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Markets: Waiting with baited breath
Mumbai: A few sectors emerged as gainers after positive news from the economic survey reflected on these sectors. The primary trigger from the Economic Survey 2004-05 was its forecast for a higher than expected growth rate of 6.9 per cent for the year. The Bombay Stock Exchange Sensitive Index (Sensex) finally closed the day at 6,569 points, down about 4.5 points from the previous close.

On the other hand, at the National Stock Exchange, the S&P CNX Nifty index closed the day higher by 5.6 points.

International Markets
Gain (+) / Loss (-)

Current
Change
NASDAQ2,065.40 +13.70
FTSE 5,006.80 +34.70
Dow 10,841.60 +92.81
Nikkei 11,658.25 +127.10
CAC 4,034.57 +56.90
HangSeng 14,157.09 +96.18
DAX4,348.64 +44.35
Last Update : 26 February, 2005, 10:15:16 AM

National Markets
SENSEX
6,569.72 -4.49
NIFTY 2,060.90 +5.60
Last Update : 25 February, 2005, 16:15 PM

Market Counters
Figures in Rupees

BSE 30
Scrip NameOpenHighLowLast Price
ONG CORP LTD 860.00 860.00 830.00 842.35
BHARTI TELE 215.00 220.60 214.30 219.85
LARSEN & TOUBRO LTD. 1,064.70 1,091.00 1,051.50 1,081.85
RANBAXY LABORATORIES LTD. 1,012.00 1,029.90 1,003.15 1,019.80
HINDALCO IN 1,380.00 1,402.00 1,378.00 1,394.60
GUJARAT AMBUJA CEMENTS LTD. 432.25 436.85 429.30 433.85
SATYAM COMP 402.00 405.35 397.10 400.65
INFOSYS TECHNOLOGIES LTD.-ORDI 2,175.00 2,185.00 2,165.25 2,179.95
BAJAJ AUTO 1,029.90 1,029.90 1,014.20 1,019.80
MARUTI UDYOG 472.00 479.65 471.10 474.35
ASSOCIATED CEMENT COMPANIES LT 361.50 363.25 359.15 360.80
BHEL 864.00 868.90 848.15 861.70
HEROHONDA M 537.00 538.00 517.15 520.50
RELIANCE ENR* 566.00 566.00 549.00 551.10
ZEE TELEF LT 148.90 149.90 143.15 144.40
HOUSING DEVELOPMENT FINANCE CO 771.10 776.50 751.00 757.20
HINDUSTAN LEVER LTD. 143.00 144.00 140.00 140.50
RELIANCE* 550.00 550.75 538.20 539.90
HDFC BANK LT 578.70 578.70 563.50 569.30
DR.REDDY'S LABORATORIES LTD. 728.00 728.00 710.00 711.35
HINDUSTAN PETROLEUM CORP. LTD. 344.00 353.00 342.00 343.85
STATE BANK OF INDIA 692.00 695.00 681.10 685.25
I T C LTD 1,294.00 1,294.00 1,283.00 1,287.10
TATA IRON AND STEEL CO. LTD. 413.55 416.45 407.90 409.80
ICICI BANK L 373.90 373.90 366.25 367.25
GRASIM INDUSTRIES LTD. 1,336.90 1,344.70 1,312.00 1,318.85
WIPRO LTD. 683.80 683.90 661.00 674.45
TATA POWER 405.00 407.00 400.00 400.85
TATA MOTORS 471.00 475.90 466.00 470.10
CIPLA LTD. 261.00 263.90 257.20 258.65
Last Update : 25 February, 2005, 16:05PM

S&P CNX Nifty
SymbolOpenHighLowLast Price
ONGC 839.00 847.70 830.00 842.65
SBIN 695.00 695.50 681.00 685.10
RELIANCE 550.00 550.90 538.20 540.15
TISCO 413.00 415.45 407.50 409.95
SATYAMCOMP 399.00 406.30 399.00 401.50
INFOSYSTCH 2155.35 2186.00 2155.35 2179.45
GAIL 245.00 259.40 237.90 242.00
TATAMOTORS 470.05 476.00 466.00 470.15
RANBAXY 1018.00 1031.00 1003.15 1021.25
BHARTI 215.00 220.75 214.60 219.55
TCS 1376.80 1379.00 1353.15 1364.05
MARUTI 476.00 479.35 471.30 474.35
SAIL 63.70 64.10 62.65 63.10
WIPRO 680.15 684.00 661.90 672.70
PNB 435.90 445.00 420.00 437.55
M&M 540.00 540.00 525.00 529.15
LT 1065.00 1091.70 1052.00 1082.35
ITC 1295.00 1295.00 1281.50 1287.90
ACC 361.00 363.90 359.10 360.80
BPCL 410.00 420.25 410.00 413.40
HDFC 777.85 777.85 751.25 757.55
HINDPETRO 345.00 352.90 340.00 343.90
GUJAMBCEM 433.50 435.80 429.55 434.20
TATAPOWER 406.95 408.00 399.95 401.25
HINDLEVER 143.00 144.95 140.00 140.55
HINDALC0 1380.00 1400.90 1380.00 1393.80
ZEETELE 149.25 149.45 143.00 144.35
BAJAJAUTO 1043.50 1043.50 1012.15 1019.60
BHEL 864.00 867.00 848.55 862.75
CIPLA 261.00 262.50 257.60 258.70
VSNL 239.50 247.00 218.15 221.35
HEROHONDA 539.80 539.80 517.00 519.40
ICICIBANK 374.00 378.00 367.05 367.65
IPCL 177.00 177.00 173.10 173.70
GRASIM 1345.00 1345.00 1315.00 1318.20
MTNL 133.00 134.75 132.65 133.10
DABUR 112.50 117.50 112.50 116.30
NATIONALUM 174.50 176.75 173.50 174.65
HCLTECH 331.80 335.90 327.15 330.10
DRREDDY 730.00 730.00 709.00 710.65
TATATEA 536.55 540.50 528.60 529.80
HDFCBANK 575.95 575.95 562.10 570.15
ORIENTBANK 307.00 308.80 304.90 306.70
SCI 162.50 163.80 159.55 160.70
SUNPHARMA 489.85 494.80 476.25 479.20
REL 560.50 568.00 548.15 551.55
TATACHEM 161.00 162.70 158.50 158.85
GLAXO 767.80 767.80 732.00 737.95
ABB 1255.00 1259.70 1220.00 1232.00
COLGATE 186.40 188.00 181.40 183.35
Last Update : 25 February, 2005, 16:00PM
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Economic Survey: Securities markets
New Delhi: The Economic Survey has highlighted some of the following factsl:

