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Sensex recovers
Mumbai--The bourses gained lost ground in a day of
lackluster trading on last minute buying in the index based heavy-weight counters from old
economy sectors.
However tech stocks continued to be sold as a weak Nasdaq did not inspire confidence. The
benchmark BSE Sensex, however, closed with a minor loss of 5 points.
Dealers said the market started weak after Nasdaq fell on Tuesday night. The market began
to fall further after Foreign Institutional Investors (FIIs) began unloading the new
economy stocks.
However, when the domestic institutions picked up index heavy-weights like ITC, HLL and
Reliance Industries, the benchmark recovered most of the losses and closed with a marginal
lose.
The Sensex opened weak at 3410.10 as compared to Tuesday’s close of 3410.95 and
slipped to a low of 3369.31 before the mid-session.
However, it recovered most of the losses during the fag end of the session and reached the
intra-day high of 3420.33 before closing at 3406.05, a loss of 4.90 points.
The market moved in the narrow range of 70 points during the day and majority of players
shown lack interest in absence of any new development, said the dealers.
Stocks like Zee Telefilms, Satyam Computer, Infosys Technologies and NIIT were sold
heavily by the FIIs.
The other major losers included Global Tele, Videcon International, HFCL which all were
locked in the lower circuit of 8 per cent.
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Sebi to review ban on retendering shares in rival bids
Mumbai--The Securities and Exchange Board of India (Sebi) may review the crucial issue
of withdrawing shares submitted to a particular bidder and retendering it by investors to
a rival bidder. This is in the context of the battle for control of tobacco company VST
Industries where shareholders were debarred by the stockmarket regulator from withdrawing
their shares submitted in favour of Russell Credit to retender to Bright Star Investment,
which at the last minute had hiked the offer price substantially by Rs 26.
Sebi board member Jayanth R Varma confirmed that a review of this clause would be
undertaken.
The VST offers formally closed on June 13.
There is no provision in the existing Sebi takeover regulations allowing an investor from
withdrawing his shares tendered to one bidder and retendering it to another.
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Trai lays out NLD numbering
system
New Delhi—The Telecom Regulatory Authority, of India, Trai, has recommended the
numbering system for the national long distance services in view of the liberalisation of
the NLD sector to the department of telecommunications.
Thus a subscriber would have to dial zero followed by national long-distance service code,
carrier access code and thereafter STD code without zero. At the end the local
subscriber’s number would come. Thus the dialing sequence would be
‘zero+NLDSC+CAC+Area code+local number.’
The charges for the interconnection link between national long distance operators would be
in accordance with the telecommunication interconnection regulation of May 1999.
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32 FDI proposals worth 477cr
cleared
New Delhi—The central government has approved 32 foreign direct
investment proposals worth Rs 477 crore.
According to an official release, commerce minister
Murasoli Maran cleared FDI proposals for manufacture of drugs and pharmaceuticals, mineral
exploration, development of urban infrastructure and manufacture of electrical appliances.
Pharmaceutical proposals are from companies like
Eli-Lilly, Ranbaxy and Knoll International Ltd without fresh inflow, while Paras
pharmaceuticals has been allowed to bring in 15.38 per cent foreign investment worth Rs
46.80 crore.
The highest investment allowed among the proposals was
that of Poistra Sez Estates, which is into the development of urban infrastructure
facilities, for its 49 per cent foreign investment worth Rs 235 crore.
Seven proposals were cleared were from the automotive sector with Rs 14.25 crore from
Escorts Mahle Ltd for bringing in 50 per cent foreign investment.
On the mineral exploration front, government allowed American Exploration (India) HV,
Netherlands, to bring in 74 per cent foreign investment worth Rs 23.50 crore.
In the information technology sector the proposals cleared are projects from Fast Buyer
India Private, engaged in B2B e-commerce, All Net Systems Private Ltd, engaged in
providing internet services and that of Design Expo Network Private Ltd. In the business
of Internet communication and web software development.
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All India bank strike on July 4
Kolkata—The United Forum of Bank Unions has announced a nationwide strike on July
4 to press for their demand for payment of arrears to officers and employees of Indian
Bank, Uco Bank and United Bank of India.
The all-India bank strike, if it fails to evoke an adequate response from the Centre,
would be followed by another strike in these three banks on July 17.
The forum alleges that the arrears payment in these banks were pending for last 15 months.
The arrears liability of Indian Bank, Uco and UBI stood at Rs 83.39 crore, Rs 109 crore
and Rs 83 crore, respectively.
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