Hearing on Bengal plea on arrest of DSQ promoter
Kolkata: The chief metropolitan magistrate (CMM) here heard a petition filed by the government of West Bengal in a case related to issuance of arrest warrant against Dinesh Dalmia, the promoter of DSQ Software.

The state police, in pursuit of an investigation into the securities market fraud case of the Calcutta Stock Exchange in 2001, have sought to arrest Dalmia. After obtaining a clarificatory order from the Supreme Court, the state hovernment filed the petition for reconsideration of an earlier order by the CMM, which had recalled its previous order for issuing the arrest warrant. The next hearing is scheduled on January 22.
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GAIL under FII drilling
Mumbai: The GAIL (India) stock has seen a sharp fall in the last few days. Dealers were quoted as saying that the selling is mainly from a leading foreign institutional investor. Talk in the market is that this FII had recently bought a large quantity of the company's GDRs, which are now being converted into local shares and sold in the market.

The FII started selling in the market since the stock crossed over Rs 300 mark, earlier this month. If the market talk is to be believed, the selling in the counter is expected to be over in the next couple of days and most of the market players are waiting for this in order to make fresh purchases.
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Forwards shine
Mumbai: The forwards market saw a lot of activity on Tuesday with the premia moving about 20 basis points higher than Monday's closing levels.

The six-month premium touched a high of 0.91 per cent, but closed lower at 0.81 per cent. The one-year forward touched a high of 0.72 per cent and closed at 0.64 per cent
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Grasim exempted from open offer for CemCo
Mumbai: The Securities and Exchange Board of India (SEBI) has exempted Grasim Ltd from having to make an open offer for CemCo, the cement company proposed to be demerged from L&T, and whose majority stake is to be acquired by Grasim, under an agreement between Grasim and L&T. "The acquisition by Grasim of the shares of the unlisted target company i.e., CemCo in terms of the scheme of arrangement prior to the listing of shares of Cemco would be exempt under regulations (1)(j)(ii) & (k) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997," SEBI has said in its clarificatory letter to Grasim.

The letter was sent to Grasim as long back as September 30, 2003, in reply to clarifications sought by Grasim in their letter of September 23, 2003; however, the letter was put up on the SEBI Website on Tuesday. In the event the open offer was being made under the takeover code (which is not the case), the financial institutions would not be treated as persons acting in concert with Grasim, the acquirer, as FIs are going to participate in the open offer to sell their securities to Grasim, SEBI has said.
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