RBI bars FII buying in Satyam Computer: The RBI on Thursday said that no further purchases of shares of Satyam Computer Services Limited would be allowed on behalf of FIIs, NRIs and OCBs as the 30 per cent ceiling has been reached. The RBI said the overall ceiling of 30 per cent of the paid-up equity capital permitted under the portfolio investment scheme has already been reached in the case of Satyam Computer Services.BSE to hold elections on March 20: Elections to the three vacancies on the governing board of the BSE for the year 1998-99 will be held on March 20. Member-brokers aspiring to contest the elections have been asked to submit their nomination papers on or before March 4. These vacancies have been created due to the retirement of JC Parekh (vice-president) and Rajendra Banthia (Treasurer), and the demise of Mahendra N Kampani.
DSP Merrill cuts entry load on fund: DSP Merrill Lynch Asset Management Company has reduced the entry load on its equity fund. Instead of theearlier flat rate of 3 per cent, the fund has structured three slabs depending on the amount invested. A 2 per cent load will be applicable for investments of less than Rs 5 lakh, 1.75 per cent for investments between Rs 5-25 lakh and 1.5 per cent for investments of more than Rs 25 lakh. The fund has no exit load.
Three BgSE members suspended: The Bangalore Stock Exchange has suspended three members on account of non-settlement of dues to the bourse. The suspended members are P Ramesh Kumar of Shwetha & Co, Champa M Rao and M Jayaram Rai of Mithra & Co. Jayaram Rai has already been suspended for non-replacement of bad deliveries. The bourse has also cautioned the general public from dealing with these brokers.
Vatsa tops investor woes list: Vatsa Corporation topped the investor complaints list on the NSE for failing to rectify more than 15 complaints lodged against it in over two months as on January 31. Other companies with a maximum number of complaints pending against them are PentafourProducts with 12, NEPC India (11), Western India Industries (7), Xedd Telecom (5), Orkay Industries and Padmini Polymers (4 each) ModiLuft (3), Atash Industries and Pittie Finance (2 each).
Changes in accounting year: The following companies have changed their accounting year: Hyderabad Connectronics (last year ending on March 31, 1997, changed to September 30, 1997 for a period of 18 months), Khemsons Global (June 30, 1997 to March 31, 1998, 9 months), Modern Malleables (March 31, 1996 to September 30, 1997, 18 months), Pentokey Organy India (June 30, 1997 to March 31, 1998, 9 months), Shakti Pumps (India) (December 31, 1996 to June 30, 1998, 18 months), Sulzer India (March 31, 1997 to December 31, 1997, 9 months).
State Bank of Bikaner shares: Equity shares of State Bank of Bikaner and Jaipur were admitted to dealings on the BSE on Thursday in market lots of 5 shares. The shares were issued at a price of Rs 540 per share (face value Rs 100 and premium Rs 440 per share.
NamanSecurities: Naman Securities director Manish Shah was shot dead in Mumbai on Thursday. According to market sources, in view of the demise of the director, the company officials have requested the BSE to switch off their terminals for a brief period.
Nifty Index rises 8 points: Share prices recovered on the NSE on fresh speculative buying. The NSE-50 (Nifty) Index settled at 976.10, gaining 8.15 points over the previous close. The mid-cap index closed at 1090.35, down 1.90 points. The exchange reported a total turnover of Rs 1,059.08 crore in 342.54 lakh shares.
DSE Index gains 12 points: Share prices recovered sharply on the Delhi Stock Exchange on Thursday on brisk buying by speculators. In the wake of the rising trend, bear operators were forced to square off their short positions which further fuelled the buying spree. The DSE Sensitive Index rose by 12.43 points to finish at 726.16 points. Hindustan Lever shot up by Rs 39.50 to Rs 1,425 on buying by investors. ITC moved up by Rs20.40 to Rs 600.50 on buying by foreign funds.
OTCEI Index up 0.14%: Equities improved on the OTCEI on good speculative buying. The OTCEI Composite Index opened at 114.07 and closed at 114.21, up 0.14 point over the previous close of 114.07. The exchange reported a total turnover of Rs 64 lakh in 77,505 shares and debentures.
Skindia Index slips 1.44 points: The Skindia GDR Index moved down by 1.44 per cent from 825.38 to 813.53 on February 4. The Skindia GDR index p/e ratio was 16.98 on February 4 compared with 17.22 on February 3. The top gainer was Gujarat Ambuja which quoted at $5.75 ($5.50). Losers included EI Hotels, Indian Hotels and IPCL.
Call rate ends at 10.50%: Tight conditions prevailed at the overnight call money market on Thursday. Call rates opened at 10.75-11 per cent, edged up to 11.25 per cent before settling down at 10.25-10.50 per cent. Rupee drops vs dollar: The rupee reacted against the dollar and weakened mildly on late dollar demand by corporates in anotherwise quiet market on Thursday. The rupee closed at 38.73/76 to a dollar, slightly lower from the overnight finish of 38.68/72.
Silver at new high, gold steady: Silver prices recorded a new high on heavy speculation in the international markets, whereas gold prices recovered marginally. Silver .999 and raw shot up by Rs 340 and Rs 365 to Rs 9,350 and Rs 9,200 per kg on good demand from industrial consumers. Gold standard mint rose by Rs 10 to Rs 4,000 per 10 gm.
A clarification: With reference to the article `Canpremium to go open-ended upon unitholders' approval' which appeared on Thursday, Canbank Mutual Fund has clarified that repurchases in the Canpremium scheme were never suspended during the life of the scheme. The present NAV was also inadvertently mentioned as Rs 7,252 instead of the actual Rs 16,905.31. The errors are regretted.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
