Friday, May 29, 1998
Sensex dips 55 points as foreign funds offload positions ahead of budget
Fears over the impact of US sanctions continued to play havoc with market sentiment for the third consecutive day on Thursday. Reflecting the rush made by local punters to empty their kitty ahead of the union budget, the 30-share BSE Sensitive Index dipped by 55.26 points to close at 3,721.93 points.
Wockhardt may delist Merind shares as stake surpasses 90%
Mumbai-based pharma company, Wockhardt, has acquired an equity stake of over 90% in erstwhile Tata group company, Merind, following the positive response to its open offer to the latter's shareholders. Wockhardt, which had bought out the Tatas' 50% stake in Merind for Rs 47 crore, had made an open offer to all the remaining Merind shareholders at Rs 260 per share.
Regulator asks Stock Holding Corp to lend against paperless shares
The Securities & Exchange Board of India (SEBI) has informed the Stock Holding Corporation of India (SHCIL) to carry out its stock-lending activity in dematerialised shares. SEBI is also trying to work out a system whereby smaller stock exchanges can join the depository through SHCIL in its capacity as a large depository participant.
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