Sensex gains 121 points
Mumbai: Bullish stock investors led a charge on Wednesday that saw the 30-share benchmark index of the Bombay Stock Exchange gain 121 points. Across-the-board buying lifted all major indices today. The BSE Sensex gained nearly 3 per cent to close the day at 4356.39. Another similar rally could take it past its year-high of 4473.

The 50-share S&P CNX Nifty of the National Stock Exchange was up 3.30 per cent at 1,372.05. Apart from the two leading indices, the BSE PSU index that measures the movement of stocks of major state-owned companies gained 3.14 per cent to end the day at 2770.28. BSE TECk, an index that represents technology stocks, surged the most ending 4.16 per cent higher at 962.74 from its previous closing level.
Back to News Review index page  

Sebi to appeal against SAT order
New Delhi: The Securities and Exchange Board of India (SEBI) is planning to file a statutory appeal challenging the 1 August 2003 order of the Securities Appellate Tribunal (SAT), which directed Kishore Chhabria to make an open offer for an additional 20-per cent stake in Herbertsons Ltd. The last date for filing the appeal is 30 September. According to the Sebi Act, 1992, an aggrieved party has up to 60 days to file such an appeal.

In its counter affidavit to the Supreme Court when it was summoned in Herbertsons case, SEBI said: "The answering appelant (SEBI) is separately filing a statutory appeal under section 15(z) of the SEBI Act, 1992 before this honourable court challenging the order dated August 1, 2003 passed by SAT against the order dated February 19, 2002 passed by SEBI." Effectively, the SAT order recognised the 43 per cent stake held by Chhabria in Herbertsons, which SEBI had said in its order on 19 February 2002 was acquired in violation of the takeover norms.
Back to News Review index page  

UTI asked to stagger SUS-99 redemption
New Delhi: The finance ministry has advised Unit Trust of India (UTI) to spread out its redemption of the underlying equity under the Special Unit Scheme-99 to tranches of not more than 10 per cent of the total corpus at one go.

The ministry has informed UTI in a missive that such an upper limit will ensure that there is no volatility in the stock market because of the sale of the equity in the SUS.
Back to News Review index page