Executive Briefing
MasterPlus'91: A goldmine in the makingMasterPlus '91, the seven year growth scheme from UTI, is approaching redemption in March, 1999. The stock is available at Rs 17.00 on the NSE at a discount of 24.21 per cent to its net asset value of Rs 22.43. If the NAV remains constant, this would mean a 31.94 per cent return over the next fifteen months with long term capital gains tax benefit. Alliance '95 shows good performance in 1997 Alliance '95 has been the top performing balanced fund in 1997. The fund's NAV has appreciated from Rs 9.02 at the end of 1996 to Rs 13.49 on December, 31, 1997, a gain of around 50 per cent. This is more than any open-end fund in any category. Recently the fund has scaled down its exposure to the IT stocks. Usually the fund invests upto 60 per cent of its net assets into equities and holds the balance in investment grade bonds and money market instruments. IndusInd, SBBJ to list shortly on BSE New listing counters at the major stock exchanges were
virtually inactive last week. At least two issues are now due for listing. The much awaited IndusInd Bank is one. SBBJ is the other. In fact, very quick in completing the issue allotment within just 21 days on December 23, IndusInd still continues to be elusive with regard to a `quick listing' for no rhyme or reason. Of course, IndusInd has still enough time to comply with the `normal listing' norms as it will exhaust the stipulated time only by mid-February. But the dilly-dallying of listing after three weeks of allotment is indeed intriguing. Even the merchant bankers have no clue to offer for this delay. Binani declared defaulter by BSE The BSE board on Thursday declared a leading member Kamal Binani as a defaulter. According to the exchange, Binani had not not implemented arbitration awards obtained by various investors against him. He has also not rectified bad deliveries and paid clearing house dues. Oversold position: The short-term indicators are in the oversold position and possibly
there could be some recovery. On Monday, we could see the index opening at slightly weaker levels, after which the market could show some recovery. The level of 3250 assumes crucial importance. If this level holds, the market should recover to around 3650 points. Buy long in MTNL The stock is currently poised just above the support level of Rs 212. The fall that this stock saw in last couple of weeks has been arrested at this level. If the stock manages to rise in consonance with the general market behavior, the stock could reach a level of around Rs 240. Short-term traders may consider buying this stock at current levels. Keep a stop loss level just below Rs 210. Making money on bourses Making money in the Indian bourses has never been more difficult than as it is now. For the first time, one comes across such divergent trends which can be hardly captured for making investment decisions. For while stocks dance to the tune of several ongoing factors, their sensitivity to the political
scenario needs a closer examination. The complex political scenario looks frightful which could force FIIs postpone their investments, until they see a clearer picture. The political horizon looked promising in the previous fortnight. The BJP was becoming the front runner, what with a number of parliament members quitting the Congress I and signing up under the lotus emblem. But all that has changed last week. NSE On the National Stock Exchange (NSE), equities nosedived further this week following sustained and perseistent selling pressure. The NSE-50 Index, popularly known as the Nifty, dipped by 35.75 points to close the week at 997.80, down from last weekend's close of 1033.55. The Mid-cap Index and the Dollar NSE-50 lost 24.45 points and 40.90 points to 1146.90 and 860.15 from last weekend's close of 1171.35 and 901.05 respectively. The total turnover on the exchange, however, remained steady at Rs 7071.66 crore compared with last week's turnover of Rs 7087.96 crore, clocking an approximate
Rs 700crore volume every day. CSE The Calcutta stock exchange wound up the week ended January 16 on a hopeful note after suffering a major shake out in the early part due to sustained bear pressure released by reports of dips in the Asian markets. Market sentiment came under a heavy cloud following the steady fall in rupee in terms of dollar with continuing currency crisis in the Asian region main cause of the caution. Towards the last couple of days a change for better emerged with Friday's performance being particularly hopeful. Prices bounced back moderately wiping out part of the losses. DSE A major crash in the Asian stock markets coupled with a heavy slide in the value of the rupee against the greenback triggered off a selling spree at the Delhi stock exchange (DSE) and stock prices plunged to close with fresh losses. The benchmark DSE index slipped by 29.65 points to close at 720.44 as against the previous week's closing of 750.09. Marketmen said all round selling by overseas
investors and domestic investors created a near crash at the exchange during the week. MSE Share prices weakened further and closed with widespread losses on selling pressure and lack of support, during the week ended January 16, when trading was restricted to two days on account of pongal festival. After a weak start, prices continued to decline onincreased selling and profit taking and finished with small to notable losses, though some pivotals recovered mildly the next day and finished with reduced losses or marginal gains.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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