Cumulative FII investment at $9bn: The net FII investment up to January 27 was a negative $57 million. The gross purchases recorded were to the tune of Rs 652.8 crore while the gross sales stood at Rs 862.5 crore. Sales to the tune of Rs 2.5 crore were also seen in the debt market. The cumulative net investment till date is $8,923.4 million.Sebi receives 2 offer documents: Two public issue documents were filed with Sebi during the week ended January 23. Abhishek Spinsab Corporation and Sun Paper Mill filed offer documents for issues amounting to Rs 35.83 crore and Rs 8.25 crore, respectively. A letter of offer for Exide Industries' rights issue amounting to Rs 72.08 crore was also filed in the same week. Sebi has also communicated its observations for an rights issue by Humumchand Jute and Industries amounting to Rs 21 crore.
Sebi suspends JSE member: Sebi has suspended a member of the Jaipur Stock Exchange, AK Jain & Co, for 30 days with effect from February 12, 1998. AK Jain & Cohas been suspended for the irregularities noted by the regulator in the issuance of contract notes to clients, failure to report off-market transactions, non-segregation of client's funds from proprietary funds, dealing with unregistered sub-brokers and for delay in redressal of investor's complaints.
Special cell for market-related offences: The Economic Offences Wing of the Mumbai police has decided to form a special cell comprising officials familiar with the intricacies of share market transactions in order to complete investigations into market-related frauds effectively. This assurance was given to the NSE members association by the police commissioner on Tuesday.
Sebi panel to meet on Feb 9: The Sebi panel appointed for collective investment schemes will meet again on February 9 to decide on the definition for such schemes. At a meeting on Wednesday, the panel decided that the definition should be flexible to include all such existing collective schemes.
UTI opens franchiseoffice at Cooch Behar: UTI's franchise office at Cooch Behar was inaugurated by its executive director, AK Thakur, on Wednesday. It is the 8th franchise office of UTI in the eastern zone and the third in West Bengal. The franchise office will act as the extended arm of the trust in the district of Cooch Behar. Apart from accepting applications under all schemes this office will also render "personalised" services to the investors and agents of the district.
Sebi notice to brokers: Sebi has directed member-brokers of all exchanges to obtain a certificate of registration from the board to act as a sub-broker for executing transactions with members of other exchanges. In a circular issued to all exchanges, Sebi senior executive director OP Gahrotra said the sub-brokers are further required to issue promptly, to their clients, purchase or sale notes for all the transactions entered into.BgSE suspends member: The Bangalore Stock Exchange has suspended M Jayaram Rai of Mithra & Co frommembership rights with effect from January 27 till further notice. The suspension is on account of the member's failure to settle exchange dues and replace bad deliveries.
BSE slaps margin on Tasty Bite shares: BSE has decided to slap a special margin of Rs 6 on the equity shares of Tasty Bite Eatables from January 28. According to sources, news of Hindustan Lever taking over the company has seen an increase in the level of speculative purchases at this counter.
BgSE to host seminar: The Bangalore Stock Exchange, along with the Indian Institute of Merchant Banking, is organising a one-day seminar on derivatives, badla and securities management on January 31. The seminar will make an attempt to enhance the knowledge of the participants on the developments taking place in the domestic market. The seminar will be addressed by Ajit Ambani, Ajit Sanghvi, PG Apte, MR Mayya, Narendra Pani, Prasanna Chandra, G Ramachandran, Sudhir Kumar and JC Verma.
Nifty loses 18.5 points: The downtrendon the NSE continued for the second day in a row on Wednesday on heavy selling by foreign funds and poor support from local institutions. The NSE-50 (Nifty) index lost 18.50 points to settle at 963.30. The mid-cap index closed at 1,092.20, down 1 point. The exchange reported a turnover of Rs 1,588.06 crore. About 50 securities hit their price bands on Wednesday.
OTCEI index gains 6 points: Equities shot up sharply on speculative buying by investors at the OTCEI on Wednesday. The OTCEI composite index settled at 114.64, up 6.01 points over the previous close. The total turnover during the day was Rs 33.23 lakh in 1,25,220 shares and debentures.Skindia index loses 1.03%: The Skindia GDR index dropped by 1.03 per cent from 802.59 to 794.34 on January 27. The Skindia GDR index p/e ratio was 16.32 on January 27 as against 16.73 on January 26. The top gainers were ICICI and Arvind Mills which quoted at $15.50 ($12.88) and $1.90 ($1.75). Losers included Bajaj Auto, EI Hotels and Mahindra &Mahindra.
Call rate ends at 13%: Call rates settled at 11-13 per cent at the overnight money market, as most banks covered up their positions ahead of the reporting day on Thursday. Call rates opened at 50-60 per cent, but immediately fell to 30-35 per cent, with most of the business transacted between 25 and 35 per cent.
Gold prices recover on fresh buying: Gold prices recovered on the local bullion market on fresh local buying. Silver prices improved further on increased speculative buying. Standard gold gained Rs 15 to settle at Rs 4,025. 22-carat gold gained marginally to close at Rs 3,725. Ready silver of .999 fineness closed at Rs 8,435, up Rs 25.
Castorseed marginally steadier: Castorseed March delivery rose Rs 2 to Rs 1,174/1,175 per quintal on fresh speculative support prompted by eased supplies, floor sources said. Export demand was dull. Groundnut oil was steady at Rs 360/362 per 10 kg amid limited crop arrivals while physical demand remained dull.
Cottonrecovers: Cotton prices trimmed recent losses on the local market on Wednesday as fresh mill buying met thin new crop supplies, traders said. In spot deals, Bengal deshi rose by Rs 15/20 to Rs 1,500/1,540 per maund while saw-ginned cotton rose to Rs2,020/2,090.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
