RBI seeks SEBI probe into G-sec dealing by JM Mutual, 2 firms
Mumbai: The Reserve Bank of India has asked the Securities and Exchange Board of India to probe certain transactions by JM Mutual Fund and two private investment companies in thinly-traded Government bonds sourced from urban co-operative banks (UCBs). According to the central bank, the mutual fund acted as intermediary in certain G-Sec transactions which "strongly suggested" pre-arrangement with two entities - Samir Capital Services Ltd (SCS) and Tipsons Classic Finance Ltd (TCF) - registered neither with SEBI nor with any of the stock exchanges (SEs). It has also suggested that the two companies could be mere fronts for bigger players.
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Trading interest dull in major bourses
Mumbai: Trading interest remained lacklustre in two major stock exchanges - the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in the last 6 months. An analysis of the turnover level trends for the six months period ending April 2003 reveals that the trading value has dropped in the BSE by 14.7 per cent (in value terms) to Rs 1,50,839 crore, from the corresponding period of the previous year. In the NSE, the trading value has edged up marginally by 1.9 per cent to Rs 3,18,507 crore during the tenure. However, even in the NSE, if one looks at the last four months horizon the trading value has dropped by 4.9 per cent.
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CSE okays contract notes on electronic form
Kolkata: The Calcutta Stock Exchange (CSE) on Monday informed members that they may issue contract notes in an electronic form authenticated by digital signatures, subject to an amendment in the bye-laws of the exchange. A message from the CSE to the brokers referred to a directive from the Securities and Exchange Board of India, issued in exercise of power conferred by Section 11(1) of the SEBI Act, read with Section 10 of the Securities Contracts (Regulation) Act.
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i-flex down on number concerns
Mumbai: The stock of financial software products company i-flex solutions encountered some amount of negativity on the bourses on Monday, leading to a marginal decline in price. According to analysts, there are some concerns in the market about the company's forthcoming result announcements. The market is expecting a sequential de-growth in the company's revenues. This is primarily on account of a likely decline in licence fee this quarter in comparison to the last quarter which saw a double digit growth in licence fee, said analysts while adding that overall the sentiment on the company remains positive for the long-term. i-flex's share price, meanwhile, fell close to one per cent on the BSE on Monday to Rs 846.25 with 45,624 shares being traded. On the NSE, the stock declined marginally by 0.68 per cent to close at Rs 848.95 with 1.17 lakh shares.
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Bajaj Auto down on price-cut buzz
Kochi: Rumour of automobile major Bajaj Auto being set to slash prices by 3-3.5 per cent resulted in the counter losing steam on the bourses on Monday. According to the market grapevine, following a rate cut by Hero Honda and TVS Motors in the recent past, there is anticipation that Bajaj Auto would follow suit to retain market share. The stock ended the day at Rs 479.65 on the BSE with around 88,961 shares traded while on the NSE it closed at Rs 479.80 with around 1.59 lakh shares traded.
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Mastek in limelight
Mumbai: After witnessing lacklustre trading in the last few trading sessions, turnover at the derivative segment on the NSE improved on Monday to Rs 2,078.44 crore as against Friday's turnover of Rs 1,762 crore. The index futures closed the day in premium to the Nifty spot close of 944.10. The May futures closed the day firm at 945.85 as against the previous close of 938.05 and the June futures at 946.85 (938.25). The July futures, however, ended the day on negative note at 946.65 (957.20).
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VSNL, MTNL stocks up
Mumbai: The stock prices of two telecom majors - VSNL and MTNL - were in the limelight on Monday on the expectation that the tariff rates for various telecom services would not fall further. The stock of MTNL gained 2.65 per cent at Rs 95 on Monday on the BSE and on the NSE it gained 3.36 per cent at Rs 95.40. VSNL, now part of Tata group, gained by 5.65 per cent at Rs 81.30 on the BSE and on the NSE it closed at Rs 81.50, up 5.84 per cent. Last year was very bad for both the companies with the profits down sharply due to reduction in tariffs across the board.
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