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Markets

Thursday, May 14, 1998

	Finance ministry move to boost GDR, ADR market The secondary market for Indian GDRs/ADRs is expected to receive a big fillip from the Union ministry of finance's reported move to allow two-way fungibility. The move will improve liquidity, eliminate arbitrage opportunities and also curb volatality in the Indian GDR market, making it more attractive for international investors.		Skindia GDR Index plunges 8.7% The Indian Global Depository Receipts market was the worst hit with the Skindia GDR index plunging by 8.79 per cent. The GDR index has lost over 13 per cent in two days. GDRs of Telco, SBI and Larsen fell by over 10 per cent.
	NSE moots measures to bolster secondary debt market Aimed at improving the liquidity in secondary debt market, the National Stock Exchange (NSE) has suggested steps including corporates' entry into repo transactions and making the bond portfolio mark to market mandatory. NSE has also called for allowing provident and pension funds to invest in secondary debt market along with government borrowing with long tenure.		Plantation firms diverting funds, rating agencies inform SEBI Rating agencies have informed the Securities and Exchange Board of India (SEBI) that many plantation companies have been diverting funds for deployment in areas like real estate, resorts and golf courses. The general consensus among the rating agencies was that plantation companies, though promising investment in agriculture and plantation activities, were deploying a large corpus of the amount so raised in activities akin to those of non-banking finance companies (NBFCs).

Deltron defers rights; takes preferential route
Deltron has postponed its proposed rights issue indefinitely and now the company is going in for a preferential offer of equity shares. The company has cited poor market conditions as the main reason behind the rights issue deferment.

ICICI issue extended by a week; to close on May 19
ICICI has decided to extend the closing date of its Rs 300-crore bond issue by a week. The issue, which was earlier slated to close on May 12 (the earliest closing) will now close on May 19 (the latest closing). Market sources say the ICICI issue has been hit by a poor retail response.

Domestic edible oil prices surge to record levels, buyers turn to soft oils
Silver crashes on New York advices; moong rises
Financial Briefing
Forward premiums set to spurt past 10%
Lower duties offer respite to debt markets
HSBC, UBS, Credit Swiss Fund sell bonds worth Rs 75 crore
Sanctions likely to drive local interest rates up
MgSE gears up to recover dues from defaulting members
Round II sends Sensex crashing 161 points
Market beats a retreat from tea scrips on hopes of higher supply
Foreign funds avoid making fresh commitments, see no panic selling
Sanctions may see market lose 150 points
Sensex may bounce back today
Indonesia violence shakes up weak-in-the-knee Asian markets
Market Round-Up
ECB market may go into doldrums
Sanctions may firm up interest rates
Trade sanctions
Commodity Briefing