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Market's
'fundamentally' strong: FM
New
Delhi: The government has said that though there is
nothing wrong in stock market speculation, there should
be no attempts to manipulate it.
He described the present stock market as based on the
current economic fundamentals.
He
said the sensex and Nifty indices comprise blue chip companies
and their results are reflected in the movement of these
indices.
The
minister categorically ruled out instituting a widespread
probe involving several agencies, and said it was for
the regulators to keep a watch on market movements.
He
said he was satisfied with the functioning of the market
and said that there was no manipulation that had come
to his notice. He advised investors to take informed decisions
based on a company's track record, performance and current
expansion plans. Pending this, they should invest through
mutual funds he advised.
He
also stuck to his premise that the Q2 results of most
corporates would be as good as their Q1 earnings.
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Cranes
to issue 1:1 bonus shares
Mumbai: Cranes Software International said
it would issue bonus shares in 1:1 ratio and issue 12-lakh
equityshares on preferential basis.
The
shareholders at the company's AGM approved the issue of
bonus shares in the ratio of 1:1 that is: issue of one
share for every share held and split of equity shares
of Rs10 each into five shares of Rs2 each, according to
a notice sent to the Bombay Stock Exchange.
The
AGM also approved the dividend of Rs5 per share, including
regular dividend of Rs2 per share and special dividend
of Rs3 per share, it said.
The
company will issue equity shares of Rs10 each on a preferential
basis, at a price not less than Rs900 per shares, up to
eight-lakh equity shares to the promoters and up to four-lakh
equity shares to strategic investors, Spice One Colonisers
Pvt Ltd, it added.
The
AGM also passed the resolution to increase in the authorized
share capital of the company from Rs22 crore to Rs35 crore.
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