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Technology
stocks shine
Mumbai: Most counters on Friday came under selling
pressure. The selling started with top-rung stocks such
as Infosys, Wipro and Satyam Computers. Dealers said most
of the selling was from domestic financial institutions
led by UTI and LIC. The main factor for selling by these
institutions was that the stock prices have gained sharply
on Thursday. In addition, there were talks that the results
of Infosys are not so encouraging and the margin pressure
would continue. On Friday, the stock of Infosys ended
at Rs 3,505.80, down 3.03 per cent, Wipro closed lower
at Rs 954.10 (down 5.03 per cent) and Satyam Computers
closed at Rs 198.30 (down 3.83 per cent).
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TCS
public issue plan: Tata group firms may ramp up
Mumbai: With the TCS IPO on the anvil, most Tata
group companies are likely to be ramped up. "The
Government holding going down in the stock is also considered
a positive from the management point of view," say
reports. While the stock closed weak today, dealers opine
the correction was due, given the knee-jerk upside in
most tech stocks on Thursday. "Among the tech stocks,
it is one of the better performers. Its association with
TCS will continue to help the company leverage its capabilities
and competencies in the global markets. There has been
`value unlocking' in the stock," an analyst said.
CMC is involved in design, development and implementation
of software technologies and applications. It also offers
professional services for export and procurement, installation,
commissioning, warranty and maintenance of imported and
indigenous computer systems education and training and
networking services. The stock ended the day at Rs 476,
down 3.05 per cent with around 48,435 shares traded on
the BSE. On the NSE the stock closed at Rs 473.25 down
3.87 per cent with around 1.54 lakh shares traded.
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SEBI
conduct code for public nominees on bourses
New Delhi: The Securities and Exchange Board of
India (SEBI) has formulated a Code of Conduct for the
public representatives on exchanges under which a public
nominee or SEBI nominee has to vacate office if the person
fails to attend three consecutive meetings or 75 per cent
of the total meetings of the board. The Fair Practices
Code was issued to the stock exchanges recently by the
capital market regulator. According to the guidelines
issued by the SEBI for the exchanges to incorporate in
their respective Article of Associations, the public representatives
will also have to endeavour for all sorts of regulatory
compliances. The move assumes significance as the recommendations
of the Justice Kania Committee approved by the SEBI, stipulates
that only one third of board members will be public representatives
instead of the present 50 per cent. The scheme stipulates
that after separation of ownership rights and trading
rights of the present member brokers in the exchanges,
one-third of the board will constitute of owner-members
while the remaining one third will be the trading membersAccording
to the guidelines, the PR directors "shall be liable
to vacate his office if he remains absent for three consecutive
meetings of the board of directors" and "shall
meet at least once in six months separately to exchange
views on critical issues."
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Rupee
goes strong
Mumbai: The domestic currency closed stronger by
8 paise at 46.11/12 against the dollar on Friday, as compared
to Thursday's close at 46.19/20. Driven by the enormous
dollar selling across the board, the rupee climbed to
an intra-day high of 46.07 on the back of steady and unabated
dollar supplies. The forwards are showing signs of softening
with the both the six-month and one-year premium ending
around 2.30 per cent levels, as against their previous
closing of 2.50 per cent and 2.40 per cent respectively.
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