Markets: In the shadow of the Tax
Mumbai: The Sensex closed at 4944.54 lower than the previous close. The S&P CNX Nifty gained about 4 points, to close at 1556.95 points. The overall trading volumes were very low with protests continuing from traders on the transaction tax proposed in the recently announced Budget.

Market Gainers
ONGC, Satyam, Tata Steel, Cipla, Tata Motors, Oriental Bank, Union Bank, Kotak Bank, Bank of India, IDBI, Siemens, Dabur India, TVS Motors, Arvind Mills, Vardhman Spinning, Mahavir Spinning, Raymond, Nahar Spinning, Alok Industries, Sesa Goa, Jindal Vijayanagar

Market Losers
Hero Honda, Bharti Tele-Ventures, Grasim, HDFC, ICICI Bank, Shree Cements, Valecha Engineering, Gammon India, Dalmia Cements, Infosys

Market Counters
Indian Rayon down Rs 7.9 at Rs 241
Amforge Industries up 4.81 per cent at Rs 76.20
Divi's Laboratories up 0.3 per cent at Rs 1184.15

BSE 30
Figures in Rupees
Gain (+) / Loss (-)

ACC 239.70 -1.80
Bajaj Auto 914.65 -0.15
Bharti Televentures 154.95 -3.15
BHEL 532.05 -3.75
Cipla 233.85 +3.75
Dr. Reddys Laboratories 764.15 +1.20
Grasim Industries 1,012.40 -11.65
Gujarat Ambuja 279.10 -2.75
HDFC 549.40 -10.25
HDFC Bank 366.70 -2.05
Hero Honda Motors 486.80 -13.70
Hindalco Industries Limited 1,080.95 +1.75
Hindustan Petroleum Corp 287.75 -1.15
HLL 123.95 +1.55
ICICI Bank 241.15 -3.15
Infosys Technologies 1,376.25 -6.35
ITC 1,053.30 -3.95
Larsen & Toubro Limited 726.60 -19.45
Maruti Udyog 430.60 +2.50
MTNL 134.40 +0.45
ONGC 679.95 +9.35
Ranbaxy Labs 981.55 -1.40
Reliance Energy 565.00 +2.30
Reliance Industries 436.15 -2.40
Satyam Computer Services 317.45 +11.00
State Bank Of India 432.20 +2.80
Tata Motors 423.05 +7.45
Tata Power 253.75 -0.60
TISCO 314.50 +7.85
Wipro 498.10 -1.75
Zee Telefilms 128.75 +1.30
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RBI: No further buy in ICICI Bank shares
Mumbai: The Reserve Bank of India has notified that no further purchases of equity shares of ICICI Bank Ltd should be made on behalf of foreign institutional investors through stock exchanges in India without the prior permission of the apex bank. ICICI Bank Ltd has reached the upper limit of 47 per cent of its paid-up capital, said a release from the central bank
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Karvy takes over as HLL's registrar
New Delhi: Hindustan Lever Ltd (HLL) said on Monday that Karvy Computershare Pvt Ltd will take over as the company's registrar and transfer agent from July 16. Till January 2005, HLL's Investor Services Department will handle work related to the bonus debentures, the company said in a statement here.
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UTI-I forecloses two MIP 99 (II) and MIP 2000
Kolkata: The Administrator of the Specified Undertaking of the Unit Trust of India (UTI-I) has announced the foreclosure of two monthly income plans - MIP 99 (II) and MIP 2000. The decision will be effective from August 1. The "changed economic scenario and falling interest rates" are the two reasons cited for the lack of income generated under the MIPs according to a note circulated by the UTI. The maturity dates for MIP 99 (II) and MIP 2000 are October 31, 2004, and March 31, 2005, respectively. All the assured return schemes of UTI have been transferred and vested in the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI).
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BoB Mutual to convert ELSS 95
Mumbai: Bank of Baroda Mutual Fund plans to convert BoB ELSS'95, a close-ended scheme due for redemption on April 1, 2005, into BoB Diversified Fund. The offer document for BoB Diversified Fund has been filed with the Securities and Exchange Board of India. The new fund will invest 80-100 per cent in equity and can invest up to 20 per cent in debt and money market instruments, according to the offer document. Investors can choose between growth and dividend options under the scheme. The minimum application amount is Rs 3,000. The initial offer price of the scheme is Rs 10 per unit.
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Birla MF files for new bond fund
Mumbai: Birla Sun Life Asset Management Company has filed with the Securities and Exchange Board of India (SEBI) its offer document for the Birla Dynamic Bond Fund. This open-ended income fund offers retail, institutional and institutional premium plans. The minimum investment amount is Rs 5,000 under the retail plan, Rs 1 crore under the institutional plan and Rs 10 crore under the institutional premium plan. The initial offer price of the scheme is Rs 10 per unit at par, as per the offer document. The asset allocation of the fund would be in fixed income securities including Government securities and cash and liquid instruments including money market and short-term debt papers, the offer document says. The scheme may also invest up to 50 per cent of the net assets in derivative instruments.
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Chidambaram defends transaction tax
New Delhi: The Finance Minister, P. Chidambaram, has defended the budget proposal to levy a 0.15 per cent tax on all securities transacted on stock exchanges, and has maintained that a review, if at all, would be only on the extent of tax being levied.
In his interactions with the Federation of Indian Chambers of Commerce and Industry (FICCI) as well as the Confederation of Indian Industry (CII), Chidambaram delivered an unambiguous message. The transaction tax is "efficient, neat, non-regressive and eliminates tax avoidance". At the most, he was prepared to "revisit the numbers in order to fine-tune the tax". According to him, the transaction tax would prove beneficial in the long run, as it is an accepted fact that the existing `complex' capital gains tax regime was distorting the market and encouraging tax avoidance.
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