  • The equity markets have been on a high in the current year with the top 50 stocks (Nifty) generating returns of 11 per cent in 2004, following returns of 72 per cent in 2003.
  • The volume of capital raised in the market including initial public offerings (IPOs) rose by about five times to a level of Rs35,859 crore in 2004.
  • The mean IPO size grew from Rs31 crore in 2001 to Rs870 crore in 2004. The Nifty index experienced sharp growth in market capitalisation from Rs2,85,007 crore in 2001 to Rs9,02,831 crore in 2004.
  • Direct household participation in the securities markets, which had stagnated in 2002, grew strongly in 2003 and 2004 to a level of 6 million accounts at National Securities Depository Ltd
  • The world ranking of National Stock Exchange and Bombay Stock Exchange improved to three and five in 2003.
  • Net purchases of equity by foreign institutional investors amounted to an unprecedented Rs38,965 crore in 2004.
  • In 2004, the turnover on the equity spot and derivatives markets and the spot market for government bonds was Rs43 lakh crore and Rs11 lakh crore, respectively.
  • The volume of commodity futures in the three commodity exchanges in the country rose to Rs1.7 lakh crore during April-September 2004, roughly one-third of the GOI bond market and one-tenth of exchange trading in the equity market.
  • The Securities and Exchange Board of India is developing a database about market participants and investors, called the MAPIN database, to give a Unique Identification Number (UIN) to individuals and entities participating in the capital market, enabling SEBI to rapidly investigate market misbehaviour.
  • India is ranked 12th in an international comparison of turnover ratio on the equity spot market in the 12-month period from November 2003 to October 2004.

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Economic Survey: Curb speculative FII flows
New Delhi: The Economic Survey, released yesterday, says there is a need for a committee to ensure speculative FII flows are curbed. But this has to be seen in the context of the fact that in February alone over $1 billion have been pumped in by the FIIs and such a recommendation is bound to make the markets somewhat jittery.

The Survey admits that much more is expected in the coming months.
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FICCI slams SEBI move on curbing promoter holdings
New Delhi: SEBI's move to amend the Takeover Code once again in order to bring down the ceiling on acquisition of shares through market purchases and preferential allotment from 75 per cent to 55 per cent for promoters of companies, has irked India Inc.

FICCI has said that this would entail heavy loss to promoters and lower realisation on sale of shares by non-promoter shareholders. It would also deny a level-playing field to Indian entrepreneurs, FICCI added. In a note to the regulator, it said the ceiling and creeping limits of acquisition had been tinkered with no less than five times in the last eight years.

"This has spelt instability in the corporate sector, as forcing the promoters to divest voting shares held in excess of 55 per cent is seen as arbitrary and detrimental to the healthy growth of the stock markets."

FICCI said at a time when FDI is sought to be encouraged and is permitted up to 100 per cent in a few cases and up to 74 per cent in a number of cases, the Indian entrepreneur should not be unduly denied a level-playing field by forcing reduction of promoters' holdings from 75 per cent to 55 per cent. "There is a general feeling on the part of the corporate sector that the regulators are interfering too much in the affairs of corporates. The current 75 per cent limit is quite reasonable and should be continued. However, if the SEBI wants to reduce the same to 55 per cent, it has to be done on a case-to-case basis," it said.
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Wipro develops e-filing platform for NYSE
Bangalore: Senior officials of Wipro Technologies visited the New York Stock Exchange on Friday to showcase the launch of eGovDirect.com, an electronic filing platform to assist NYSE-listed companies with the submission and management of their corporate compliance information.

The Web site was designed and developed in partnership with NYSE by Wipro Technologies, said a company press release. The password-protected Web site acts as a secure platform between the listed companies and the NYSE, enabling them to submit the required governance documentation with the exchange electronically, while allowing NYSE to proactively notify its issuers when requirements are due.

One of its many value added features is the ability for listed companies to compare their own corporate governance structure against similar NYSE companies using a benchmarking tool.

"The New York Stock Exchange has always been at the forefront of promoting good governance practices," said Ms Janice O'Neill, NYSE Vice-President, Corporate Compliance. "This new site provides value-added service to our listed companies and improves the efficiency and effectiveness of our listed company compliance programme," she said.

A customised version of eGovDirect.com would be available for non-US NYSE-listed companies in early 2006.
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domain-B : Indian business : News Review : 26 February 2005 : markets