July 15: SEBI has restrained United Western Bank's branch at Karol Baug, New Delhi, from undertaking any fresh assignments as a banker to an issue for a period of six months from July 10, 1997 to January 8, 1998. The action has been taken under section 11B with section 4(3) of the SEBI Act 1992, for violation of the SEBI (bankers to an issue) Rules and Regulations, 1994, in the public issue of Interads Exports. The bank will, however, be permitted to complete the assignments accepted till July 9.

Corporate India's bond issues set to double: Corporate bond issues in India, which now total US $ 1.83 billion, are expected to double in the next five years as the country's bond market becomes more developed. RH Patil, managing director, NSE, said the bond market in India, like many other emerging bond markets in Asia, will be driven by high demand for funds to finance expanding infrastructure.

Morgan's corpus falls to Rs 855 cr: The total corpus of the Morgan Stanley Growth Fund dipped to Rs 855.02 crore in the year 1996. This follows the repurchase of units worth Rs 55.84 crore from the secondary market during the year. The NAV of the unit at Rs 9.28 on May 16 1997 has recorded a 14.9 per cent rise in the period from March 31 1997. This has been attributed to the restructuring of the portfolio.

CRB Capital tops investor complaints list: CRB Capital Markets has topped the list of companies against which investor complaints have been received by SEBI for the fortnight ended June 30. Interestingly, this is the second time that the company has appeared in the SEBI list of defaulters. The regulatory body has received a total of 7,367 complaints against 1,454 companies. In the same period, 10,590 complaints were resolved involving 1,347 companies. Reliance has topped the list of redressal by resolving 642 complaints.

SEBI receives two offer documents: Only two offer documents were filed with SEBI during the week ended July 11. Both the offers are for rights issues amounting to a total of Rs 13.59 crore. One is from Hawkins Cookers, a Rs 3.70 crore issue priced at Rs 35 per share and the other from Nicco Corporation, a Rs 9.89 crore at par. SEBI has not cleared any offer documents during the week.

Sensex falls 4 points: Lack of institutional support towards the end of the trading session on Tuesday saw the Sensex close on a lacklustre note. Squaring up of net outstanding positions on the NSE on the last day of the trading settlement saw the Sensex fall to the day's low of 4,204 points. However, shortcovering by local operators saw the index recover towards the end to close at 4,221.02, registering a net loss of four points over its previous close. Among the pivotals, Reliance gained Rs 2.50 to close at Rs 350.50, SBI moved up by Rs 7 to Rs 344 and Tisco gained Rs 3.50 to end at Rs 211.

NSE sheds 3.70 points: The NSE-50 index fell 3.70 points on Tuesday, the last day of the settlement, to close at 1,183.35 points. The mid-cap index too displayed a similar trend falling 4.60 points to close at 1266.40 points. The turnover at the bourse was Rs 1,919 crore with most pivotals recording gains. Reliance gained Rs 2.50 to close at Rs 350, SBI recorded a gain of Rs 7.50 to Rs 344, Pfizer and ITC moved up by Rs 10.75 and Rs 7.25 respectively. Telco lost Rs 8.50 to close at Rs 417.50. Scrips such as Carborundum, Kopran and Insilco hit the upper end of the circuit filter at Rs 145.90, Rs 176.05 and Rs 11.50 respectively.

Sentiment revives on Kochi exchange: After the panic selling on Monday, share prices staged a smart recovery on the Cochin Stock Exchange on Tuesday following active buying support from investors and operators. However, trading interest was confined to select counters of highly liquid stocks. The positive trend was reflected in the movement of CSE share price index which gained over 1.5 points to close the day at 217.34. It may be noted that the index lost over 3 points on Monday. The turnover on the bourse was around Rs 16.84 crore.

OTC moves in broader range: The OTC composite index moved in a wide range on Tuesday, touching an intra-day low of 73.77 before moving up to the day's high of 76.51. The index finally lost only 0.19 points over the previous day's close. Very few counters were active with investors selling in most of the counters. The exchange recorded a total turnover of Rs 28.88 lakh with major contribution coming from the listed equity segment.

Skindia loses 4.68 %: The Skindia GDR index moved down by 4.68 per cent from 82.01 to 78.17 on July 14. The Skindia GDR index p/e ratio was 20.07 on July 14 as against 18.65 on July 11. The top losers were Sterlite India, Gujarat Ambuja Cement and ITC which moved down to US $ 7.00 ($ 8.00), $ 10.50 ($ 11.75) and $ 16.00 ($ 17.75) respectively.

HK stocks power to new highs: Hong Kong stocks rallied to a new record close on Tuesday, chiefly on momentum buying in index heavyweights HSBC Holdings Plc and Hongkong Telecom, but brokers warned many key stocks lagged the rally. HSBC witnessed active buying ahead of its interim results. The Hang Seng index ended 116.30 points or 0.76 per cent higher at a new record close of 15,487.24.PCall rates move in narrow range: The interbank call rate on Tuesday moved in a narrow range of 1.00-1.75 per cent. The call rate ended at 1.0-1.25 per cent, marginally lower when compared with the previous day's close of 1.0-1.5 per cent. Most deals were concluded between 1.0-1.5 per cent, dealers said. Transactions at the day's highest level of 1.75 per cent were few and scattered.

Rupee weakens vs dollar: The RBI intervened in the spot dollar market on Tuesday after the rupee firmed to Rs 35.6850 to a dollar in late afternoon trade. Opening at 35.7150-35.7250 per dollar, the rupee remained stagnant till noon on account of lack of demand for the US currency. However, State Bank of India's entry late afternoon saw the rupee firming against the dollar. The rupee closed at 35.70-35.71 to a dollar.

Silver, gold prices lose value: A weak trend continued at the bullion market as prices of both silver and gold declined further on poor buying activity. Silver ready of .999 fineness declined by Rs 45 and finished at Rs 6,275. Raw silver .916 fineness and tenderable silver also dropped by a similar margin to close at Rs 6,170 and Rs 6,280 respectively. Standard gold eased by Rs 5 to settle at Rs 4,450. While the 22-carat gold moved down by Rs 5 to Rs 4,115.

Copper bounces back: Copper prices bounced back while zinc climbed up on Tuesday. Other base metals remained steady in a narrow price band. Copper prices moved up by Rs 50 at Rs 13,650 per quintal on the back of a rally in the world market which triggered fresh buying support. Zinc prices rose by Rs 50 at Rs 8,150. Tin was steady at Rs 29,000 per quintal as was nickel at Rs 33,800 per quintal. Aluminium stayed at the previous level of Rs 7,700 Rupees.

Sugar prices rise as arrivals drop: Sugar prices rose on Tuesday following a drop in arrivals and aided by a fresh bout of consumer demand. In ready delivery, sugar S-30 rose by Rs 10/15 to Rs 1,480/1,500 per quintal (100 kg) and M-30 by Rs 10 to Rs 1,500/1,550 per quintal. Sugar mill delivery was unquoted.

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