Chambers welcome Vasudev Committee recommendations: Business chambers on Thursday welcomed recommendations of an expert committee governing functioning of the NBFCs saying new steps would help revival in the finance business. The Assocham said recommendations of the Vasudev Committee would enable RBI re-examine its supervisory as well as prudential role relating to NBFCs. FICCI said delinking of the deposit mobilisation of credit rating is indeed one of the most commendable recommendations. At least, now the companies not having credit rating can mobilise some deposits provided they have a higher capital adequacy ratio. Allowing of the deposits insurance scheme has also been welcomed by thechambers.

HC notice to Kuber group on `misleading advertisement': The Delhi High Court on Friday issued notices to three Kuber group companies asking them to show cause why contempt proceedings be not initiated against them for publishing advertisements claiming that Reserve Bank of India (RBI) had given them "clean chit" in its report filed before the court.

The following companies have decided to change their accounting period: DSJ Communications from May 31, 1997 to September 30, 1998 (16 months), Tamarai Mills from September 30, 1997 to March 31, 1999 and Whirlpool India from March 31, 1998 to December 31, 1998.

Elgi Tyres changes name: Elgi Tyre & Tread has decided to change its name to Elgi Tread (India) with effect from October 30.

MSE equities subdued on lack of support, selling pressure: Equities remained low on the Madras Stock Exchange due to selling pressure and lack of support. The MSE share price index declined by 13.57 points to close at 3233.02 against theprevious close of 3246.59.

Stocks stages recovery on late buying on DSE: Large-scale purchases by domestic as well as foreign institutional investors (FIIs) towards the middle of the session lifted stock prices to close higher on the stock market on Thursday after remaining subdued at the outset. Marketmen said expectations that the government would issue an ordinance allowing companies to buy back their shares also triggered late buying in heavy-weighted stocks. The Delhi Stock Exchange sensitive index ended 3.79 points up at 642.98 points.

NSE completes 205th settlement successfully: The National Stock Exchange (NSE) has successfully completed its 205th settlement numbered N1998041 on Friday. The total value of the settlement was Rs 811.19 crore for securities and Rs 176.44 crore in funds. The quantity of securities settled through dematerialised mode was 104.14 lakh valued at Rs 153.55 crore. The pay out was completed and all shortages to the extent of 1.08 per cent were successfullyauctioned. Unrectified bad deliveries for the previous settlement to the extent of 0.20 per cent were also auctioned successfully.

CSE stocks gain on late buying: Settlement day trading today on the Calcutta Stock Exchange featured an easing trend in share prices due to extended selling. But in the last lap of the session with active covering by sellers induced by settlement needs led to a smart rally in some key counters. Reflecting the late rally, the CSE's 40-share index finished the day at the best level of 1605.62 points after dipping early to 1587.50 points.

Tokyo stocks close 1.1% higher: Tokyo stocks closed 1.1 per cent higher in thin trading on Thursday, breaking out of negative territory on a late buying surge and ending a four-day losing streak, brokers said. The 225-issue Nikkei average on the Tokyo Stock Exchange rose 152.65 points to end at 13,668.72. The Topix index of all issues in the first section on the Tokyo Stock Exchange was up 8.49 points at 1,037.10.

Hong Kongshares close barely higher: Hong Kong share prices closed barely higher on Thursday on late buying in post-holiday future-led trade, dealers said. The key Hang Seng index gained 4.41 points, or 0.04 per cent, to close at 9,931.46.

Jakarta exchange to merge with Surabaya exchange: The Jakarta Stock Exchange (JSX) will seek shareholder approval in an extraordinary general meeting to a merger plan with Surabaya Stock Exchange, JSX president Cyrill Nurhadi said on Thursday. If Friday's extraordinary general meeting approves the plan, the JSX will set up a team to study the best way to consolidate operations of the two exchanges.

Shanghai B shares fall 3.5%: Shanghai's B shares, nominally reserved for foreign investors, fell 3.5 per cent on Thursday in line with falls on the Hong Kong market, analysts said. The Shanghai Stock Exchange's B-share index slipped 1.24 points to close at 34.34 points while the A-share index of locally traded stocks ended down 9.33 points, or 0.7 per cent, at1,292.52 points.

Seoul shares up on foreign bargain-hunting, firmer yen: South Korean shares gained 1.8 per cent on Thursday on bargain-hunting in select blue chips by foreign investors amid a firmer yen, dealers said. The Korea Stock Exchange index closed up 6.39 points at 370.30, off a high of 374.31. The benchmark corporate bond yield was up at 9.98 per cent. The won was at 1,315 against the dollar.

Australian stocks end marginally higher: Australian share prices closed marginally higher on Thursday after the release of wages data which seemed to cast a doubt over the possibility of an interest rate cut, brokers said. The data showed that average weekly ordinary time earnings increased by a seasonally adjusted 1.7 per cent in the three months to August, while the market had expected a 1.1 per cent rise. The Australian Stock Exchange's key All Ordinaries index rose 2.1 points to 2,617.3.

New Zealand stocks down 0.4%: New Zealand stocks fell 0.4 per cent on Thursday as the marketpaused for breath from recent rises. The NZSE-40 lost 6.66 points to 1864.60 on turnover of 153 million NZ dollars (80.8 million US dollars).

Philippine shares close 4.16% up: Philippine share prices jumped 4.16 per cent on Thursday on the back of a surging peso and heavy buying into blue chip stocks, analysts said. The Philippine Stock Exchange composite index rose 66.73 points to close at 1,668.96.