Cholamandalam Cazenove AMC plans to hit the market with two closed-end income schemes in February. The two income schemes have been christened Chola Amity and Chola HI '99. While Chola Amity has a tenure of five years, Chola HI '99 will be redeemed after 3 years and two months. Both the schemes have no entry load while they offer exit option only through listing on the Over-the-Counter Exchange of India (OTCEI). The schemes do not assure any returns and propose to generate returns by investments in a mix of debt instruments, money markets and equities.

Nothing to be worry about the IT stock rally:

The rise in the share prices of information technology (IT) companies is quite natural and there is nothing to be worried about, according to the chief operating officer of NIIT Ltd, P Rajendran. Rajendran told The Financial Express that the rally of IT stocks on the bourses is related to the strong fundamentals. Despite the general recession in theeconomy, the IT companies are showing phenomenal growth. The financial results of the infotech companies have contributed to the rally of the stock prices, he pointed out.

ASE ropes in TCS for setting up on-line trading:

The Ahmedabad Stock Exchange on Thursday finalised the draft for a letter of intent (LoI) to be signed with Tata Consultancy Services (TCS) for providing shortly a new package for on-line trading systems at a cost of around Rs 3.70 crore, having several more facilities than the existing Tata-IBM module. Both the parties agreed on the draft proposal after a day-long discussion between ASE computer committee headed by president Atul C Doshi and TCS vice-president Jagdish R Bhandari here. The LoI is likely to be signed by TCS chief executive officer Ramadurai on Tuesday or Wednesday and the systems to be commissioned by late February or early March.

HC nod for identifying CRB MF unitholders:

The Mumbai High Court on January 22 has approved the `certification procedure'for identifying the original unitholders registered with the CRB Mutual Fund. The procedure was worked out by the local exchanges and Sebi in consultation with the court appointed-provisional administrator MLT Fernandes. Under the given procedure, the exchanges would now be authorised to identify the genuine shareholders under the schemes floated by CRB Mutual Fund. The division bench comprising of Justice AV Sawant and Justice S Radhakrishnan on Friday approved the certification procedure, which would be shortly implemented at the exchanges.

NSE members object using settlement fund to cover defaults:

The Association of National Stock Exchange members Association of India (ANMI) has objected to exchange officials using NSE Settlement Gurantee Fund (SGF) to cover defaults by brokers. Calling such act by NSE officials as `breach of trust', ANMI President V D Aggarwal said in a statement that `NSE used the SGF without the consent of trading members. Amount collected from members is trust fund and notto meet the business risk.'

CMC proposal to enhance capital:

CMC is confident of getting government clearance within this fiscal for enhancing paid-up equity from Rs 15 crore to Rs 30 crore. The proposal was submitted to the government in the first and second quarter of 1998 and its response was still awaited. However, the proposal is expected to be cleared "anytime now", chairman and managing director, CMC, SS Ghosh said. Government now holds 84 per cent equity in the Rs 15 crore paid up capital and it has an authorised capital of Rs 35 crore.

DSE down 8 points:

After a long bull run, software scrips today retreated pulling down the Delhi Stock Exchange (DSE) index by 7.96 points. The DSE index (base 1983) stood at 720.90 today from 728.86 points yesterday. Market observers said speculators booked profits in software and fast moving consumer goods scrips. Software scrips like Pentafour, Satyam Computers, Software Solutions and Silverline slipped heavily.

CSE closes on subduednote:

A reactionary trend in share prices in the second half of today's session featured trading on the Calcutta Stock Exchange which wound up on a subdued note after recording widespread losses from the previous day's closing rates. Attracted by the recent sharp uptrend coupled with lower Mumbai advices, sellers dominated the trading ring for most of the second half providing for widespread losses along the specified list with its full impact in the non-specified one as well. The turnover was fair and undertone quiet. The decline inprices was reflected in the sharp fall in CSE's 40-share index which wound up at 1815.07 points after fluctuating between 1860.25 points and 1813.89 points earlier.

MSE up 9 points:

There was a slight decline in thevalues of scrips on the madras stock market today. However, some software scrips improved to settle with modest gains. The MSE share price index moved down by 9.04 points to close at 3471.24 against the previous close of 3480.28. Reliance was a shadelower at Rs 134.25 as did TISCO at Rs 116.50. Satyam Computers, after touching its intra-day's high of 967, receded to settle at Rs 936.65, with a net loss of Rs 14.45.

SET drops 7 points:

Thai shares closed 1.9 per cent weaker in thin trade with investors skimming profits or waiting for offshore leads, dealers said. Dealers said the market was subdued with sentiment shaken by falls on regional markets and uncertainty over the direction of Wall Street following losses there ove rnight. "Wall Street overnight and regional bourses today were down and this dampened sentiment with nothing concrete to encourage any new round of accumulations," Adkinso N Securities Chief analyst Pipat Ronakiat said.

Indonesian shares close lower:

Indonesian shares closed 0.7 per cent lower on profit-taking, with gainsin select big caps narrowing losses, dealers said. Bakrie Securities dealer Denny Riyadi said the market's fall was in line with thE regional trend. "It's healthy profit-taking after two days ofstrong runs," he said. The Jakarta Stock Exchange composite index was down 2.979 points at 407.271.

In the market report appeared on January 26 under the caption `Sensex stays above 3300-level', it was mentioned that the deal reported at the NIIT counter by Socgen Crosby at Rs 1,962 on the Bombay Stock Exchange on Monday was at a discount of 17 per cent which is incorrect. The deal was struck at 8 per cent discount to the Friday's close price of Rs 2,132.