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Sundaram
MF eyes MIP scheme
Chennai: The Budget proposal to eliminate dividend
tax in the hands of the investor is likely to nudge Sundaram
Mutual Fund to introduce a Monthly Income Plan (MIP).
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Interest
perks up in banks
Mumbai: On a day when most stocks lost value, bank
stocks made handsome gains with Punjab National Bank in
the lead with a near 9 per cent jump following the Budget
sops for the banking sector. There was also buying interest
in the old private sector banks such as Federal Bank and
Karur Vysya Bank on expectation that these banks would
be takeover candidates either by foreign or local banks
as the voting rights in banks would be in line with the
holding pattern.
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Pharma
stocks feel good on Budget sops
Kochi: Leading domestic and MNC pharma stocks registered
good volumes on sustained interest in an otherwise lacklustre
market on Monday . According to market sources, the pharma
counters were infused with a `feel good factor' following
certain positive measures announced in the Budget. Ranbaxy
received a further fillip on news that its wholly-owned
subsidiary, Ranbaxy Pharma, had received tentative approval
from the USFDA to market benazepril hydrochloride tablets.
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Dow
Jones down 53 points at close
London: US stocks fell on Monday as a lackluster read
on U.S. manufacturing and unrelenting fears of war quashed
a short-lived bout of enthusiasm over the arrest of an
al Qaeda leader and Iraq's move to scrap banned missiles.
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Hotel
stocks sizzle
Kolkata: The hotel stocks are clearly sizzling after
the Budget proposals. According to brokers and analysts,
withdrawal of expenditure tax and service tax exemption
will reduce the hotel bills for the customer by about
18 per cent, which in turn would improve occupancy rates.
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SEBI
clarifies on FII investment in derivatives
Mumbai: The Securities and Exchange Board of India
(SEBI) on Monday clarified that the discussion paper on
codes of conduct for regulated entities does not intend
to suggest any policy changes regarding FIIs investment
in derivatives instruments.
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Cos
can't jump queue to catch dividend bus
New Delhi: The government has decided to issue a directive
to the capital markets regulator, Sebi, not to waive the
mandatory 21-day notice period imposed on companies for
declaring dividends to shareholders.
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Infotech
stocks drag Sensex; Reliance firm
Mumbai: The benchmark indices - the Bombay Stock Exchange
(BSE) Sensex and the National Stock Exchange (NSE) Nifty,
were confined to a relatively narrow trading band. After
opening at 3301.67, the Sensex clawed up to a high of
3311.57 and closed about three points above the day's
low of 3274.64. The index ended the day about 6 points
lower at 3277.27 while the Nifty recorded a drop of 4.55
points to close at 1058.85.
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Banking
stocks beat Marmet trend post-budget, gain 10 per cent
Mumbai: Banking on the Budget euphoria, banking stocks
have galloped by up to 10 per cent on the first post-Budget
trading day on Monday.
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Rupee
rises; gilts lose
Mumbai: The rupee closed stronger on Monday at 47.6550/6650
against the dollar as compared to its previous close of
47.68/69.
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