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Markets:
Techs fall on profit booking
Mumbai: The Sensex ended its three-day rally,
dropping 43.35 points, to end lower at 5672.27 points.
On the National Stock Exchange, the S&P CNX Nifty
declined 13.20 points to close at 1786.90.
Market Gainers
Stocks such as Tata Steel and Hindalco were prominent
in the sell-off, amid fears that the move to raise interest
rates could affect demand for their products. Tech stocks
within the Sensex such as Infosys, Satyam Computer and
Wipro, which have posted smart gains in recent times,
also came under a spell of profit booking. UTI Bank,
IndusInd Bank and Federal Bank also joined the bandwagon
and ended the day with gains. Outside of the Sensex,
a few stocks that posted gains were Dishman Pharma,
Solvay Pharma, Atlas Copco, Abbott India, Praj Industries,
Aventis Pharma and Blue Dart Express.
Market
Counters
BSE 30
Figures in Rupees
Gain (+) / Loss (-)
| ACC |
260.00 |
-1.20 |
| Bajaj
Auto |
968.00 |
+12.10 |
| Bharti
Televentures |
157.00 |
-2.30 |
| BHEL |
634.30 |
-0.85 |
| Cipla |
280.10 |
+4.30 |
| Dr.
Reddys Laboratories |
759.00 |
+2.55 |
| Grasim
Industries |
1,092.00 |
-22.35 |
| Gujarat
Ambuja |
343.00 |
-4.35 |
| HDFC |
648.50 |
+9.80 |
| HDFC
Bank |
415.00 |
-0.95 |
| Hero
Honda Motors |
424.95 |
-4.10 |
| Hindalco
Industries Limited |
1,211.00 |
-16.25 |
| Hindustan
Petroleum Corp |
308.05 |
-4.85 |
| HLL |
123.50 |
-1.40 |
| ICICI
Bank |
298.50 |
+3.65 |
| Infosys
Technologies |
1,917.00 |
-31.25 |
| ITC |
1,084.05 |
-2.75 |
| Maruti
Udyog |
373.60 |
+8.25 |
| MTNL |
125.90 |
-0.90 |
| ONGC |
794.80 |
+2.35 |
| Ranbaxy
Labs |
1,098.00 |
+14.65 |
| Reliance
Energy |
628.55 |
-2.70 |
| Reliance
Industries |
537.30 |
-2.35 |
| Satyam
Computer Services |
378.65 |
-6.05 |
| State
Bank Of India |
447.00 |
+2.55 |
| Tata
Motors |
424.25 |
+6.50 |
| Tata
Power |
299.95 |
-2.70 |
| TISCO |
290.35 |
-4.25 |
| Wipro |
651.50 |
-7.30 |
| Zee
Telefilms |
149.90 |
-1.05 |
Others
Harig Crankshaft up 4.86 per cent at Rs26.95
Themis Medicare up 4.28 per cent at Rs215.75
Simplex Concrete Piles down 1.65 per cent at Rs170
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SEBI
to move against May 17 market crash operators
Mumbai: The Finance Minister, P. Chidambaram, has
said that the Securities and Exchange Board of India's
report on the stock market crash on May 17 was ready and
that this would be published soon.
He said that SEBI had almost finalised its report, and
it will proceed to take action against a few people in
the next few days. The minister was speaking at the sidelines
of a function to celebrate the 10th anniversary of the
NSE. The report is likely to be published early next week.
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SEBI
specifications on corporate
governance
Mumbai: The Securities and Exchange Board of India
has specified that not less than 50 per cent of the board
of directors should consist of non-executive directors.
If the chairman of the board is a non-executive director,
at least one-third of the board should consist of independent
directors and in case he is an executive director, at
least half of the board should comprise independent directors.
These are changes effected in Clause 49 of the Listing
Agreement, suggested by the N.R. Narayana Murthy Committee
on corporate governance. The revised clause has taken
into account the suggestion received after the draft committee
report was placed for public comments.
The new clause also says that compensation paid to non-executive
directors, (including independent directors) should be
fixed by the board and will require previous approval
of shareholders.
The shareholders' resolution shall specify the limits
for the maximum number of stock options that can be granted
to non-executive directors, including independent directors,
in any financial year and in aggregate, according to the
new Listing Agreement.
The remuneration paid to directors should be disclosed
in the section on corporate governance in the annual report
of the company. This includes details on stock options,
pensions and the criteria for payment to non-executive
directors.
A director cannot be a member in more than 10 committees
or act as chairman of more than five committees across
all companies of which he is a director. Further, the
clause specifies a mandatory annual requirement for every
director to inform the company about the committee positions
he occupies in other companies and notify changes as and
when they take place.
Strengthening the responsibilities of audit committees,
the clause says the audit committee should have minimum
three directors as members. Two-thirds of the members
of audit committee shall be independent directors.
Further, all members of audit committee should be financially
literate and at least one member should have accounting
or related financial management expertise.
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