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New method to compensate
fund CEOs
Kolkata: The issue
over compensation for CEOs of mutual funds, currently
the subject of a major debate in the US, is all set to
reach the Indian shores. While investors have been talking
about it in off and on, the matter will now form part
of a project, one that is purportedly aimed at the `intelligent
investor'. The issue essentially stems from the premise
that compensation should be linked to performance, an
idea that some sections of the investment fraternity will
swear by, more so in a situation marked by average execution
under difficult circumstances.
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Calcutta
Stock Exchange spots CSTAR misuse
Kolkata: Indications that not every thing is right
with the use of CSTAR, the trading system at the Calcutta
Stock Exchange, have come from the exchange itself. The
CSE has said that a section of its members has been unlawfully
connecting certain other networks to CSTAR, thereby disturbing
its efficiency. The exchange has reminded members that
the practice could not be allowed to continue. A CSE note
has pointed out that it "increases the possibility
of virus from external sources and reduces internal security".
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Bharat
Forge gains on number hopes
Pune: The stock of Kalyani Group company, Bharat
Forge, seems to be gaining steam ahead of its financial
results, touching a 52-week high on the exchanges on Friday.
According to dealers, the market expects the company to
post good numbers on account of boom in the automobile
sector. In addition, there are talks of the company getting
huge exports orders from China in the current financial
year. Dealers added that select foreign investors have
been accumulating the stock ever since a large US-based
foreign broking firm recommend a `buy' on the stock last
month. The stock gained 5.13 per cent at Rs 271.45 on
the BSE with volume of 1.18 lakh shares and on the NSE,
it closed at Rs 272.20, up 5.32 per cent with volume of
1.69 shares.
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Refinery
stocks ride on good KRL results
Mumbai: Stocks of stand-alone petroleum refiners
were in the limelight on Friday after the excellent financial
results posted by Kochi Refineries Ltd (KRL) and on expectations
that other companies in the sector would report similar
results. The KRL scrip led investor interest in petroleum
refining stocks. It was locked in the 20 per cent upper
circuit within minutes after the market opened.
The stock closed
at Rs 56.55 on the BSE with volumes of 20,235 shares;
on the NSE it closed at Rs 56.50 with 33,113 shares traded.
Chennai Petroleum Corporation was up almost 20 per cent
on both the exchanges. It closed at Rs 37.95 on the BSE
with a volume of 1.69 lakh shares; on the NSE it closed
at Rs 37.85 with a volume of 4.82 lakh shares.
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Trading
remains lacklustre at NSE derivatives
Mumbai: The trading at the derivative segment at
the NSE remained lacklustre on Friday as turnover stood
at Rs 1761.70 crore as against Wednesday's turnover of
Rs 1758 crore; the daily average turnover at the derivative
segment on the NSE during April was about Rs 2501 crore.
Stock futures accounted for more than 3/4th turnover as
Rs 1103.83 crore worth transactions changed hands.
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Rupee
steady; G-secs fall
Mumbai: The rupee closed similar to previous levels
on Friday, at 47.3450/3550 per dollar in a thin forex
market. Dealers said there was not much movement in the
spot as most public sector banks were watching from the
sidelines on account of a nationwide strike by a section
of their employees. Meanwhile, forward continued to ease,
with the six-month premium ending at 1.63 per cent (1.75
per cent) and the premium for one year ending at 1.99
per cent (2 per cent). Bond prices fell by around 20-30
paise across maturities in a lacklustre Government securities
market.
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