Markets close lower
Mumbai: The Bombay Stock Exchange index of 30 shares declined from 4,797 on 29 September 1999 to close at 4,764 on 30 September 1999, down 33 points. The National Stock Exchange index of 50 shares closed at 1,413, a loss of 2.2 points.

The NSE managed to show some initial gains but, after 1 p.m., till the end of trading at 4 p.m., the ‘Nifty’ remained almost constant, and closed marginally lower. The BSE started drifting downwards right from the beginning of trading.

On the BSE, Zee Telefilms tumbled by Rs.354 to close at Rs.4,471. DSQ Software once again hit the higher end of the circuit breaker as its share price touched Rs.264. Polaris Software, in its first week of trading on the BSE, touched Rs.835 before closing lower at Rs.723. The company had recently come out with a public issue at Rs.220 per share.

The market capitalisation of information technology companies has touched a record level of Rs.1,04,709 crore or $24 billion. This is around 20 per cent of the market capitalisation of the entire stock market.
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Hughes in a pathbreaking move
Mumbai: Hughes Software Systems, which had recently come out with a private placement of equity shares through the book building route, has decided to adopt international allotment norms.

Kotak Mahindra Capital Company, the lead manager to the issue, will allot the shares on a discretionary basis, taking into account the quality of investors and price leadership. This becomes the first Indian issue where international norms will be adopted for allotment as in the US and European markets.

Through the private placement, Hughes had targeted Rs.250 crore, but received application money worth Rs.6,000 crore.
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PNB Mutual to start stock-lending
New Delhi: PNB Mutual Fund, promoted by Punjab National Bank, will offer a stock-lending facility so as to enhance market liquidity. The facility will be available to those who have sold shares in the stock markets, but do not possess them to make delivery.

The mutual fund will begin stock lending as soon as it receives permission from the Securities and Exchange Board of India.
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Sony cannot come out with IPO: Sebi
Mumbai: Sony Entertainment Television has decided to defer its public issue as the Securities and Exchange Board of India indicated to it that it cannot make an IPO for just 10 per cent of its equity.

In the meantime, United Television will come out with a Rs.100 crore issue in the months of December 1999-January 2000.
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Centurion Bank issue may be oversubscribed
Mumbai: Centurion Bank, whose Rs.33.75 crore, par issue closed on 29 September 1999, may have received an over-subscription of about three times. The bank has received about 90,000 applications, of which most are for 1,000 shares. This means that most of the investors have been from the retail category. The bank has a book value of Rs.17.
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Toyota lists on New York, London bourses
New York: Toyota Motor Corporation has debuted on the New York Stock Exchange and the London Stock Exchange in a bid to rev up its image among international investors. However, analysts said the response has not been very positive.

The car maker's shares will be traded on the New York Stock Exchange under the symbol TM as sponsored American Depository Receipts. Toyota is the thirteenth Japanese firm to list on the New York Stock Exchange, which has some 3,100 companies.
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