Reliance Industries has denied any interest in taking over Indo Rama Synthetics. In a release issued on Friday the company said: "We reiterate and stress our consistent stand that Reliance is not interested in acquiring Indo Rama Synthetics and, therefore, the issue of making an open offer for acquiring its shares is not relevant. Indo Rama is a valued customer of Reliance Industries Ltd."Sebi, SEC sign MoU
The Securities and Exchange Commission of the US has entered into a memorandum of understanding with Sebi. The MoU will allow the regulators to seek each other's co-operation and also consult each other on the technical assistance front. The two regulators would also help each other in obtaining information and evidence to facilitate the enforcement of their respective laws relating to securities matters. The two sides have been sharing this kind of a relationship for a few years and the MoU merely formalises this relationship.
Sebi suspends Hoffland Finance
Sebi has suspendedHoffland Finance Ltd from all exchanges for six months. The order follows an investigation into the scrip movement of JVG Departmental Stores. The investigation revealed that Hoffland Finance created a false market in the scrip by maintaining the traded price at an artifically high level.
Sales load for GIC Fortune '94 to be reduced
The sales load in GIC Fortune 1994, the open-ended growth scheme from GIC Mutual Fund, will be reduced to 2 per cent from 6 per cent from March 9. The reduction in the sales load will enable the existing and new investors to invest in the scheme at a price that is closer to its current NAV.
Consequent on the reduction in the sales load, the insurance discount coupon facility will be discontinued. Investments made on or after this date will not be eligible for the insurance discount coupons. However, the existing unit holders will continue to receive insurance discount coupons on their investments up to March 7. GIC Mutual Fund has also received the consent of itsunitholders to convert its existing close-ended growth scheme, GIC Growth Plus-II, into an open-ended one. The conversion is awaiting Sebi approval.
Dealings in SBT shares from March 9The equity shares of State Bank of Travancore will be admitted for dealings on the BSE from March 9. The shares, which were issued at a price of Rs 600 (Rs 100 face value), will be traded in market lots of 5 shares.
Trading in Gontermann Peipers FCDs
The new securities of Gontermann Peipers (India) Ltd, i.e. 17 per cent fully-convertible debentures of Rs 100 each, will be available for trading on the Bombay Stock Exchange from March 9. The debentures will be traded in market lots of 20 shares.
Zuari Agro changes name
The following companies have decided to change their names which will be reflected on BSE's BOLT screen from March 9: Trans Plastics (India) to Transmedica (India), Zuari Agro Chemicals to Zuari Industries, Jagdamba Polymers to Shri Jagdamba Polymers, Kediya Vanaspati to KediaVanaspati, Sri Vasavi Steel Industries to Sri Vasavi Industries, Dynavox Electronic to Dynavox Industries, Bhupendra Capital & Finance to Cogent Ventures (India), India Education Centre to IEC Softwares, Magnus Plastics to Shree Ganesh Elastoplast, Jagan Li-Tech Lamps to Jagan Lamps, RPG Telecom to RPG Cables, Tirupati Texknit to TT, Premier Fincaps to Wellworth Overseas, Western India Securities to Wisec Global, Shiv Leasings to Sheth Plastomers and Synergy Credit Corporation to Synergy Log In Systems.
Sensex drops 6 points
After initial weakness, equities recovered part of their early losses on on the BSE on Friday. Domestic funds made purchases in scrips of Bajaj Auto, Castrol, L&T, MTNL and Telco. The Sensex settled at 3,708.58, losing 6.04 points over the previous close.
Nifty down 2 points
Share prices lost ground on the NSE on increased selling pressure. The NSE-50 Index settled at 1,081.45, down 1.90 points over the previous close. The Mid-cap Index finished at 1,231.15, losing4.15 points. The exchange reported a total turnover of Rs 1,176.21 crore.
MSE Index ends down
A mixed trend prevailed on the Madras Stock Exchange on Friday. The MSE Share Price Index improved to 3,934.03 from the previous close of 3,930.81 points. ACC declined to Rs 1,457.20 from Rs 1,497.80 while Raasi Cement spurted to Rs 255 from Rs 239.10. State Bank rose by Rs 2.25 to Rs 272.95. Sundaram Finance moved down to Rs 230 from Rs 236.70. EID Parry dipped by Rs 5.60 to Rs 87.15. India Cement appreciated by Rs 2.60 to Rs 60.35.
NSDL volume at Rs 19 cr
The National Securities Depository Ltd registered a record volume of 11.26 lakh shares valued at Rs 19.09 crore on Friday. Reliance topped the list of stocks with the highest number of trades at 351 (both BSE and NSE) to its account recording a huge turnover of Rs 12.76 crores, followed by SBI accounting for a turnover of Rs 5.46 crores.
Skindia Index drops by 3.98%
The Skindia GDR Index dropped by 3.98 per cent from 975.42 to936.60 on March 5. The Skindia GDR Index p/e ratio was 20.50 on March 5 compared with 21.36 on March 4. The top gainer of the day was Dr Reddy's Labs which quoted at $12.00 ($11.25). Losers included Telco, SAIL and EI Hotels.
HK stocks close up
Hong Kong stocks closed higher on Friday, boosted by a round of derivatives-linked buying in late trade following a recovery of regional currencies, brokers said. The Hang Seng Index finished up 115.85 points, or 1.07 per cent, to 10,919.53. Turnover was HK$7.54 billion, down from Thursday's close of HK$9.90 billion.
Call rates end at 9.10%
A steady trend prevailed at the overnight call money market on Friday with rates hovering around 8.90-9.10 per cent on ample loose liquidity in the system. Call rates opened at 9-9.10 per cent, and closed at 8.90-9 per cent.
Rupee ends at 39.52
The spot rupee weakened marginally on Friday on corporate covering to close at 39.52/54 as against its previous close of 39.48/50. The rupee remainedrangebound for most part of the day, but weakened due to a buying spree by some banks on behalf of their corporate clients.
Copper rises on thin supplies
Copper prices rose on Friday as supplies were limited in the face of buying triggered by a rally in world markets, traders said. Copper rose by Rs 50 to Rs 11,500 per quintal on thin supplies of imported metals, while a rally in world markets prompted industrial and speculative buying. Other base metals moved in a narrow range and closed on a steady note.
Sugar in narrow band in slow trade
Sugar prices moved in a narrow band on Friday amid slow trade, dealers said. Ready delivery sugar S-30 was steady at Rs 1,440/1,475 per quintal. Sugar M-30 was steady at Rs 1,465/1,515 per quintal. Mill delivery sugar S-30 rose by Rs 5 to Rs 1,395/1,405 per quintal while sugar M-30 rose by Rs 5 to Rs 1,410/1,420 per quintal.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
