mumbai: Badla rates rose by an average of 2 per cent to settle in the 22.2 to 23 per cent range during the badla session on the Bombay Stock Exchange in the week ended on 17 September.

According to brokers, the net long positions were at Rs 2,500 crore against Rs 2,250 crore for the week ended on 10 September.The sharp rise is attributed to new A group entrants whose prices and volumes witnessed a spurt.
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Foreign funds unloading shares
Mumbai: Foreign institutional investors are apparently not inclined to take any risks. They are going by the exit polls and are unloading the stocks they have acquired in the past. In the first 16 days of September, these institutions have accounted for net sales of Rs 423 crore.

The institutions have sold infotech, pharma and cement stocks, which had appreciated remarkably in the recent past. The shares of Telco, Larsen & Toubro, ACC, Infosys Technologies, Ranbaxy Laboratories and Digital Equipment have been under pressure, according to a study by The Economic Times.

Till July 1999, the foreign funds have been net buyers and have invested about Rs 5,318 crore in Indian equities.
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Big plans for Bangalore bourse
Bangalore: The Bangalore Stock Exchange has drawn up an ambitious plan to be listed as a profit-driven corporate entity by 2005. Pankaj J. Shah, president of the exchange, said at the annual general meeting of the exchange that the BgSE will become one of the largest breakage houses in the country through strategic alliances at the national and global levels, by providing multiple markets and financial products to its trading members.

It will have equity trading volumes of around Rs 1,000 crore per day by 2005, he said. The bourse plans to make investment in technology to the extent of 20 per cent of its gross income.
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SAIL's Icra rating under watch
Mumbai: Credit rating agency Icra has decided to place the LBBB+ rating (moderate safety with relatively higher standing within the category) given to the Steel Authority of India Ltd under watch. This follows the downgrade of the company to BB by Crisil, another rating agency.
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