Cholamandalam MF to reposition technology scheme
Kolkata: Cholamandalam Mutual Fund will become the second player to reposition its technology scheme into a diversified product aimed at investing in a host of sectors. In its new format, the proposed Chola Opportunities Fund will consider companies that have emerged as globally competitive players. The fund, now called Chola Freedom Technology, is likely to allocate its assets to areas such as pharmaceuticals, auto, engineering and metals, each of which have developed considerable potential of its own in recent times.

The idea is to identify companies that have an edge in international markets in terms of export capabilities. M Anandan, managing director, Cholamandalam Investment & Finance Co, said: "Chola Opportunities Fund, will not be limited to technology stocks alone. The concept of investing solely in tech stocks has lost its relative attractiveness. A more broadbased vehicle will be able to capture the developments that are taking place in a number of other segments of the economy."
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Rupee down by 12 paise
Mumbai: With demand overpowering supplies of the greenback for a change, the rupee dipped by 12 paise to end Monday at 45.54/56 against the dollar. On Friday, the domestic currency had ended the day at 45.42.
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Bata witnesses huge volumes, thanks to order buzz
Mumbai: The stock of shoemaker Bata India was locked at 20 per cent upper circuit at Rs 59.20 (BSE) and Rs 58.10 (NSE) amid huge volumes on the bourses on Monday. The counter, which according to chartists witnessed a technical breakout on Monday, was dogged by rumours all through the trading session.

The stock ended the day at Rs 58.10, up 20.04 per cent with around 31.56 lakh shares traded on the NSE. On the BSE, it ended at Rs 59.20, up 19.96 per cent with around 26.17 lakh shares traded. The stock has appreciated by almost 126 per cent from its low of Rs 26 on April 1 on the BSE.
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BSE imposes special margin on 96 stocks
Mumbai: The Bombay Stock Exchange (BSE) has imposed special margins on brokers' positions. The BSE imposed special margins on 96 stocks, of which 35 are from the A group, in the cash market. Some of the frontline stocks on which BSE has imposed special margins include Reliance Industries, Infosys Technologies, Tata Motors, Wipro, Tata Steel, BPCL, HPCL, ONGC, SBI and Satyam Computers. All these stocks are part of BSE Sensex.

These are the same stocks, which are active on the derivatives segment of the NSE. The BSE in a notice to its members said special margins on these 96 stocks will be imposed on the basis of member-wise gross purchases or sales positions (client wise net). Among the A group stocks, the BSE has imposed special margin of 10 per cent, both on the buy side and sell side, and in the B-1, B-2 and Z group shares, the margin is between 10-25 per cent. In some cases, the margins are only for buying the shares.
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Balaji Telefilms back in limelight
Mumbai: The stock of Balaji Telefilms is back on the buy list of several institutional investors. The main factor for the interest revival is that uncertainty related to implementation of the conditional access system (CAS) is over. In addition, there have been some encouraging signs in the recent past. Talk in the market is that Balaji has witnessed significant hike in realisation per hour in its sponsored programming to Rs 5.9 lakh, a growth of 37 per cent on sequential basis due to general improvement in the market conditions.

The company has been able to get an average hike 10 per cent from Star TV, its largest customer for commissioned programming. Dealers said the improvement in overall realisations should drive the earnings growth in the second half of 2004. The stock gained 13.13 per cent at Rs 81 on the BSE with volumes of 7.76 lakh shares; on the NSE, it closed at Rs 79.65, up 11.09 per cent with volumes of 21.94 lakh shares.
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