Wall St depressed, Rediff rises
New York--Sentiment turned bearish at Wall St
yesterday, with K-Mart reporting a Q2 loss and other retailers projecting a bleak outlook for the second half of the year. Added to this was the rise in jobless claims to 3.2 million - the highest level in nine years.

The Dow was down 48 points to 10,229 and the Nasdaq composite shed 17 points to 1,843. Indian ADRs reported a divergent trend. Rediff rocketed 47 percent ($0.39) to $1.22. Dr. Reddys gained 2.85 percent ($0.67) to $24.20. HDFC Bank, Wipro, ICICI and VSNL also finished at higher levels.
However, Infy declined 2.1 percent ($1.22) to $56.96.
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Dalmia Securities picks up stake in ITW Signode
Kolkata - Dalmia Securities, the Kolkata-based, broking firm has picked up over 5 per cent equity in ITW Signode India, the Indian subsidiary of US-based Illinois Tool Works.
The broking firm has purchased nearly 12 lakh shares within a fortnight soon after Illinois Tool Works decided to make a public offer to acquire the 49 per cent public holding of its Indian subsidiary. Illinois Tool currently holds 51 per cent of the
companys total equity capital of Rs 2.28 crore. The overseas firm on August 7 made an offer to purchase 1,12,09,354 shares of Rs 10 each representing 49 per cent of the holding of its Indian subsidiary at Rs 80 a share.
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UTIs AUM come down by Rs 1,691 crore in July
Mumbai - Unit Trust of Indias (UTI), assets under management (AUM)), decreased by Rs 1,691 crore during the month of July, primarily because of heavy redemption and erosion in the funds net asset value over the month. According to the monthly data released by the Association of Mutual Funds in India (Amfi) on Thursday, the AUM of UTI was at Rs 54,233 crore as on July 31, 2001 against Rs 55,924 crore on
June 30, 2001.
The Trust saw redemptions of Rs 636 crore this month.
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Promoters stake in Spic rises to 40 percent
Chennai The MA Chidambaram Group has gradually increased its stake in the flagship and agri-business major, Spic, the the first joint sector company promoted by State-owned Tidco in 1969, where The promoters hold about 40 per cent; Tidco, 8 per cent; FIs, 8 to 10 per cent; while the rest is with the public.
Originally, Tidco held 26 per cent in the initial paid-up capital of Rs 17 crore. For long, MAC Group did not have a large stake in Spic. In 1992, Tidco renounced its rights portion in the zero coupon bond issue for Rs 12.37 crore and its stake dropped to 17 per cent.
After that, Spic floated a GDR issue which would have further diluted Tidcos stake, corporate circles said. They feel the depressed market prices also might have prompted the promoters to pick up shares from the market.
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Few IT stocks helps IT index rise
Mumbai - Be it an attractive valuation because of a change in business strategy or higher dividend yield, a few IT stocks, which not too long ago, were languishing at their all time low, have staged a smart come back in the past few trading sessions. As a result, the BSE IT index gained over 3 per cent or 47
points in the last five trading session to close at 1404.38 on Thursday.
The companies leading the pack are VisualSoft, HCL Infosys, Infotech Enterprises, D-Link to name a few. While VisualSoft added Rs 9.05 to its stock price, rest added in excess of Rs 15. VisualSoft surged on value buying on the strength of its smooth transition to IT services from products.
HCL Infosys gained nearly 40 per cent in the last two trading sessions. It is contemplating various measures to lift its operations in order to sustain growth in the near future.
The Infotech Enterprises share price rose 12.5 per cent to Rs 137.60 in late trading. Hefty volumes of 2.2 lakh shares backed the surge in price on Thursday compared to 89,638 shares that changed hands on the counter on Tuesday (August 21, 2001). With this, the scrip has shot up 33 per cent in the last seven
trading sessions from a recent low of Rs 103.60 on August 10, 2001.
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Zee scrip zooms as its hunt for partner begins
Mumbai - The Zee Telefilms scrip has been zooming in the past couple of weeks rising from Rs 68 in last week of July to wind up at Rs 110.05 on the Bombay Stock Exchange today.

Dealers said this was because of the declared intention of Zee promoters to offload some stake in favour of a strategic partner. Feverishly speculation has led to names being thrown up and the latest is that of the the US-based Turner Broadcasting Systems Inc, an AOL-Time Warner Company. Earlier there was buzz that the strategic partner was Vivendi.

Such tattle has bought happy tidings for the beleaguered stock. According to observers, the buzz on induction of Vivendi or Liberty Media may be closer to truth because UBS Warburg, which is advising Zee on the matter, is known to have business associations with Vivendi and Liberty Media.
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