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Saturday, July 11, 1998

Market Briefing 

FE NEWS SERVICE  
Vatsa Corp tops NSE's investor-woes list

Vatsa Corporation has again topped list of companies against which there are maximum number of complaints pending on the NSE for the two months ended June 30. Vatsa has 29 complaints pending followed by Western India Industries at 10, Motorol (I) (8), Xedd Telecom (6), Cauvery Software Engineering Systems (5), Grapco Industries (5), Chemox Chemical Industries (4), Atash Industries (3), Rajinder Pipes (3) and Videocon International (3).

Grade V rating for Wealth Agro: Crisil has assigned a `Grade V' rating to the collective investment schemes of Wealth Agro Plantation India Ltd. The rating indicates high uncertainty over the ability of the collective investment scheme to provide assured returns in the form of produce and/or cash. The rating reflects the overall high risk profile of the company on account of its low capitalisation level, nascent stage of operation, negligible operational cash flows, and inherent vulnerability of business to vagaries ofnature.

SEBI panel clears NSE certification programme: The Sebi-appointed certification committee has considered the application of NSE's certification in financial markets programme and decided to grant approval to the same.

BSE suspends dealings in 3 scrips: BSE has decided to suspended dealings in the securities of Medicamen Biotech, Orient Ceramics & Industries and Precot Mills with effect from July 13 until further notice owing to their non-compliance with the listing requirements of the exchange.

Sebi warning to LSE member: Sebi has warned H Arora & Co, a member of the Ludhiana Stock Exchange, for the irregularities in issuance of contract notes, failure to report off-the-floor transactions to the DSE and delay in settling spot transactions.

Investor complaints: Sebi has received 5,366 grievances against 1,322 companies in the fortnight to June 16. During the same period, 5,519 grievances were reportedly resolved by 549 companies. These resolved grievances includethose brought forward from the previous periods.

1 offer document filed with Sebi: Sebi received one offer document for a rights issue of Mehar Shree Leasing & Finance amounting to Rs 4.50 crore in the week to July 3. The regulator also communicated its observations on two exclusive rights issue Maskara Industries and Hindustan Motors amounting to Rs 58.74 crore.

FII buying pushes Nifty up: Equities continued to move further up on the NSE on Friday following heavy buying by FIIs and bull operators on reports of a possible review in the sanctions by the US senate task force. The NSE-50 Index shot up by 19.10 points to close at 980.15 points. The total turnover on the exchange stood at Rs 1,373.35 crore.

CSE shares strengthen further: Share prices gained ground on the Calcutta Stock Exchange on Friday following sustained buying by operators. The 40-share CSE Index moved between 1,921.70 points and 1,879.37 points before closing at 1,913.37 points. ACC moved up to Rs 1,364, SBI to Rs 229.80,Reliance to Rs 150.90, BSES to Rs 164.80, L&T to Rs 241.20, Tisco to Rs 131.10, Tata Tea to Rs 312.80 and ITC to Rs 702.20.

DSE shares end up: Prices firmed up on the Delhi Stock Exchange on Friday following aggressive buying by bull operators and foreign funds on hopes that the US might ease sanctions against India. Stock brokers said the sentiment was so strong in spite of it being the last day of the settlement. The benchmark index gained 13.04 points to settle at 754.12 points.

MSE Index up 27 points: Equities strengthened further on the Madras Stock Exchange on Friday. The MSE Index improved by 26.53 points to close at 3,765 points. ITC strengthened by Rs 9 to Rs 700, Reliance by Rs 3.70 to Rs 151.55, Tisco by Rs 6 to Rs 130 and State Bank of India by Rs 14.15 to Rs 229.05. Satyam Computers recovered by Rs 33.85 to Rs 469.80 and DSQ Software by Rs 7.35 to Rs 267.75.

Demat turnover at Rs 1.76 cr: In restricted activity, the demat segments of NSE and BSE together witnessed a lowvolume of Rs 1.76 crore on Friday. At the NSE, SBI saw 29,126 shares valued at Rs 64.95 lakh change hands, Reliance saw 8,306 shares valued at Rs 12.34 lakh traded, Infosys Tech traded only 500 shares valued at Rs 12.50 lakh Telco reported trades for 4,800 shares valued at Rs 8.47 lakh. At the BSE, SBI saw 5,050 shares valued at Rs 10.93 lakh change hands.

BgSE stocks gain further ground: Equities continued to move upwards at the Bangalore Stock Exchange on Friday. According to marketmen, a firm undertone prevailed at the BgSE. The turnover on the bourse stood at Rs 21.49 crore. Satyam Computers soared to Rs 460.45 (Rs 432.60) while BPL declined to Rs 138 (Rs 140). ITC, Reliance, SBI and Tisco closed higher at Rs 699.85 (Rs 695.95), Rs 149.10 (Rs 145.60), Rs 227.70 (Rs 214.80) and Rs 128.65 (Rs 125.80) respectively.

OTCEI Index down marginally: Share prices declined moderately on the OTCEI on Friday following fresh selling pressure. The OTCEI Composite Index opened at 114.23 points anddeclined to close at 114.20 points, down 0.03 point over the previous close.

Skindia Index gains 2.3%: The Skindia GDR Index moved up by 2.30 per cent from 711.26 points to 727.59 points on July 9. The Skindia GDR Index p/e ratio was 16.94 on July 9 compared with 16.58 on July 8. The top gainers were BSES, Reliance and Telco which quoted at $13.75 ($12.40), $7.80 ($3.75) and $4.00 ($3.75) respectively. Losers included CESC, Crompton Greaves and Indo Gulf.

Call rates end at 6.75%: The overnight rates firmed up on Friday. The call rates opened at 7 per cent, compared with their previous close of 6.25-6.75 per cent. They opened higher owing to corporates and banks' demand for funds in the morning. However, they eased in the afternoon to 6.50-6.75 per cent and finally closed at 6.75 per cent. Most deals were struck at 6.50-6.75 per cent, dealers said.

Gold, silver prices slip: Gold prices declined sharply and silver also remained subdued on Friday due to weak overseas advices and lackof fresh demand. Standard gold and 22-carat gold lost Rs 30 each to end at Rs 4,245 and Rs 3,925. Ready silver (.999) and tenderable silver also dropped by Rs 30 each to finish at Rs 8,020 and Rs 8,025.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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