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Ordinance
cleared for UTI revamp
New Delhi: The Government has set in motion the
restructuring of the country's largest mutual fund - the
Unit Trust of India - by splitting it into two entities.
The Cabinet had approved the splitting of UTI into two
entities in August and had also US-64. Cabinet also approved
the Finance Ministry's proposal to promulgate an Ordinance
to repeal the UTI Act and to transfer the assets and liabilities
of the mutual fund to the two entities - UTI-I and UTI-II.
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Bears
upbeat
Mumbai: Bears were in total control of Monday's
trading activity. Bulls were unable to make any impact
during the day's trading. The market sentiment reading
of the tradeable counters continues to remain bearish.
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HLL
touches 4-year low on result jitters
Mumbai: Stock price of FMCG major Hindustan Lever
Ltd (HLL) on Monday touched four-year low levels. Brokers
and analysts attribute this to the third quarter results,
which were below market expectations, and the possibility
of further pressure on the company's financials in the
current quarter.
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Polaris
loses close to 15 pc
Mumbai: Polaris Software Lab's share price plunged
on the bourses on Monday as disappointing quarterly results
coupled with market uncertainty about the success of its
merger with OrbiTech took their toll.
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FII
selling drags Sensex to new 52-week low
Mumbai: The free fall of the benchmark Sensex continued
for the sixth day yesterday on sustained selling pressure
from FIIs and local investors. The Sensex heavyweight
HLL touched four - year low on poor quarterly performance,
dragging others down with it.
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MFs
caught on the wrong foot
Mumbai: The excellent financial results by agro-chemical
manufacturer United Phosphorus had some of the private
mutual funds foxed on Monday. These funds had sold bulk
of their holdings before the financial results and were
back on the buying list on Monday.
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SEBI
granted powers for search & seizure
New Delhi: The capital market watchdog, Securities
and Exchange Board of India, has finally been empowered,
with enough teeth to take on manipulators and players
violating its regulations. For long, the regulator had
complained about inadequate powers to punish those indulging
in market manipulations and other violations.
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SEBI
`overlooked' alliance issue in
ACC deal
Mumbai: The Securities and Exchange Board of India
(SEBI) had overlooked, among others, two obvious and crucial
pieces of information while investigating whether Gujarat
Ambuja Cements Ltd (GACL) had gained control of Associated
Cement Companies Ltd ... More
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Rupee
down six paise
Mumbai: The rupee closed almost 6 paise weaker
at 48.4250/4350 against the dollar on Monday, as compared
to its previous close of 48.3650/37 in the forex market.
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Market
round-up
Mumbai: Call ruled flat on Monday. Call opened
the day at 5.70-75% and ruled in a narrow range between
5.65% and 5.75%. Most of the deals were, however, struck
at 5.75%.
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