Wipro upstages Hindustan Lever in market cap
Mumbai: Wipro has created history. The infotech major will probably go into the new millennium as the company with the highest market capitalisation in India – a dizzying Rs 52,542 crore. On 23 December, Wipro unseated Hindustan Lever, hitherto number one, which had a market cap of Rs 50,669 crore. Wipro gained nearly Rs 2,507 crore in a day to dislodge the FMCG major. Infosys Technologies remains in third place with a market cap of Rs 42,665 crore. Wipro chairman and managing director Azim Premji controls at least 75 per cent of this market cap since he and his trusts own 75 per cent of the company.

Wipro’s market cap amounts to over five per cent of the Bombay Stock Exchange’s market cap of Rs 9,57,000 crore. The Rs 2 Wipro shares closed at Rs 2,292 on 23 December, maintaining the level of appreciation at the maximum possible limit of eight per cent during the last three days.
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FIIs return to make markets buoyant
Mumbai: Foreign institutional investors are back in action, the markets are looking up, and the investor mood is buoyant. The benchmark Sensex of the Bombay Stock Exchange went past the 5,000-mark during the day, and closed at 4,969, 21 points above the close on 23 December. The Christmas and New Year holidays ahead seem to have prevailed on the funds to go in for volume purchases. Dealers indicated that bull operators liquidated a large part of long positions ahead of the holidays.

Infotech companies once again sustained the uptrend. Wipro and Infosys Technologies led the rally with both logging the maximum 8 per cent increase in their prices. Wipro also overtook Hindustan Lever in market capitalisation with a figure of Rs 52,543 crore (Rs 50,669 crore for Hindustan Lever). Mid-range stocks like Leading Edge Systems, Mastek, Hughes Software, Sonata Software, Vakrangee Software, CyberTech, and Digital Equipment recorded major gains. The other stocks that brightened market prospects were Gujarat Ambuja Cement, ACC, and Larsen & Toubro.

The S&P CNX Nifty of the National Stock Exchange gained 6.65 points to close at 1488.35.
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NSE trading hit by snag
Mumbai: The trading on the National Stock Exchange was affected by a technical snag on 23 December, and the trading system was closed for a major part of the day. The error pertained to the communication software of the system.
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Snowcem stock in demand
Mumbai: Snowcem India has seen intense activity on both the Bombay Stock Exchange and the National Stock Exchange, with sharp increase in volumes and the company's price hitting the circuit breaker. Nearly 1.48 lakh shares were sold in the physical segment and some 3.02 lakh shares in the demat segment at a price of Rs 128 per share. The volume represents nearly 4.5 per cent of the total equity of the company.

Market sources said former Asian Paints promoter Atul Choksey is involved in the transaction.
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Omega offers 20% to strategic investors
Mumbai: Omega Interactive Technologies is placing one million shares on a preferential basis with strategic investors to raise about Rs four crore. The shares on offer will constitute nearly 20 per cent of the enhanced equity capital of Rs five crore of the infotech company. The shares are offered at Rs 40 per share, while in the open market they are priced at around Rs 50.

The company will use the funds for setting up telecom and data transfer facilities.
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Jindal Strips bond issue oversubscribed
Mumbai: The $26.5-million foreign currency convertible bond offer from Jindal Strips has been over-subscribed by $3.5 million. The company has closed the issue and has retained the green-shoe option. The funds raised through the bonds will be used to finance the doubling of the company’s cold rolling mill capacity at Hissar and to repay high-cost debts.
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DSP Merrill Lynch sets up venture capital unit
Mumbai: DSP Merrill Lynch has set up a cell to help Indian companies raise capital from venture capital firms around the world. The cell will act as a link between Indian companies and Merrill Lynch’s international units handling venture capital funding.
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