UTI Bond Fund in short-term debt: At a time when income funds are keeping money in short-term securities in the absence of both high yield and good quality paper, UTI Bond Fund has invested up to 57 per cent of its corpus in AAA rated corporate debt. The fund, launched earlier this year, had a 51 per cent exposure to AAA rated corporate debt as on September 23 which has been steadily increased to 57 per cent as on October 16. Thefund holds 30 per cent in AA+ rated debt, 3 per cent in double A, 5 per cent in A-, 4 per cent in A + and 1 per cent in A rated corporate instruments.

PHDCCI for review of listing agreement: The PHD Chamber of Commerce and Industry (PHDCCI) has urged the Securities and Exchange Board of India (Sebi) to review the new guidelines to stock exchanges for the `listing agreement' in view of certain practical difficulties. In a communication to Sebi, the chamber has suggested that the revised stipulation of publication of quarterly results of a company while listing with a stock exchange should at best be optional and left to the corporates concerned.

Sebi creates Overseas Investors' cell: Sebi has, in its endeavour to facilitate investments by Overseas investors and to enhnace their confidence in the regulatory and redressal mechanism, has created an Overseas Investors cell by expanding the role of NRI cell. This cell would address and answer queries on the registration procedures, formalities andother investment related related issues.

17 new MF schemes in Q1: According to data collated by Association of Mutual Funds in India (AMFI), during the period April-June '98, 17 new schemes were launched with 10 income schemes, six growth schemes and one balanced scheme. The total amount mobilised by the industry during the period was Rs 1,735 crore. The existing schemes mobilised Rs 2,340 crore with the total collection during the first quarter at Rs 4,075 crore. The income schemes accounted for nearly 66 per cent of the amount mobilised.

DSE plunges 2.5 per cent : Large-scale selling in heavy-wieghted stocks by bear operators pulled sensex nearly 2.5 per cent down on the stock market today in the absence of any positive factor. Stock brokers said despite holidays on Wednesday and Thursday players were not ready to keep their positions pending and preferred to square up the commitments. They said UTI issue has been major reason behind current bearish phase. The Delhi stock exchangesensitive index following steep fall in index-related and other counters, finished 17.19 points down at 625.99 points. "The market sentiments continued to remain bullish and I do not see any major correction in near future," feels a DSE broker.

CSE index drops further: Share prices continued to decline in the first post-diwali session today on the Calcutta stock exchange due to fresh offerings in an unwilling market, which wound up on a weaker note. The volume of business remained visibly poor as buyers were difficult to locate even at lower rates in most counters. This, according to operators, was primaily due to apprehensions over recession overtaking the economy. Virtually all the major counters of the specified list admitted losses at varying extents. In the wake of fresh decline the cse 40-share index dipped to 1,573.04 points, the highest and lowest being 1,584.19 and 1,568.59 points, respectively.

MSE down 40 points : Share values dropped further on the madras stock marekt today onheavy selling and absence of buying support. The MSE share price index drifted by 39.87 points to close at 3168.43 as against the previous day's close of 3208.30. Infotech segement suffered heavy losses. Reliance declined by Rs 5.10 to Rs 101.90. State Bank of India further slid by Rs 4.70 to Rs 153.10. Ramco Industries drifted to Rs 695 from Rs 730.15. Satyam computer moved down by Rs 36.60 to Rs 531.10. Silverline eased by Rs 6.35 to Rs 78.65. Manjsuhree went down by Rs 11.50 to Rs 133.50. Hindalco reacted to Rs 516 from Rs 542.

Equities lose ground at BgSE: Equities remained subdued on Tuesday at the Bangalore Stock Exchange (BgSE). According to marketmen there was selling pressure in most of the counters. The turnover on the bourse stood at Rs 25.09 crore. ITC fell to Rs 675.75 from an opening of Rs 687 while Tisco was unchanged at Rs 73.25. Satyam Computers, Reliance, SBI and L&T were quoted lower at Rs 540.05 (Rs 549.05), Rs 102.15 (Rs 105.25), Rs 153 (Rs 157.50) and Rs 147.85 (Rs 149). Amongothers Silverline was available at Rs 77.50 (Rs 82) and ICICI at Rs 40.50.

Rupee firms up against dollar: The rupee firmed up against the dollar on renewed sales of greenbacks by corporates and exporters in the absence of adequate demand in thin and lethargic holiday-mood trade at the interbank foreign exchange (forex) market. Opening higher around Rs 42.29/31 per dollar after a long weekend the rupee touched an intraday peak of Rs 42.28/29 and later settled at Rs 42.2850/2950 at the close, a 3-1/2 paise gain from last Friday's close of Rs 42.32/33.

Asian markets close higher: Asian stock markets closed generally higher monday, with the key index in Kuala Lumpur soaring nearly 7 per cent on local institutional buying ahead of the unveiling of Malaysia's budget later this week. Thai shares also surged, with the key index gaining 5.5 percent as local investors bought banking and Finance stocks ahead of third-quarter results due later this week, dealers said. The stock exchange of Thailandindex rose 17.19 points to 331.36. In Tokyo, share prices closed higher for the third straight session. The Nikkei stock average of 225 selected issues rose 240.85 points, or 1.78 per cent.