Friday, June 19, 1998
Sensex skids 108 points
Wild speculation fuelled by rumours and aggressive selling by FIIs pulled down the Sensex by 108.62 points on Thursday. The sentiment which was upbeat in the morning changed for the worse with the index seen moving in a downward direction to close the day at 3,292.33 points. The Nifty index also recorded a sharp decline of 20.35 points to close at 956.15 points.
Rupee rallies to 41.88, but weakens to 42.21 by close
The rupee touched an intra-day high of 41.88 on Thursday, but closed weaker at 42.21/22 even as the six-month annualised forward cover finished 63 basis points softer at 11.7%. Buoyed by finance secretary Montek Singh Ahluwalia's statement that the rupee will stabilise at 42, the local currency opened at 41.95/42.05, stronger than its previous quote of 42.14/17.
Issue of shares at discount to speed up IT funding via venture capital on cards
The government may allow the issue of shares at a discount to facilitate large-scale funding of the information technology sector by venture capital funds. This is expected to help activate the concept of sweat equity, which is currently constrained by the rule on issue of equity shares at par value.
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