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Old
Economy stocks get bear hug
Mumbai: The prolonged bear phase has so far been
led by Old Economy heavyweights while their New Economy
counterparts have been relatively less affected.
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Cummins
arm to tender shares of Newage Elec
Cummins Diesel Sales & Service (India) Ltd, a subsidiary
of Cummins India Ltd (CIL), has decided to participate
in the share buyback offer of Newage Electrical India
Ltd. The company will offer 2.4 lakh equity shares of
Rs 10 each constituting 12 per cent of the share capital
of Newage.
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Funds
bullish on pharma sector: DSP ML survey
Mumbai: In terms of sectoral profitability, fund
managers have become increasingly optimistic over earnings
prospects of IT sector. According to DSP, this in line
with its outlook for the sector where despite susceptibility
to the weakness in Nasdaq, there i s substantial order
inflow and the valuations are at historic lows.
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`Divestment
dithering hits equity funds' - Gilt, debt funds stretch
mean tenor
Mumbai: The return given by liquid funds, however,
had been declining, Crisil said. Liquid funds have been
witnessing falling returns on the one-year time period
in the past and this trend has continued for the month.
The average return of 17 liquid funds wa s 7.19 per cent
as at end of August 2002.
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Draft
prospectus filed for US-02
Mumbai: Even though US-02 is positioned as a balanced
fund with investment objectives clearly detailed, due
to the complexity in splitting the assets in US-64, the
fund initially may not strictly adhere to the objectives.
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Bull
domination
Mumbai: Bulls dominated the Monday's trading activity.
Bears were unable to gain any control over the day's trading
activity. Monday's market action resulted in mild bullish
sentiment reading.
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BSE
is full member of global body
Mumbai: The Bombay Stock Exchange (BSE) has become
full member of World Federation of Exchanges (WFE). The
membership provides a forum for communication, analysis
and debate among members.
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PSU
stocks zoom on PM's backing
Mumbai: PSU stocks rose sharply yesterday following
the Prime Minister, Atal Bihari Vajpayee's statement on
Saturday supporting the ongoing economic reforms, reviving
hopes that the stalled privatisation will now move forward.
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Price
hike hopes lift cement cos
Mumbai: Stocks of cement companies were in the
limelight on Monday in anticipation of an upward revision
in cement prices soon. Market sources said the prices
are expected to be hiked in the northern India by 20-25
per cent while in the western India, the rise is expected
to be around 5-6 per cent.
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PSU
stocks rally; tech majors suffer
setback
Mumbai: PSU stocks played a pivotal role in ensuring
that the benchmark BSE Sensex ended the day with a gain
of 22.27 points to close at 2952.78 points, in what was
otherwise a day of range-bound trading on the bourses.
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Rupee
slips; gilts rise
Mumbai: The rupee ended at 48.36/3650 against the
dollar on Monday, a tad weaker than Friday's close of
48.3575/3625 in the forex market.
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