Markets
confused
Mumbai: The major stock markets showed
a confusing trend, with movement in a narrow range. The
reason: the pending election results.
The
Bombay Stock Exchange index of 30 shares rose by 23 points
to close at 4,641. The previous trading close was 4,618.
The National Stock Exchange index of 50 shares closed
at 1,358, a loss of 2 points from the previous trading
close.
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Infosys, TimesBank steal the limelight
Mumbai: The Infosys Technologies share
price shot up to cross the Rs.7,000 mark. With this rise,
Infosys has become the company with the fourth highest
market capitalisation in the country. Its market capitalisation
is currently Rs.23,375 crore.
The top
three in terms of market capitalisation in the country
are Hindustan Lever Ltd. (Rs.54,662 crore), Oil and Natural
Gas Commission (Rs.31,655 crore) and Wipro (Rs.24,886
crore). On both the Bombay Stock Exchange and the National
Stock Exchange, 1.2 lakh shares each of Infosys were traded
on 20 September 1999.
Timesbanks
shares made their debut on the bourses at Rs.15 per share.
The bank had recently made a primary market issue, aggregating
Rs.35 crore at Rs 10 a share. The share touched an intra-day
high of Rs.16.9. Over 7,26,000 shares were traded in the
scrip.
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NSDL,
NSE, BSE, Sebi plans rolling settlement
Mumbai: The National Securities Depository
Ltd., the National Stock Exchange, the Bombay Stock Exchange
and the Securities and Exchange Board of India are preparing
a timetable for the rolling settlement plan, scheduled
to begin in December 1999. The timetable will facilitate
smooth communication between the depositories, their participants
and clients of the participants.
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Hughes
IPO at Rs.480-Rs.630
Mumbai: Hughes Software Systems Ltd.
has set a price range of Rs.480 to Rs.630 for its maiden
equity offer of 43,75,000 shares. Of the total, 8,75,000
shares will constitute new equity and 35,00,000 shares
as an offer of sale by existing shareholders.
Close to
90 per cent of the shares will be sold through the book
building method, and the balance 10 per cent will be sold
to the public on a fixed price basis.
In 1998-1999,
Hughes made a net profit of Rs.22.4 crore on a turnover
of Rs.87.3 crore. In 1999-2000, the company has projected
a net profit of Rs.26.2 crore on a turnover of Rs.105
crore. The company employs 760 people.
US-based
Hughes Electronics, HNS-India and HNS Mauritius Holdings
have promoted Hughes Software. They hold a 76 per stake
currently. Post-issue, their stake is expected to come
down to 56 per cent.
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Sebi
to push for near-total demat trading
Mumbai: The Securities and Exchange Board
of India wants all A group shares to be traded
in the dematerialised mode. Sebis ultimate aim is
to have 95 per cent of all trades done on the exchanges
through the dematerialised mode.
Currently,
104 out of the 156 shares in the Bombay Stock Exchange's
A group are in the compulsory dematerialised
list. Sebi wants the remaining 52 shares also to be traded
in demat form.
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Gontermann
converts debt to equity
Calcutta: Ispat group company, Gontermann
Peipers (India) Ltd. has converted Rs.145 crore of debt
into equity with effect from 23 July 1999. The amount
was raised through a rights-cum-public issue of fully
convertible debenture issue of Rs.100 each in 1997. With
this move, Gontermanns debt-equity ratio has become
healthier at 2.08:1.
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