Hatsun Agro delists from two bourses
Chennai: The shareholders of Hatsun Agro Product Ltd have approved a resolution delisting the company from the stock exchanges of Chennai and Coimbatore at the annual general meeting on Monday. The company will continue to be listed at the Bombay stock exchange. R G Chandramogan, chairman and managing director, Hatsun Agro Product, said his company has announced an interim dividend of 20 per cent against 30 per cent announced last year to conserve profits for future developments.

He said the benefits of the investments and expansions effected last year will be apparent during the current year. "These had contributed to the growth in turnover to Rs 325 crore for the year ending March 2003 from Rs 217 crore in the previous year, but depreciation and interest costs had had an impact on the bottomline."
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Sensex: ONGC, Wipro not to have higher weightage
Mumbai: ONGC and Wipro, the new entrants to the BSE Sensex list, will not have higher weightage in the benchmark index despite having large market capitalisation due to low floating stock of these companies. The BSE says the weightage of ONGC in the index will be 1.75 per cent based on the stock's closing price on Friday. But the total market capitalisation of ONGC (on Friday's price) is Rs 81,877.13 crore, the highest among the Sensex list.

ONGC is the most valuable company, based on market capitalisation on the Indian bourses. Similarly, Wipro with total market capitalisation of Rs 28,953.36 crore will have weightage of 2.47 per cent in the Sensex (based on the Friday's price). HDFC Bank, also included in Sensex, has lower market cap compared to ONGC and Wipro but will have higher weightage of 2.63 per cent due to higher floating stock. The lower weightage is due to low floating stock of these companies.
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BHEL improves on NTPC order talk
Mumbai: Thanks to a market talk that said company has got NTPC's Sipat order, the stock of PSU power equipment major BHEL went on a roller-coaster ride on the stock exchanges. Tuesday's trading saw the stock hit an intra-day high of Rs 405.95 on the BSE and an intra-day high of Rs 405.80 on the NSE which was also the stock's 52-week high. But towards close, the counter lost steam to end at Rs 404.05, up 5.41 per cent with around 6.36 lakh shares traded on the BSE.

On the NSE, the stock closed at Rs 403.45, up 5.01 per cent with around 13.68 lakh shares traded. Analysts said that as per market talk, the announcement is expected by October 10. "The order size is reportedly anywhere around Rs 2,000-odd crore and this has acted as a trigger at the counter. Apart from genuine investment based buying, there also has been some front-running at this counter," a broker was quoted as saying.
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Invest through website: the Birla Sun Life way
Coimbatore: Birla Sun Life Mutual Fund (BSLMF) plans to reach minimum assets under management (AUM) of Rs 10,000 crore by the end of March 2004, nearly double the assets managed by it at the end of last fiscal.

Also, by the end of November it plans to introduce the facility of investing through its website, taking online investment to a new level. The fund is waiting for the contours of the new pension sector reforms to become clear before taking a decision to enter it.
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Reliance gains due to talks on telecom biz improving
Kolkata: The Reliance Industries stock was behind the upward climb of the Sensex on Tuesday as the counter created its new 52-week high on institutional buying, newspaper reports say. The stock improved by 2.2 per cent and garnered 34.1 lakh (26.36 lakh) shares on the Bombay Stock Exchange. On the National Stock Exchange, it recorded a volume of 77.92 lakh (49.24 lakh) shares.

According to dealers, the counter's turnover in the cash segment was higher on Tuesday morning than in the F&O segment. However in the second half, derivatives turnover picked up and at close it was near double the cash market figure. According to brokers and fund managers, a section of market players was very optimistic about the group's growth in oil, petrochem and telecom businesses in the long term.
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