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Sahara
signs MoU to acquire major stake in First India MF
New Delhi: The Sahara group has signed an MoU with
Dr A.C. Muthiah, principal promoter and largest shareholder
of First India Mutual Fund, for taking a "controlling
stake'' in the latter. The group is expected to seek approval
from SEBI shortly.
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Firm
CD-R price keeps Moser-Baer in action
Mumbai: The Moser-Baer stock ended the day at Rs 228.55
on the BSE down 3.77 per cent with around 2.56 lakh shares
traded. On the NSE, the stock closed at Rs 230.30, down
3.24 per cent with around 6.60 lakh shares traded.
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Dividend
yield shares gain ahead of Budget
Mumbai: In anticipation that the Finance Minister,
Jaswant Singh, may remove tax on dividend, the shares
of companies with good dividend-yield are being accumulated
by market players ahead of the Budget, brokers and analysts
said on Monday.
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Downgrade
to impact SBI
Mumbai: At a time when most broking firms, and markets
in general, are bullish about the largest public sector
bank, State Bank of India (SBI), a leading broking firm,
has downgraded the stock from buy to neutral. The rationale
behind the downgrade, according to a report released recently
by the brokerage, is that the bank has not posted a good
performance over the past two quarters.
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Cosmo
Films up on fundamentals
Mumbai: The Cosmo Films stock on Monday closed with
a gain of one per cent on the Bombay Stock Exchange. The
counter has recently been moving up on bonus trigger and
improving fundamentals. The stock, after touching the
day's high at Rs 136.45, finished at Rs 131.7 (Rs 130.15)
on the BSE. From the February 14 closing level, it has
gained Rs 15.65.
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Forwards
rise; rupee loses
Mumbai: The dollar forward market saw a spike of over
30 basis points in the short term. The rise in premia
was across maturities.
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Dow
slips 160 points at close
London: US stocks slumped on Monday as investors were
back in the familiar bear market mood of "sell the
rally," unnerved by a U.N. resolution by the United
States and Britain that could push war with Iraq closer
to reality.
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