Expectations of a high earnings growth has seen investors flocking to the Novartis (India) counter. The scrip, which was quoting at Rs 300 early this year, has appreciated by 126 per cent to Rs 680 at present. But even at this price, Kotak Securities says, the stock is undervalued. According to the broking outfit, an earnings growth of 49 per cent on the back of a strong sales growth with margin expansion in the current fiscal makes Novartis a market outperformer. Novartis India was formed by the merger of the healthcare division and agri businesses of Sandoz (India) and Hindustan Ciba Geigy. It is a 51 per cent subsidiary of Novartis AG of Switzerland.

SE chiefs seek definition of `common membership': Even as the market regulator seeks to ensure greater co-operation between exchanges on sharing information about common members, exchange chiefs have asked the regulator to first define what constitutes a "common member". Most brokers, who have multiplememberships, have acquired a membership at a bourse in the form of a corporate entity.

83% fall in rights mobilisation: Decline in the primary capital market has further accentuated this fiscal with mobilisation from rights issues falling by an alarming 83 per cent in the first half of 1998-99 to Rs 235 crore. Compared to this, the mobilisation through this route in the first half of last year was to the tune of Rs 1,376 crore, Prime Database, a leading primary market monitor said. In the first six months of 1998-99 only 14 rights issues entered the market compared to 28 issues in the comparable period of last year.

Shares ease on FII selling at NSE: Share prices resumed steady on the National Stock Exchange on Friday and after moving in a narrow range, closed with small losses due to fresh selling by the foreign institutional investors. The S&P Cnx Nifty eased by 7.90 to 835.65 from the last level of 843.55. Cnx Nifty junior fell by 14.35 to end at 1441.05 from the last close of 1455.40.S&P Cnx defty declined by 6.35 to close at 684.40 from the previous mark of 690.75. S&P 500 dropped by 3.28 to 578.15 from 581.43 and Cnx Midcap 200 closed 4.37 weaker at 511.42 as against the last close of 515.79.

DSE up marginally on institutional buy: Share values at the Delhi Stock Exchange on Friday performed marginally better than yesterday's lack-lustre performance with significant buyings from foreign and domestic investors. The DSE closed better than yesterday's low of 9.48 points at 0.25 clocking to finish 648.33. Meanwhile, the Asian stock markets continued an upward trend as it soared on Friday as the surprise cut in US interest rates allayed fears of a global recession, luring foreign investors back into the region's battered bourses. But analysts discounted the rallies as a knee-jerk reaction, saying the extent of the world's financial problems has yet to unfold. At the capital's bourse the major gainer was Bajaj Auto up Rs 35 at 595.

Downtrend continues on MSE: Values ofscrips further declined on the Madras Stock Exchange on increased selling coupled with profit-taking on Friday. The MSE index moved down by 12.99 points to close at 3208.30 as against Thursday's close of 3221.29 points.

Tokyo stocks surge 2.2%: Tokyo stocks closed 2.2 per cent higher, buoyed by gains on Wall Street following the Fed's decision to cut interest rates, brokers said. The Nikkei-225 index rose 285.17 points to close at 13,280.54. The Topix index of all issues in the first section on the Tokyo Stock Exchange rose 26.57 points at 1,006.68. Trading was moderate, with an estimated 470 million shares changing hands, compared with 409 million shares the previous day.

Singapore shares zoom 9.3%: Singapore stocks shot up 9.3 per cent as a US interest rate cut lifted hopes of a further rate reduction at home to help induce economic recovery and return of foreign funds to the bourse. The benchmark Straits Times index closed at a five-month high, up 94.85 points to 1,119.60 but off itsintra-day high of 1,131.95 while the broader All-Singapore index rose 23.37 points to 328.69. Speculation was rife of another round of Singapore interest rate cuts as early as next week, with three-month interbank rates having fallen to 3.375 per cent, the lowest in 18 months.

Thai shares rocket 8.1%: Thai share prices extended their gains, rocketing 8.1 per cent in line with regional markets after the US interest rate cuts overnight, analysts said. They said investors had pinned their hopes on finance minister Tarrin Nimmanhaeminda's discussions with Japan over the Asia fund this weekend and on prospects of further domestic interest rate cuts. A research manager with a foreign brokerage said investors had taken the rate cut in the US as a signal to buy across the board in a kneejerk reaction, but cautioned economic realities would cap the index.

Indonesian stocks rally 10%: Indonesian shares shot up 10.7 per cent, buoyed by the surprise US interest-rate cut, dealers said. "Theearlier-than-expected US rate cut surprised the market as everyone was actually waiting until mid-November to see another cut," a dealer at regional brokerage said. "And this really helped to boost sentiment," she added. The Jakarta Stock Exchange composite index was up 32.740 points at 337.587. A research director with a local brokerage said the US Federal Reserve's decision made the dollar less attractive compared to other currencies, especially Asian ones including the rupiah.

Seoul up 1.4%: South Korean share prices closed 1.4 per cent higher with foreign investors extending their buying spree following the US interest rate cut, dealers said. But the index finished off its highs amid speculation over the fate of South Korea's debt-laden Kia Motors Corp, in which a new owner is expected to be announced next week. Institutions led buying in futures on a steep drop in market interest rates amid rumours US giant Ford Motor Co. might win the Kia Motors bid, dealers said.

Kuala Lumpur upmarginally: Malaysian share prices closed 0.8 per cent higher but ended off their highs as early buying by local funds ahead of the national budget announcement lost momentum. ``Buying was all local to start with. This is obviously the problem with an insulated market. There is not enough money to go around. We can't seem to keep up momentum even to rise 10 points,'' an institutional sales manager with a local brokerage said.