Reliance on a roll
Mumbai: The shares of Reliance Industries Ltd are much in demand in spite of the spectacular run over in the past few months. A domestic broking firm is recommending the stock to its investors saying that it is still undervalued considering the future growth prospects of the oil major. The company's rapid expansion in upstream oil business is expected to further improve the profitability as well market position of the integrated petroleum product manufacturer.

According to the report, Reliance's refining margins are the highest for any company in the country. Besides, the oil and gas business, which currently contributes only about one per cent of its revenues, is expected to increase to more than 25 per cent over the next few years. The report also places much emphasis on the company's planned foray into petroleum product retailing. The share rose 2.27 per cent on the NSE on Monday and closed at RS 481.30. More than 80 lakh shares were traded on the NSE and BSE together.
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Gammon India benefits
Mumbai: Gammon India's stocks have been in the limelight for a couple of days now. Some local brokers are recommending the stock mainly on the strength of its order book, which stood at Rs 3,300 crore as on June 30. Besides, the company also has some lucrative international assignments.

According to them, even though the margins would remain thin, the company would make it up in volumes. The stock closed at Rs 196.40, or 7.32 per cent higher than its previous close on the NSE.
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SEBI defers introduction of T+6 norm
Mumbai: The Securities and Exchange Board of India on Monday decided to defer introduction of the T+6 settlement system for book-built primary issues. It has also deferred until further notice, introduction of blackout period for research reports near new issues. In a release issued here , the capital market regulator said, "... SEBI has since received representations from market players stating that infrastructure and software systems are required to be upgraded before shifting to T+6 norms.

They have also requested for some time to have the systems in place. In order to ensure that adequate infrastructural and software systems are in place and also to ensure a smooth transition, it has been decided to defer the implementation of the aforesaid two amendments till further notice." Through a circular dated August 14, 2003, SEBI had carried out certain amendments in the SEBI (Disclosure and Investor Protection) Guidelines, 2000. Chapter XI of the Guidelines was amended to introduce T+6 norms for book built issues, (where T is the book closure date and trading is to commence on sixth day).
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SEBI's open offer waiver for Tata Ind, Tata Sons
Mumbai: The Securities and Exchange Board of India has allowed Tata Industries and Tata Sons Ltd to subscribe to 11.3 crore shares of Tata Finance without making an open offer under the SEBI Takeover Regulations.

The shares will be allotted to the two companies in a preferential allotment at a value of Rs 26.53 per share, as approved by Tata Finance shareholders at the NBFC's AGM. The issue is the conversion of an interest-free Rs 300-crore advance given by Tata Industries and Tata Sons to the finance company to shore up capital adequacy during a crisis in 2001 and 2002 that completely eroded its net worth
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Rupee goes further down
Mumbai: The rupee closed on Monday 4 paise lower at 45.42/43 against the dollar as compared to Friday's close of 45.38/39. The domestic currency opened at 45.33/34, touched an intra-day low of 45.4325 and an intra-day high of 45.32 against the dollar.
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