Bank of Baroda set to invest aggressively in stock markets
Bank of Baroda has decided to aggressively invest in the secondary market for equities in 1998-99. The bank will become an active investor, both through Unit Trust of India as well as on its own in the depository segment of the stock exchanges. The bank will be the first public sector bank to make secondary market investments in equities after Reserve Bank of India allowed banks to do so in last year's credit policy.
City Union Bank plans Rs 21cr public issue at Rs 35 per share
City Union Bank is coming out with a public issue at a premium of Rs 25 per share. The bank, with its headquarters in Kumbakonam, Tamil Nadu will be raising Rs 21 crore mainly to augment its long-term resources.
CyberTech investors reap rich dividends
CyberTech's maiden public offering in June 1996 was at a price of Rs 30 and the scrip, on April 21, touched a high of Rs 250 on the Mumbai Stock Exchange. After CyberTech announced its fiscal 1998 results, market correction has pulled the scrip down to Rs 222. The board declared a dividend of 20%.
Sebi issues notices to 11 plantation firms
The Securities and Exchange Board of India (Sebi) has decided to crack down on plantation companies which have failed to co-operate with the auditors appointed by it. The market watchdog has sent a showcause notice to 11 such companies and threatened to bar them from accessing public funds.
Bourses see surge in delivery of paperless shares
The decision to allow the delivery of dematerialised shares in the physical segment appears to be a runaway success if the early trends are any indication. While on the one hand the Bombay Stock Exchange (BSE) has witnessed a 50% rise in the volumes and value of demat shares delivered in the second settlement since April 6, when the move came into effect, the number of depository accounts opened by investors has jumped by over 30% since the move came into force.
Reliance shares do a hip-hop on bourses
The Reliance stock price fell shortly after the announcement of results. It bounced back, however, at the BSE and was on an upward spiral by the end of the day and beyond it on the kerb -- at Rs 198.50 . The scrip lost ground at the National Stock Exchange by over 1.8% to close at Rs 188.15.
