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Wednesday, May 6, 1998

Stock Update Forex Update
  Saurashtra Cem lists preferential shares ahead of Sebi verdict
The promoters of Saurashtra Cement, facing an open hostile offer by the Autoriders group, have quietly managed to get their controversial preferential allotment to increase their stake listed at the Saurashtra Kutch Stock Exchange. This pre-empts a final view from SEBI on the legality of the three tranches of allotment -- together accounting for 1.58 crore shares.
  Balmer Lawrie-Van Leer promoters lend a helping hand
The promoters of Balmer Lawrie-Van Leer have bailed out the Rs 11.85-crore rights issue of the company and have in the process converted their personal high-cost debt into equity at a premium. The objective of the rights issue was to implement a fund restructuring scheme which involved repaying the advances of Rs 10 crore taken from the promoters.

Hinditron set to reduce equity by pruning face value of shares
Hinditron Informatics has decided to reduce its equity base from Rs 12 crore to Rs 3 crore by pruning the face value of its share from Rs 10 to Rs 2.5. The shareholders will be asked to surrender the existing share certificates and the company will issue fresh certificates of Rs 10 each for every four fully paid-up shares of Rs 2.50.
DSPML AMC corpus up 233%
DSP Merrill Lynch AMC has reported a whopping rise of 233 per cent in funds under its management to Rs 330 crore this year from Rs 99 crore in 1997 when it had tapped the market with equity and bond funds. DFSP Merrill Lynch currently manages three schemes - a bond fund, an equity fund and a liquidity fund. The liquidity fund was launched earlier this year.


Capexil: The Global Facilitator

Headhunter: Your career guide on the Net

A cancer patient needs help...

 
Dow scales a new high after interest rate jitters
The Dow Industrials reached a new high after flirting with 9,200 on Monday as the stock market extended a recovery from a bout of interest rate jitters. The Dow Jones Industrial Average at one point was up 114.84 at 9,261.91, but gave ground at the end of the day in heavy trading. It finished with a gain of 45.59 or 0.5% at 9,192.66.

Apple Goldshare to go open-ended in June
Apple Midas Fund-the Goldshare, a closed-end equity growth scheme from Apple Mutual Fund, will go open-ended from June 15, 1998. This will provide an opportunity to investors to exit the fund at net asset value and not through bourses where Goldshare units currently trade at Rs 7.70 - a steep discount of 25 per cent to the NAV of Rs 10.24.

 


  Dip in forwards may prompt Grasim to go ahead with external-debt plan
  Silver improves further, gold maintains; palm oil shoots up;
  Crude futures prices fall as hopes on Opec meet wane
  Coffee Futures Exchange of India set to kick off trading soon
  Vatsa Corp tops list of investor complaints
  Knoll Pharmaceuticals rides high on hopes of a liberal bonus issue
  Kothari Pioneer restores 3% entry load in Bluechip from May 1
  H-share IPOs unlikely until third quarter
  Sensex moves up 11 points on selective buying by FIIs, punters
  UTI institutional fund likely to mop up over Rs 900 crore
  Nestle to meet BSE today in bid to clear the air
  Leading Edge plans maiden bonus issue
  Go long in Bank of India
  RBI pulls out medium-term gilts from price list
  Market Briefing
  Sensex likely to remain firm; focus on non-index stocks
  Market Round-up
  A correction is inevitable

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