SEBI clears Videocon Appliances rights issue: SEBI has cleared the Rs 116.11 crore rights issue of Videocon Appliances Ltd at a premium of Rs 25 per share. The issue would be lead managed by KJMC Financial Services. The regulator has also cleareda Rs 5 crore public issue at par of Baid Mercantile Ltd. SEBI has also received offer documents from S Kumars Finance & Investment, The Ugar Sugar Works Ltd and Ashapura Minechem Ltd amounting to a total of Rs 31.76 crore.

Net FII outflow in June goes up: While the net FII outflow during the month of May stood at Rs 503 crore, the SEBI figures available for the first week of June has been alarming. The week-ended June 5 saw net FII outflow of Rs 482.2 crore or $122.1 million which reflected despair sales in the equity segment on account of a flat budget. However, during the same period the FII sales in the debt segment stood at a low of Rs 27.8 crore, while in the month of May the figure was pitched at a high of Rs 380.6 crore.

Canbank Mutual plans to mop up Rs 300 cr: Canbank Mutual Fund with a current corpus of Rs 1,550 crore plans to mobilise another Rs 250-300 crore in the fiscal 1998-99. This would raise the corpus of the mutual fund to Rs 1,800 crore and would make it one of thelargest public sector funds in the country. Currently, SBI Mutual Fund has a corpus of Rs 3,500 crore (including the offshore schemes) which is the largest public sector mutual fund, excluding the mutual fund behemoth, Unit Trust of India.

BSE suspends Modi Xerox trading: The Bombay Stock Exchange has decided to suspend dealing in the equity shares of Modi Xerox from June 15 until further notice. The company has failed to comply with clause 16 of the listing agreement.

Twenty-First Century Printers board meet: The board of directors of Twenty-First Century Printers Ltd will meet on June 23 to consider and note the audited financial results for the year ended March 31, 1998, said a press release.

Rohit Pulp board to meet on June 29: A meeting of the board of directors of Rohit Pulp & Paper Mills Ltd will be held on June 29 to consider the accounts, recommend dividend if any, and take on record the audited financial results of the company for the year ended March 31, 1998, said acompany press release.

Steady trend on MSE: A steady trend prevailed in the Madras stock market on Tuesday with buyers and sellers more or less placed on an even keel. The MSE Index remained static for most part of the day, but edged up towards the fag end to close at 3978.25 against the previous close of 3975.33, gaining 2.92 points. Madras Cements improved to Rs 4,100 from Rs 3,935. Larsen regained by Rs 5.30 to Rs 243, while Reliance was a shade lower at Rs 155.20. ITC rallied to Rs 652.35 from Rs 626.30.

CSE Index up: Though there was fresh early pressure on the market which led to a new decline in values, there was a change in the second half of Tuesday's session on the Calcutta Stock Exchange resulting in recovery in some of the key counters. This improvement followed new buying on behalf of domestic institutions and absence of further offerings. The modest recovery on the day in BSE's Sensex also helped sentiment with the result that the CSE's 40-share Index finished above theprevious at 1959.86 points. The day's highest and lowest being 1966.07 points and 1929.04 points respectively.

Silver prices zoom: Silver prices zoomed up by Rs 260 per kilo and gold hardened by Rs 70 per ten gram on the bullion market in Mumbai on Tuesday due to firm global trend coupled with sharp rise in dollar rates against the rupee. In the international market, silver rose sharply by $20 per troy ounce to $ 550 and gold shot up by about $5 to $ 297.80 per troy ounce. Ready silver (.999) opened smartly higher at Rs 7,830 and shot up further to close at Rs 7865, showing a huge gain of Rs 265 over the last close of Rs 7,600. Similarly, tenderable silver rallied by Rs 265 to Rs 7,870 from Rs 7,605 while raw silver (.916) hardened by Rs 260 to end at Rs 7,745 from yesterday's level of Rs 7,485.

Hong Kong stocks close lower: Hong Kong stocks closed sharply lower on Tuesday in a rain-hit shortened session that saw buyers spooked by a weaker Japanese yen, brokers said. The Hang Seng Index lost195.17 points, or 2.27 per cent, to 8,391.46 after hitting a low of 8,347.98, and brokers believed the market has further downside in the short term. China plays suffered the largest setbacks. The red chip index slumped 8.52 per cent to 934.92 points while H shares lost 6.80 per cent to 455.30.

Thai stocks down: Thai stocks closed 1.32 per cent lower on Tuesday as investors sold finance and bank issues on concerns about lingering Asian economic problems and uncertain prospects for local finance firms, brokers said. According to Seamico Securities' Jeff Earhart investors were taking a hands off approach to investing in Asian equity markets at the moment. It looked like everybody is suffering because of Japan. The composite SET Index closed 4.12 points lower at 308.25 on 1.3 billion baht turnover.

Singapore scrips down: Singapore shares ended down but off their lows on Tuesday on foreign fund selling. Dealers said bank shares, which rose sharply in the morning session, came under sellingpressure in the afternoon with most stocks falling into negative territory. A dealer with a Singapore firm said that the banks were the most disappointing. They went up, but foreigners began selling again in the afternoon.