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Use
book-building route to delist, Sebi tells cos
Mumbai: The Securities and Exchange Board of India
(Sebi) has made it compulsory for companies to adopt the
book-building route if they want to delist their shares
in an attempt to prevent companies from buying out the
public shareholding at dirt-cheap prices.
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Inflation
rate vaults to 5 per cent
Mumbai: Inflation breached the 5 per cent-mark for
the week ended February 8 with prices continuing to rise
belying the Reserve Bank’s expectations of around
4 per cent for 2002-03, even as it was only 1.2 per cent
in the same period last year.
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Delay
in guidelines to avoid `conflict of interest' - UTI, sponsors
mutual investments at standstill
Mumbai: The problem of `conflict of interest' between
UTI-II and its four institutional sponsors is taking an
interesting turn. With the Government yet to come out
with the proposed guidelines to avoid possible future
conflict of interest as pointed out by the Joint Parliamentary
Committee (JPC), market transactions between UTI-II and
its four sponsors are coming down to a trickle on fears
of being caught on the wrong foot once the norms are announced.
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HDFC
Bank, ICICI Bank maintain upward trend
Mumbai: Notwithstanding the threat of the US-led war
over Iraq, the US stocks rose for the second consecutive
week, as investors seemed to have faith on economy.The
Standard & Poor's 500 Index posted a weekly gain of
1.6 per cent to close the last week at 848.17 over the
previous week's close of 834.59. The Dow Jones Industrial
Average rose 1.4 per cent at 8018.11 (7908.80), while
the Nasdaq Composite Index advanced 3 per cent to 1349.02
(1310.17) - its largest weekly rise since the period ending
January 10.
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T+2
cycle: Fine-tune mechanism, say brokers
Kochi: The shift from a T+3 system to T+2 could cast
a damper on cash market volumes unless trading and settlement
mechanism are made much more efficient, feel market participants.
With the April 1 deadline fast approaching, many brokers
are of the view that it could bring about a decline in
delivery-based business, resulting in erosion of volumes,
especially in smaller towns.
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Divi's
Laboratories IPO oversubscribed by 19.5 times
Hyderabad: The initial public offer of Divi's Laboratories
Ltd, the Hyderabad-based pharmaceutical company specialising
in contract research, has been oversubscribed by nearly
19.5 times.While the IPO was for 32,04,684 equity shares
through 100 per cent book-building route aimed at discovering
efficient price, the public offer received applications
for 6,24,82,900 shares at or above the floor price of
Rs 130 per share.
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ICSI
to set up `investor clinics'
Mumbai: The Institute of Company Secretaries of India
proposes to set up `investor clinics' at its 61 chapters
across the country, "for creating awareness and assisting
the gullible investors".
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