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Wednesday, May 13, 1998

	A futuristic step The Securities & Exchange Board of India's green signal for the introduction of derivatives trading marks yet another momentous decision for the country's capital markets. There have been reports that derivatives on Indian stocks were being traded abroad, and the Sebi decision will ensure that the business remains in the country.		At public expense Industry minister Sikander Bakht has raised very pertinent questions while questioning Hutchison's decision to increase its stake to 69 per cent in its telecom ventures. In terms of current legislation, the concerned promoter has to bring in 51 per cent while 49 per cent comes from the foreign operator.
	Investor protection or promoter protection? Our labour movement has often been roundly criticised for being ultra-assertive about labour rights while being conveniently silent about duties but in the context of retail investors, their rights have always been trampled over by uncaring issuers in connivance with policy-makers and regulators.		Rajasthan Spinning slips Rajasthan Spinning & Weaving Mills has posted an impressive jump in profits during 1997-98. The market however remains unimpressed with this performance. This could be the only reason why despite an increased profitability, the stock has failed to witness any hectic buying activity and was hovering in the range of Rs 38.

The Index
Hero Honda -- The Hero Honda Motors scrip has been among the most favoured stocks in 1997-98. A fact which is clearly reflected in the northward spiral of the scrip from the Rs 300 levels in April 1997 to the current close of Rs 1,311 on Friday last. In the process, it has registered a 333 per cent gain and outperformed the BSE Sensex by miles.