Sensex hits all time high
Mumbai: The markets were very bullish on 7 October 1999. With the BJP alliance showing enough strength to form a government, the markets turned distinctly positive.

Intra-day, the Bombay Stock Exchange index of 30 shares touched 4,985, before closing at 4,963, up 265 points. The National Stock Exchange index of 50 shares closed at its all-time high of 1,469, up 77 points. The volumes were Rs.4,020 crore on the NSE, another all-time record for the bourse.

On the BSE, 187 shares touched the upper end of the circuit filter, of which 39 were from the A group. On the NSE, 173 companies hit the higher end of the circuit.
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Syndicate Bank’s maiden offer
New Delhi: Syndicate Bank will come out with a par issue to raise Rs.125 crore. This will mark a government divestment to the extent of 31 per cent in the bank. The bank has an equity capital of Rs.362 crore. During 1998, the bank was allowed to write off its non-performing assets with capital infusion.
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Telco to issue bonds
Mumbai: Tata group company Tata Engineering and Locomotive company will come out with a Rs.150-crore bond issue with tenures between five and seven years.

Other bond issues that are closed or are in the pipeline are those of Rajasthan Industrial Investment Corporation, East India Hotels, Maharashtra State Police Welfare and Housing Board and the Punjab State Electricity Board.
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HCL Tech plans IPO
New Delhi: HCL Technologies Ltd., a part of the Shiv Nadar group, will come out with a Rs.1,000-crore maiden public issue, which will be priced through the book building mechanism. The approximate issue price has been set at Rs.700 per share, whose par value will be Rs.4.

The issue will be only for 10 per cent of its equity. The proceeds will be applied for acquisitions and for the creation of a marketing infrastructure. The issue will be floated within the next three months.

The Securities and Exchange Board of India had only a few days back announced that it had received final permission from the finance and law ministries for allowing information technology companies to come out with a public issue for only 10 per cent of their equity.
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UTI increases target
Mumbai: The Unit Trust of India has decided to increase its overseas information technology venture capital fund target to $100 million. Earlier, this figure was fixed at around $60 million.

In the wake of a stable government getting formed at the centre and the international credit rating agency turning its outlook on India from stable to positive, UTI has revised its target figure upward.
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Electrolux, Henkel Spic  rights issues
New Delhi: AB Electrolux’s subsidiary, Electrolux Kelvinator Ltd. will make a rights offering in the ratio of 1:1 at par. The company had accumulated losses of Rs.84 crore on 31 March 1999. For the quarter ended 30 June 1999, Electrolux has declared a net profit of Rs.1.18 crore on sales of Rs.92.8 crore.

Henkel Spic India Ltd., a joint venture between Tamilnadu Petroproducts, a M A Chidambaram group company, and Henkel of Germany, will float a 1:2 rights issue at a premium of Rs.35 per share.
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