Rural Electrification bonds list on OTCEI: Rural Electrification Corporation listed two of its bond offerings valued at Rs 185 crore on the OTCEI on Wednesday. Trading in the 13.5 per cent and 9.25 per cent tax-free bonds will commence from February 6. According to the exchange, the market capitalisation of the listed debentures segment has shown a quantum jump of 12.55 times from Rs 66 crore last year to Rs 828 crore this year.IndusInd Bank: IndusInd Bank has fixed February 10 as the last date for the payment of allotment money on partly paid-up (ie Rs 5 paid-up) shares. In view of the announcement, only fully paid-up shares will be allowed to trade in the demat segment of the NSE and BSE from February 4. NSDL has intimated brokers to accept offers only if the share certificates are accompanied by a photocopy of the acknowledgement receipt of payment of allotment money, pending endorsement of the allotment payment by the company.
Odd-lot scheme from Clariant India: Clariant (India)has devised a scheme for the disposal of odd shares held by the shareholders of the company. Accordingly, the company has nominated Clea Investor Support Services, a division of Clea Advertising & Marketing, as its assignee nominee to administer the scheme of behalf of the company. The scheme kicked off on February 2 and will remain open for a period of two months up to March 31, 1998.
Ajay Srinivasan new ICICI AMC MD: ICICI has appointed Ajay Srinivasan, formerly with ITC Threadneedle, as the managing director of ICICI Asset Management Company Ltd. ICICI said Srinivasan will play a key role in establishing future strategies and plans for the development of the AMC in collaboration with Prudential Corporation Plc of the UK, the joint venture partner for its mutual fund operations.
JM Financial appoints new president: VK Bansal has been appointed president of JM Financial & Investment Consultancy Services Ltd. Bansal will be responsible for devising the company's corporate strategy, managingclient relationships, overseeing various business groups and business development.
Nifty Index drops by 7 points: Pivotals lost ground towards the end of the session on the NSE on Wednesday following speculative selling pressure. The NSE-50 index settled at 967.95 points, losing 7.30 points over the previous close. The mid-cap index drifted lower by 8.35 points to 1,092.25. The exchange reported a total turnover of Rs 1,518.43 crore.
CSE shares end down on profit-taking: Share prices maintained their previous closing rates at the Calcutta Stock Exchange during the session on Wednesday on the back of active bull support. However, profit-taking towards the end of the session wiped out gains. The 50-share CSE index closed at 95.16 points after fluctuating between 97.16 points and 95.01 points.
DSE Index slips by 8 points: Blue-chips failed to maintain initial gains on the Delhi Stock Exchange on Wednesday following profit-selling by speculators. The DSE Sensitive Index climbed down by8.23 points to finish at 713.73. In the specified section, HLL gained Rs 22 to close at Rs 1,385.50 on rumours of a bonus issue.
Equities lose value on MSE: Equities declined on the Madras Stock Exchange on Wednesday. The MSE share price index dropped to 3,635.63 from the previous close of 3,662.48 points. ITC declined by Rs 3.50 to Rs 578.45, ACC by Rs 15.50 to Rs 1,305.60, SBI by Rs 6.30 to Rs 237.50, Reliance by Rs 4.20 to Rs 154, Satyam Computers by Rs 3.90 to Rs 172.30 and Software Solution by Rs 4.90 to Rs 131.60.
Shares lose ground on BgSE: Share prices slumped at the Bangalore Stock Exchange on Wednesday in hectic trading. According to marketmen, there was heavy unloading in scrips like ITC and SBI. The turnover on the bourse stood at Rs 35.56 crore. ITC opened at Rs 582.65 and closed at Rs 580.70 while BPL firmed up to Rs 100 (Rs 98). SBI, Reliance, Tisco and L&T also sought lower levels of Rs 238.60 (Rs 244.50), Rs 153.90 (Rs 158.25), Rs 124.10 (Rs 125.75) and Rs 188.25 (Rs191.45).
Skindia Index loses 0.28%: The Skindia GDR Index dropped by 0.28 per cent from 827.71 to 825.38 on February 3. The Skindia GDR Index p/e ratio was 17.22 on February 3 compared with 17.32 on February 2. The top gainers were VSNL and ITC which quoted at $13.13 ($12.75) and $20.75 ($20.38). Losers included Indian Hotels, SAIL and Bajaj Auto.
HK stocks end lower on profit-taking: Hong Kong stocks closed sharply lower in choppy Wednesday trade with the blue chip Hang Seng Index falling 222.90 points, or 2.12 per cent, to end at 10,302.61 on profit-taking. Investors continued to take profit following the Hang Seng's hefty gain of 14.33 per cent, or 1,326.24 points, on Monday, brokers said.
Call rate ends at 10.50%: The overnight call money market witnessed a squeeze on funds as RBI intervention saw a sizeable amount of liquidity being sucked out of the system. Call rates opened relatively higher at 10.50-11 per cent and settled at 10.25-10.50 per cent.
Rupee recovers:The rupee strengthened further against the US dollar following active participation by SBI in the forex market on Wednesday. The market opened steady at 38.75/80 to a dollar and firmed up to 38.62/65 before closing at 38.70/72, dealers said.
Groundnut oil prices inch up: Groundnut oil prices recovered smartly on the local oilseeds market on fresh buying interest. Groundnut oil recovered by Rs 3 to close at Rs 361. Palm oil rose by a rupee to end at Rs 304. In the non-edible section, castor oil commercial prices improved to Rs 277 from Rs 276 and castorseed Madras improved by Rs 5 to settle at Rs 1,234.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
