HSBC Mutual AUM cross Rs 1,000 cr
Mumbai: HSBC Mutual Fund has over Rs 1,000 crore in assets under management as of April 30, 2003. According to an HSBC release, the mutual fund which launched its initial public offering in November 2002 had assets under management of Rs 1,076 crore as of April 30.
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Sundaram Select Focus Fund entry load waived
Chennai: Sundaram Mutual Fund has waived the entry load of two per cent on investments above Rs 50,000 on its equity fund, Sundaram Select Focus Fund. In a company release, T.P. Raman, Managing Director, Sundaram Mutual, said: "This fund is ideal for the experienced investor who wants rapid capital appreciation through definite market entry and exit strategies. With the removal of entry load, this fund would be more attractive for high net worth individuals".
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HDFC MF to offer composite service
Kolkata: HDFC Mutual Fund, whose investor base will soon increase considerably with the formal takeover of Zurich India, has rolled out a new composite service for its unit holders. The fund is currently sending out details of what it calls a service request slip along with account statements. The new tool will allow investors to choose from such facilities as direct credit of redemption and dividend payments, electronic clearing service, systematic investment and withdrawal etc.
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BSE brokers pay Rs 47 cr turnover fee
Mumbai: The Bombay Stock Exchange on Tuesday said that its member-brokers had paid Rs 47 crore to the Securities Exchange Board of India (SEBI) as turnover fee through the exchange. In addition, some brokers have paid the turnover fee dues directly to the SEBI, a BSE statement said. The stock exchanges were required to submit the turnover data of its member-brokers for payment of turnover-based fees and member-brokers had been given time to pay 50 per cent of their turnover dues to the regulator by March 31, 2003.
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Order hopes drive Wipro stocks
Mumbai: Frontline technology company Wipro stock witnessed hectic trading activity on the bourses on Tuesday. Dealers said that the main trigger behind the gain seemed be a rumour that the company is likely to bag an order from a US-based company operating in the telecom vertical. According to market talk, the order, estimated to be in the range $50 to 70 million, is for an SAP implementation, which would require around 60 personnel to be deployed initially. Wipro's stock price gained 3.29 per cent on the BSE, closing at Rs 912.70 with 8.54 lakh shares being traded on the exchange. On the NSE, the stock rose 3.39 per cent to close at Rs 914.50 with 17.34 lakh shares traded.
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Sona Koyo down, Bharat Gears moves up
Kochi: A general perception that the auto-ancillary industry is a stand-alone story and not totally based on the domestic auto industry is visible from the current market interest in low-cap stocks such as Sona Koyo Steering Systems and Bharat Gears.
The share price of the former took a beating on Tuesday following the company's denial that it would not be getting a pie of the one-million steering gears per annum order from General Motors bagged by its technology partner, Koyo Seiko. The stock of Sona Koyo Steering ended the day at Rs 85.35, down almost five per cent, on the BSE with around 10,460 shares traded. The stock has not been traded on the NSE since January 2002
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L&T shares trade at premium to offer price
Mumbai: With the open offer for Larsen & Toubro shareholders by Grasim opening tomorrow, the shares of L&T are trading at a premium to the open offer price of Rs 190. Grasim Industries, along with its subsidiary, Samruddhi Swatik Trading & Investments Ltd, is making an open offer to purchase up to 5.07 crore equity shares (20 per cent of the equity) of L&T. L&T stock on Tuesday closed 3.16 per cent higher at Rs 207.45 on the BSE from Monday's Rs 201.1, a gain of Rs 6.35. In fact, the stock has been moving up from around Rs 190 in the last seven trading sessions.
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Open interest grows two-fold in BHEL
Mumbai: Volumes in the NSE derivative segment improved on Tuesday to Rs 2,526 crore as against Monday's turnover of Rs 2,068 crore. The volumes had declined steeply last week. Volumes are higher by 32 per cent compared to last Tuesday. With the spot Nifty moving up to end the day at 951.15 points, the volumes in Nifty futures perked up. The index futures closed the day in discount to the spot. With active trading, the May futures closed the day firm at 949.70 as against the previous close of 945.85. The contract has gained 3.85 points, open interest jumped by 1.62 per cent. The May futures evinced more long positions as interpreted from its `Buy order book'.
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Re strengthens; gilts weak
Mumbai: The rupee gained another 3 paise on Tuesday to end at 47.2650/2750 against the dollar, up from Monday's close of 47.2950/3050 in the local currency markets. With good supplies of the dollar and no demand for it, the rupee gained in its value against the dollar. Meanwhile in the international markets, the greenback continued its downward trend and lost substantially against the euro.
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