The BSE has decided to allow its members to provide fixed deposit receipts of Rs 10 lakh as contribution towards the trade guarantee fund in place of bank guarantees. The exchange has also relaxed the date for submission of the bank guarantees or fixed deposits to July 21.

Gujarat Ambuja bonus hopes

Gujarat Ambuja Cements posted substantial gains on the bourses in anticipation of a bonus issue. Over the past four trading sessions, the scrip has gained more than 14 per cent, closing at Rs 348 on Tuesday as against Rs 305 last week on the Madras Stock Exchange. Gujarat Ambuja last came out with a 1:1 bonus in 1994-95.

NSE moves up 8 points

The last day of the settlement at the NSE saw hectic squaring up by speculators. The Nifty index opened at 1,201.30 points, touched a high of 1,206.10 points and dipped to a low of 1,193.55 points before recovering marginally to close at 1,200.45 points, gaining 8.05 points over the previous close.

Hectic activity was reported in ACC which closed at Rs 1,521.30 (up 7 per cent). The top gainers include L&T, which shot up by 5 per cent, HDFC, up 5 per cent to Rs 4,164.35 and HLL, which closed at Rs 1,440.80.

MSE closes on positive note

The Madras Stock Exchange (MSE) ended the day on a firm note with most pivotals other than Reliance and ITC closing on a positive note. The activity during the day revolved around a few pivotals—Reliance, ITC, L&T, SBI, Telco and Tisco. L&T moved up to Rs 254 after having opened at Rs 246.

SBI moved up to Rs 351 and ACC appreciated to Rs 1,520. The MSE index closed at 4,374.48 points, up 27 points as against Monday's score of 4,347.90 points. The turnover at MSE improved to Rs 6.11 crore after the exchange reverted to online trading.

FII buying props DSE stocks

Led by Tisco, stock prices on the Delhi Stock Exchange (DSE) shot up on aggressive buying by operators and foreign institutional investors (FIIs). Revival of buying by domestic financial institutions, particularly UTI, came as a shot in the arm for operators who took huge positions. Reflecting the mood of the market, the benchmark index crossed 900 points to close at 909.28 points, gaining 11.49 points over the previous close.

OTC drops by 1.08 points

The OTC Composite Index closed at 77.86 after touching an intra-day low of 76.94, losing 1.08 points over the previous close. The exchange recorded a total turnover of Rs 24.88 lakhs with the listed equity segment contributing Rs 23.48 lakhs. Anjana Explosives recorded the maximum volume of Rs 1.5 lakhs with no major price movements.

Stocks firm up on BgSE

Equities witnessed a sharp rise on Tuesday at the Bangalore Stock Exchange. Heavy buying was witnessed in most of the counters with few sellers. ITC could not sustain Monday's gains and closed lower at Rs 557.55 against an opening of Rs 564.

The turnover in the scrip, however, remained high at Rs 24.84 crore. SBI was the biggest gainer today, closing at Rs 352.45.

Skindia gains 0.98%

The Skindia GDR Index, representing GDRs of 22 actively traded companies, moved up by 0.98 per cent from 81.98 to 82.78 on June 30. The Skindia GDR Index P/E ratio was 18.87 compared with 18.68 a day ago. The top gainers were Tube Invest, Arvind Mills and CESC, which ended at $1.25 ($1.15), $5.15 ($4.75) and $1.30 ($1.20) respectively. The losers included Indian Aluminium, which moved down to $4.00 from $4.13 on June 27.Call rate weakens

The interbank call rate opened at 4.50-4.75 per cent on Tuesday, slightly higher from Monday's range of 4.25-4.50 per cent. On Monday, the interbank call market was inactive because the RBI was closed for finalisation of its annual accounts.

The call was last traded on Saturday. The call rate touched an intra-day high of 5 per cent today but did not sustain at those levels for long as supplies were ample, closing lower from the opening level at 4.0-4.5 per cent.

Rupee stays firm against dollar

The rupee stayed stuck at the opening range of 35.81-35.82 to a dollar on Tuesday, in a market where demand and supply were equal. Unlike the previous week, the rupee did not show signs of firming.

This is mainly because dollar inflows are not large enough to strengthen the rupee. Besides, importers are also seen keenly bidding for the US currency around these levels.

The rupee closed at 35.8150-35.8200, unchanged from the previous day's closing level. In early trading a few banks tried to push up the dollar to higher levels but there were no takers.

Indian cotton prices steady

Indian cotton prices on Tuesday held steady as mill buying remained sluggish but limited inflows and a shortage of ready stock kept offerings low, dealers said.

In spot deals, Bengal-deshi was quiet at Rs 1,030/1,070 per maund (37.32 kg), Punjab saw-ginned unchanged at Rs 1,825/1,900 and F-414 at Rs 2,060/2,090 per maund. Gujarat cotton was indicated at the previous level amid nominal trading. Gujarat Kalyan was steady at Rs 13,900/14,200 per candy (355.56 kg).

Steep hike in sugar prices

Sugar prices rose sharply on the Vashi wholesale market on Tuesday following brisk demand amid low supply and touched a three-year high of Rs 1,525 per quintal. According to dealers, lower free sale sugar quota allocated to Maharashtra and brisk buying by neighbouring states were other encouraging factors which boosted the market sentiment.

Small sugar quality S-30 closed at Rs 1472/1500 (Rs 1458/1490) per quintal and medium sugar quality M-30 at Rs 1490/1525 (Rs 1475/1515) per quintal.

Groundnut oil falls further

Groundnut oil declined further on the oilseeds market on poor local buying. A lower price trend in the producing centres also dampened the sentiment. On the other hand, industrial oils hardened on good buying support. In the futures market, castorseed September contract also rose on good support.

In the edible section, groundnut oil fell by Rs 2 to close at Rs 348. Reliance raises prices of POY, yarn

Following a noticeable improvement in the marketing environment, Reliance Industries (RIL) has jacked up the price of POY and processed yarns.

The price of POY has been raised by Rs 2 per kg. 235dn has been priced at Rs 59 and 126dn at Rs 69, (exclusive of excise). However, as the company has the usual quantity discount of Rs 3 to Rs 4, the net impact on the price would be about Rs 5 to Rs 6.

RIL has also raised the price of grey 80dn rotoset yarn by Rs 9 to Rs 120, 80dn weft grey by Rs 5 to Rs 105 and that of 150dn weft grey by Rs 6 to Rs 94.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.