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Turnover
at record high, markets up
Mumbai: The combined turnover of the
National Stock Exchange and the Bombay Stock Exchange
on 22 September 1999 touched a record high of Rs.6,296
crore. The previous high of Rs.6,212 crore was recorded
on 17 March 1999. Volatility on the BSE was much higher
compared to that on the NSE.
Volumes
on the BSE and on the NSE were Rs.2,766 crore and Rs.3,520
crore respectively on 22 September 1999. For the BSE it
was the highest ever turnover, while for the NSE it was
the second highest in its history.
The
markets started booming as soon as some television channels
indicated that the BJP will come back to power with a
clear majority. The BSE sensex of 30 shares closed at
4,687 going up by 54 points from the previous close
on 21 September 1999. The NSE index of 50 shares went
up by 36 points, to close at 1,386.
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ICICI
ADR issue a huge success
Mumbai: ICICI Ltd.’s American Depository
Shares issue has attracted around $1.6 billion -- an oversubscription
of around 500 per cent. The shares of ICICI got listed
on the New York Stock Exchange with the code ‘ICD’,
at $11. The list price was $9.8 per share.
ICICI
had targeted $315 million to be netted through the issue.
The oversubscription of over four times shows the perception
of the US investors about the Indian markets in general
and ICICI, in particular.
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Sebi
thinks of waiving turnover fee
Mumbai: The Securities and Exchange Board
of India is considering the waiver of turnover fees of
the smaller stock exchanges that become members of the
bigger stock exchanges, for a few initial years. A decision
on this issue will be taken by October 1999. This shows
that the revival of the smaller stock exchanges is high
on Sebi’s agenda.
Sebi
is currently faced with court battles on the issue of
turnover fees, which brokers are supposed to pay at the
rate of 0.001 per cent of their turnover to Sebi.
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SHCIL-United
Bank in joint venture
Calcutta: The Stock Holding Corporation
of India Ltd. and the United Bank of India will jointly
launch STOCKdirect. It is a network that connects banks,
brokers and SHCIL and will facilitate investors to trade
online in a safe manner.
Brokers
at Mumbai and Rajkot are already using this system, as
SHCIL is in the process of expanding the facility to other
places such as Chandigarh, Hyderabad, Ludhiana and Delhi.
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Satyam
Infoway plans ADR
Mumbai: Satyam Infoway is planning an
American Depository Receipts issue. It has filed Form
F1 with the Securities & Exchange Commission of the
US. The issue amount is expected to be around $50 million.
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Wipro
splits to Rs.2 shares from Rs.10
Mumbai: Wipro Ltd. stock has been split
from Rs.10 paid up to Rs.2 paid up shares on the National
Stock Exchange. The share is currently traded in the region
of Rs.1,240 per share.
When
the face value of the share was Rs.10, Wipro was quoted
at Rs.6,100 per share. As soon the announcement of the
splitting of the face value was announced, the volumes
and the price fell on the NSE. On the Bombay Stock Exchange,
the stock has not been split. It is still a Rs.10 share.
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