SEBI clears UTI Bank issue: SEBI received one offer document in the week to August 7 for the rights issue of Rajath Leasing & Finance amounting to Rs 2 crore. During the same week, the regulator made its observations on the public issue of UTI Bank amounting to Rs 73.50 crore.

Accounting year changes: The following companies have informed the BSE about the changes in their accounting year: Duro Pack (June 30, 1997 to September 30, 1998), Foseco India (March 31, 1998 to December 31, 1998) and Strauss Industries & Exports (March 31, 1997 to June 30, 1998).

Trading barred in Saurashtra Cement shares: NSE has barred trading in 1,58,10,600 shares of Saurashtra Cement ofRs 10 each issued at a price of Rs 30 per share bearing the distinctive number range 12007501 to 27818100. The shares were issued on a preferential basis (fully paid/partly paid). The validity of the said preferential allotment is under examination of SEBI and hence the bar on trading these shares.

Alliance Capital to launch equity fund: Alliance Capital Asset Management Company is launching its fourth open-ended fund and its first pure equity scheme, Alliance Equity Fund on August 17. The equity fund will primarily invest in equities and is a growth oriented fund. The initial subscription closes on August 27.

Asea Brown Boveri board meet: The board of directors of Asea Brown Boveri will meet on August 18 to consider, inter alia, the unaudited financial (provisional) results of the company for the half year ended June 30, 1998.

NSE completes 194th settlement: The National Stock Exchange has successfully completed its 194th settlement number N1998030 on Wednesday. The total value ofthe settlement was Rs 881.68 crore for securities and Rs 129.69 crore in funds. The quantity of securities settled through dematerialised mode was 41.42 lakh valued at Rs 92.85 crore. The pay out was completed and all shortages to the extent of 0.81 per cent were successfully auctioned. Unrectified bad deliveries for the previous settlement to the extent of 0.23 per cent were also auctioned successfully.

RBI urged to convene meeting with NBFCs: The Association of Leasing & Financial Services Companies has urged the Reserve Bank of India to convene a meeting with non-banking finance companies and rating agencies in order to have a re-look at the entire system of rating the medium and small NBFCS. In a letter to RBI executive director S Gurumurthy, ALFS executive director Mahesh Thakkar has stated that the requirement of minimum credit rating and linking of quantum of deposits to the level of credit rating had badly hit NBFCS engaged in leasing and hire purchase Finance activities.

Pivotalscontinue to fall at NSE: Pivotals continued to fall on the first day of the current settlement cycle at the National Stock Exchange on Wednesday on heavy selling by foreign institutional investors. The S&P Cnx Nifty index started weak at 866.35 and fell further to close at 860.10, showing a fall of 6.40 over the last close of 866.50. CNX Nifty junior declined by 14.25 to end at 1453.30 from 1467.55. S&P CNX Defty index dropped by 7.15 to 693.20 from 700.35. S&P CNX 500 index fell by 5.37 to 587.35 as against the last close of 592.72. CNX midcap 200 index fell by 7.26 to 510.88 from 518.14. In 1,58,893 trades, 414.09 shares worth Rs 1,045.84 crore were transacted. Debentures turnover was at Rs 8.71 lakh.

DSE index falls by 7.19 points: The Cauvery water issue continued to flood sentiments at the Delhi Stock Exchange as share prices slipped further on persistent bear hammering by foreign funds and domestic players alike to close with moderate losses. The benchmark DSE index (base 1983) dropped 7.19points to close the day at 666.88 points. Marketmen said growing tension at the centre over the Cauvery water issue and AIADMK supremo J Jayalalitha's threat to pull out of the coalition government continued to depress sentiments at the local bourse. Moreover, the weeklong losing streak at the Asian markets further pulled down the sentiments with foreign funds offloading huge amount of index-linked and heavy-weighted stocks.

CSE shares finish lower: Share prices lost further ground on the Calcutta Stock Exchange on Wednesday in the absence of buying support. Apprehensions over the stability of the government coupled with fresh weakness of the rupee took their toll on market sentiment. The 40-share CSE Index closed at 1,681.27 points. Tisco ended at Rs 93.40, Tata Tea at Rs 285.20, Bata at Rs 205.90, Castrol at Rs 526.70, SBI at Rs 190.50 and L&T at Rs 180.40.

Skindia Index sheds 8.34%: The Skindia GDR Index dropped by 8.34 per cent from 613.50 to 562.36 on August 11. The Skindia GDR Indexp/e ratio was 12.98 on August 11 compared with 14.06 on August 10. The top gainers were Mahindra & Mahindra, Garden Silk and Dr Reddy's Labs which quoted at $3.75 ($3.00), $1.50 ($1.25) and $14.50 ($14.00), respectively. Losers included CESC, Indian Hotels and Telco.

Call rate ends at 7%: The volatility in the forex market and the forthcoming auction on Thursday saw the call money market tighten on Wednesday. The overnight rates opened at six to 6.25 per cent compared with the previous close of 5.75 per cent. The rates firmed up in the afternoon to close at the bank refinance rate of seven per cent.

Bullion divergent: A mixed trend prevailed at the bullion market on Wednesday, with both the precious metals moving in opposite directions. Silver .999 and raw declined by Rs 25 each to Rs 7,975 and Rs 7,850 per kg on weak overseas advices. However, standard mint and 22-carat gold looked up by Rs 10 each to Rs 4,210 and Rs 3,895 per 10 gm on good seasonal buying support from local operators.