National events affect bourses
Mumbai: Last week's events had its own share on the stock markets. The Supreme Court ruling on disinvestment of HPCL and BPCL drove the market down, and the discharging of Deputy Prime Minister L K Advani on the Ayodhya issue revived the fortunes a bit. While the Bombay Stock Exchange Sensex shed about 2 per cent, the National Stock Exchange's S&P CNX Nifty fell by about 3.6 per cent.

Indian information technology American depository receipts (ADRs) stole the limelight with smart gains. Infosys Technologies rose to $69.22 from last week's close of $65.40. After registering a 52-week high at $13.84, Satyam Computer closed at $13.10 ($12.45). Wipro, though, closed in negative territory at $28.91 ($29.35) in a volatile week.
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SEBI, market players slug it out over trading norm for IPOs
Mumbai: The Securities and Exchange Board of India (Sebi) and market participants (stock exchanges, depositories, registrars and merchant bankers) are locking horns over book-building guidelines for the primary market, reports say. The SEBI guidelines on initial public offerings (IPOs) through the book-built route released recently have a provision that says: "Following the closure of the issue, the trading in that security has to begin from the sixth day (T+6)."

But this is in stark contrast against the last book-built IPO of Maruti Udyog, where the trading in shares began on the 22nd day after the closure of the issue. Market participants also object to another provision in the SEBI guideline that says if an issuer fails to complete the formalities within the stipulated time of T+6, s/he will be liable to pay a penal interest at the rate of 15 per cent of the amount raised.
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TCS IPO likely by early next fiscal
Mumbai: The initial public offering (IPO) of Tata Consultancy Services can be expected to hit the market in the early part of the next financial year, say reports. Merchant banking sources were quoted as saying that the IPO is not expected to take place by the end of this year, as was earlier expected. This is partly due to the newly constituted guidelines of the Securities and Exchange Board of India (SEBI), which require a company to submit the research report 45 days before the filing of the offer document.

This 45-day period, said the sources, is likely to act as a deterrent to most companies planning an IPO, including TCS. Given that the entire process of filing of offer document and roadshows will consume nothing less than six months, the TCS IPO is likely to take place by early next fiscal, the sources said. According to a Tata group spokesperson, Tata Sons has not fixed any timeline for the TCS IPO.
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