Regional bourses unsure of IndoNext kick-off date
Bangalore: Regional bourses like the Bangalore Stock Exchange (BgSE) are "unsure" when the proposed IndoNext trading platform would kick-off. "We are working closely with the Federation of Indian Stock Exchanges , but it is too premature to decide on the starting time of IndoNext", K. Kamala, executive director, BgSE, said. The final draft plan for the proposed trading platform, solely for mid-cap stocks, is likely to be submitted to the Securities and Exchange Board of India (SEBI) soon. It is understood that the board of directors of the Bombay Stock Exchange has given its in-principle approval to the new trading platform. The move to form IndoNext is in line with recommendations of the Kania Committee, set up by SEBI two years ago. Twenty-one regional stock exchanges, including Chennai, Bangalore, Kochi, Coimbatore and Mangalore, plan to join hands to float a new trading system in line with EuroNext in a bid to survive trade-less sessions in a short-sell ban environment.

IndoNext is expected to provide a common trading platform to about 2,260 scrips, which are to be classified in the BSE as `S' category. BSE will shift all the scrips of companies with capital base of Rs 20 crore to IndoNext. It is expected that mid-cap shares would to get a better valuation on the IndoNext as a common settlement (T+2) would be rolled out. An estimated 4,000-odd companies are expected to be part of the IndoNext after screening out the defaulters. The shares of small and medium cap companies listed on various regional stock exchanges (RSEs) do not have liquidity, making it difficult for investors to find exit route. BSE and RSE members would be able to participate in trading in this market, operations of which would be managed by BSE.
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UTI plans to unveil 6 thematic funds
Kolkata: Unit Trust of India plans to unveil a clutch of six funds, each concentrating on a distinct theme. The ideas chosen by the proposed UTI Thematic Fund are large cap, mid cap, basic industries, auto, banking and PSU. UTI has clearly underlined the reasons why it has considered a thematic fund. One, any economy has certain sectors that perform better than others due to favourable Government policies and incentives that are made available to them. Besides, factors such as strong internal and overseas demand for their products and services also become important. Two, identified well in advance, these sectors can provide major growth opportunities. Three, a thematic fund adopts a more focused approach towards investment management.

UTI, in an offer document sent to the Securities and Exchange Board of India (SEBI), has also listed the arguments that go in favour of the six themes. The proposed UTI Mid Cap Fund, for instance, is backed by the belief that well-managed small and medium scale enterprises often experience higher growth rates than their larger counterparts. If discovered early enough, investments in such companies could provide substantial capital appreciation over time.
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Tata Teleservices hits all-time high
Kolkata: Tata Teleservices (Maharashtra) Ltd (formerly Hughes Telecom) stock today created its all-time high at Rs 21.06. It recorded a traded quantity of 2.08 crore shares on the National Stock Exchange, highest in the last three years. The all-time high traded quantity on the NSE in the counter was registered on June 18, 2002 at 2.44 crore shares.
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Rupee slips further; gilts recover
Mumbai: The rupee lost another 11 paise on Tuesday to close at 45.63/64 in its value against the dollar down from Monday's closing level of 45.54/56. The depreciation was triggered by a host of factors - lack of robust dollar supplies, corporate demand followed by inter-bank demand for the dollar and surprisingly even central bank dollar absorption, said market watchers.
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