MUMBAI, June 25: The BSE has decided to call upon the company secretaries of about 60 companies to discuss issues relating to share transfers and redressal of investor grievances on July 3. The meeting will highlight the issue of investor grievances which have mounted to about 42,000 till May 1997. This is the first time that an exchange has taken up the responsibility of solving investors problems with companies.

Company secretaries or representatives of leading industrial houses such as HDFC, Larsen & Toubro, Glaxo, Mahindra & Mahindra, Reliance Industries, Tatas and others are likely to attend this meeting.

Enarai Finance arm buys BSE card for Rs 1.05 cr

Enarai Shares & Stock Brokers, promoted by Enarai Finance, has obtained membership of the BSE. The BSE card was acquired at Rs 1.05 crore. Enarai Securities, another company promoted by Enarai Finance, already has a membership on the NSE while Enarai Finance itself has a dealership on the OTCEI. Enarai is planning to enter into a strategic alliance with a foreign partner for securities broking in the coming year.

Cochin bourse kicks off COLT expansion

The Cochin Stock Exchange has launched the first phase of the expansion of its online trading system, COLT. During this phase, the bourse will provide the online trading facility to members' offices in Kochi city through the wide area network (WAN). The facility would also be extended to suburban areas which come under CSE's jurisdiction.

NSE completes 136th settlement:

The NSE has successfully completed its 136th settlement number 1997024 on June 24. The total value of the settlement was Rs 1,538.14 crore for securities and Rs 397.89 crore for funds. The pay-out has been completed and shortages to the extent of 1.45 per cent have been auctioned. Unrectified bad deliveries for the previous settlement to the extent of 0.49 per cent have also been auctioned.

Profit-taking pulls down BSE stocks

Led by Reliance Industries, pivotals reacted moderately on the BSE on Wednesday on rumours Reliance would consider a bonus ratio of two equity shares for every five shares held at the AGM on Thursday. If the RIL board decides to give a bonus of 2:5, the ratio would be short of market expectations. The Sensex finished at 4,093.62, losing 25.77 points over the previous close.

Skindia down 1.08%

The Skindia GDR Index, representing GDRs of 22 actively traded companies, fell by 1.08 per cent from 81.72 to 80.84 on June 24. The Skindia GDR index P/E ratio was 18.45 as compared to 18.66 on Monday.

The top gainer of the day was VSNL which quoted at $20.88 compared to $ 20.75 on June 23. The top losers were EI Hotel, Bajaj Auto and Telco which quoted at $25.25, $35.00 and $15.00 compared to $26.88, $36.50 and $15.50 respectively.

Shares improve a shade on NSE

Select shares improved further on the NSE on Wednesday, reflecting the general trend. The NSE-50 index opened at 1166.10, touched a high of 1175.00, declined to 1158.90 and settled at 1161.90, gaining 6.60 points over the previous close. Total turnover was Rs 1,954.42 crores. The top gainers were Essar Steel, Asian Paints, HLL, BSES Ltd and Glaxo. The top losers were Reliance Petroleum, Arvind Mills Ltd, HDFC Ltd, OBC and Indian Hotels.

NSE debt segment records Rs 246cr turnover

The wholesale debt market (WDM) witnessed trades worth Rs 246 crores at the NSE on Wednesday. The interbank call rate remained in the range of 8.00 - 10.00 per cent during the day. The 12.5 per cent government paper maturing in 2004 was traded for Rs 40 crore at 12.52 per cent (weighted). The 12.59 per cent government loan maturing in 2004 was traded for Rs 55 crore at 12.56 per cent (weighted). The 12.14 per cent 2000 government loan was traded at 11.76 per cent. The 16.5 per cent taxable bond of Punjab State Electricity Board maturing in 2004 was traded at 15.23 per cent (weighted) and corporate debentures were traded for Rs 4.71 cr.

Marginal gains on OTC

Equity prices gained moderately on speculative buying at the OTCEI on Wednesday. The OTC composite index closed at 78.72, gaining 0.55 points over the previous close of 78.17 points. The total turnover was Rs 4.56 crore in 5.91 lakh shares and debentures. Major contribution was from the permitted debentures at Rs.4.42 crore. Listed equities contributed Rs 12.81 lakhs to the total turnover.

China's share indices end down

China's A and B share indices ended down on Wednesday as hopes of a rally before the Hong Kong handover faded. The markets are concerned about the government's attitude towards the markets after the handover, brokers said. The Shanghai B share index fell 1.487 points or 1.75 per cent to 83.457 and the Shenzhen B index dipped 2.41 points or 1.64 per cent to 144.53 points.

Call rates firm

The interbank overnight call rates on Wednesday opened firmer at 8.75-9.25 per cent from the previous day's close of 4.50-4.75 per cent. The call rate closed at 9.75-10.25 per cent after topping 10.50 per cent. The tightening of call rates was expected as banks bought roughly Rs 4,700 crore worth of 12.59 per cent government bonds, 2004, that were put up for sale by the Reserve Bank of India from today.

RBI rescues dollar

The rupee opened unchanged at its previous day's closing level of 35.8150-35.8200 to a dollar. The rupee showed some signs of firming up from the opening levels on account of ample dollar supplies. However, the RBI entered the market later and purchased dollars to support the US currency.

The buying, however, did not have a lasting impact and the rupee began to firm up once again after RBI's exit, closing at 35.8100-35.8150 to a dollar.

Castor oil firms up on demand

Castor oil firmed up in a mixed oil seeds market here on Wednesday. Castor seeds futures ruled subdued. In the industrial sector, castor seeds looked up on renewed enquiries from shippers and soap manufacturers.

Silver remains steady

Silver prices remained constant on lack of fresh demand whereas gold prices declined due to poor buying support from local operators in the bullion market on Wednesday. Silver .999 and raw ruled steady at Rs 6,750 and Rs 6,650 per kg respectively following lack of fresh demand from the industrial consumers. Gold standard mint and 22-carat drifted lower by Rs 10 each to Rs 4,590 and Rs 4,245 per 10 gms on slack demand from local operators.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.