Jardine says Sensex may fall to 2,800 points: Stock markets across the country are likely to go down further and the popular 30-share BSE Sensex could bottom out at around 2,800 points, Jardine Fleming India Securities Ltd said. "The market is pretty close to the bottom. It is in a very volatile stage, moving about 100 points a day. Our view is it could go to 2,800 level," managing director Robert M Gibson told PTI in an interview.Reliance wins award for best investor relations: Reliance Industries has been adjudged the second best in `best emerging market company investor relations' by a UK magazine. Reliance is the first and only Indian company to receive the award, given by Investor Relations Magazine in association with Financial Times, London, on Thursday last, Reliance said in a statement on Monday.
BSE, NSE alter trading hours: BSE and NSE have decided to open the market half an hour late each morning at 10.00 am instead of 9.30 am with effect from July 1. However,there will be no change in the closing time which will be 3.30 pm on all days including auction days. The decision follows requests from the trading members for the same.
Prudential ICICI AMC reopens fund: Prudential ICICI Asset Management Company has reopened its liquid plan for subscription and repurchase. The liquid plan collected over Rs 40 crore during the initial offer period. The liquid plan will invest 80 per cent of its corpus in money market instruments while the rest will be invested in debt securities.
Trading resumes in 2 BSE scrips: BSE on Monday resumed trading in the shares of Gujarat Toolroom and Southern Herbals. The exchange had earlier suspended trading in the scrips on account of the failure of the companies to comply with its listing requirements.
BSE slaps margins on 8 scrips: BSE on Monday slapped special margins on the shares of eight companies. The scrips are as follows: Silverline Industries (Rs 17), Bell South (Rs 10), Cyberspace Info (Rs 13), HimachalFuturistic (Rs 8), Nuclear Software (Rs 6), Sri Digvijay Cement (Rs 12), Ram Informat (Rs 5) and Pertech Computer (Rs 4).
Carryforward margins: The rate of carryforward margins in the case of sales carried over pertaining to settlement ended June 26 are applicable to the scrips which are in no-delivery and in the case of book closure vyaj badla positions for which members have withdrawn the shares, the BSE said on Monday.
Nifty up 25 points: Share prices firmed up moderately on the NSE on better buying support from FIIs, domestic funds and bull operators. The NSE-50 Index zoomed by 24.75 points to end at 949.10 points. The Mid-cap Index went up by 27.20 points to close at 1,358.20 points. The total turnover stood at Rs 751.01 crore.
CSE shares end higher: Equities gained fresh ground on the Calcutta Stock Exchange on Monday on covering by operators and fresh buying support. Brokers said domestic institutions were also in the market which further aided market sentiment. The 40-shareCSE Index after fluctuating between 1,860.79 and 1,784.48 points, finished at 1,820.75 points.
MSE Index up 31 points: Equities strengthened on the Madras Stock Exchange on Monday. The MSE Share Price Index gained 31.29 points over the previous close to end at 3,740.09 points. Satyam Computer firmed up by Rs 38 to close at Rs 419.05, Software Solution by Rs 13.80 to Rs 260.80, D Square Software Rs 15 to Rs 229.40, ITC by Rs 16.45 to Rs 656.85 and L&T by Rs 4 to Rs 227.
DSE Index up 24 points: Share prices bounced back on the Delhi Stock Exchange on Monday as market opinion was veered round to the view that the effects of the economic sanctions was waning with the World Bank clearing a $545 million loan for Andhra Pradesh. Moreover, the strengthening of the rupee also helped improve sentiment. The DSE Index moved up by 23.52 points to close at 715.20 points.
BgSE shares gain ground: Share prices recovered at the Bangalore Stock Exchange on Monday. According to marketmen, the marginalrecovery was mainly due to institutional buying. The turnover on the bourse stood at Rs 10.12 crore. ITC opened the day at Rs 640 and closed better at Rs 662.50. SBI and Reliance were also marginally better at Rs 213.50 (Rs 210) and Rs 147.05 (Rs 144.55) whereas Karnataka Bank was unchanged at Rs 70. Satyam Computers continued to be in demand at Rs 420.15 (Rs 378) while Tisco was quoted at Rs 127.10 (Rs 124.75).
Skindia Index up 1.72%: The Skindia GDR Index rose by 1.72 per cent to close at 649.24 points on June 26. The Skindia GDR Index p/e index improved by 1.35 per cent to end at 15.87 on June 26 from 15.66 on June 25. Telco registered the highest gain of 20 per cent, followed by L&T at 6.35 per cent and Indian Hotels at 6.25 per cent. Dr Reddy's topped the list of, shedding 10.34 per cent, followed by Century Textiles (6.67 per cent) and Bombay Dyeing (6.25 per cent).
Call rates end at 6.75%: After staying put at 7.00-8.50 per cent the whole of last week, the overnight rates eased onMonday. The call rates opened at 7-7.25 per cent, compared with their previous close of 7.75 per cent. The rates eased in the afternoon to 6.70 per cent and finally closed at 6.50-6.75 per cent, dealers said.
Rupee strengthens vs dollar: The rupee held steady against the dollar in a dull forex market on Monday. The rupee opened at 42.58/60, slightly stronger than its weekend close of 42.62/64. Lacklustre corporate demand for dollars and import cancellations saw the rupee gain in later trades to an intra-day high of 42.51. It finally closed at 42.51/53.
Silver prices recover moderately: Silver prices recovered moderately on Monday. Ready silver of .999 fineness and raw silver recovered by Rs 5 each to end at Rs 7,930 and Rs 7,805. Standard gold and 22-carat gold ended steady at Rs 4,290 and Rs 3,970 on scattered demand.
Sugar prices fall: Sugar prices turned weak on Monday following slack demand by stockists. Medium quality sugar M-30 fell by Rs 5 per quintal to end at Rs1,475/1,515. Small quality sugar S-30 finished on a steady note at Rs 1,460/1,485 per quintal.
Castorseed futures fall sharply: Prices of castorseed futures fell sharply on Monday. Castorseed September contract lost Rs 7 to close at Rs 1,421.50.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.