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FE NEWS SERVICE
Frankfurt cheers meeting of 9 bourses on alliance
German bourse operator, Deutsche Boerse AG, on Thursday welcomed a planned meeting of nine European stock exchanges next week to discuss forming pan-European equity alliance. ``We welcome the development very much,'' a Deutsche Boerse spokesman told Reuters. The meeting is to take place on November 27 in Paris and the heads of the Amsterdam, Brussels, Frankfurt, Paris, London, Milan, Madrid, Stockholm and Zurich exchanges have been invited. ``We see this as support for the importance and necessity of the alliance, that so many bourses want to join after such a short time,'' the Boerse spokesman said. He said the meeting would focus on the next steps to be taken to bring about such an pan-European alliance. When it announced its link with the London Stock Exchange earlier this year, Deutsche Boerse said it wanted a pan-European stock market which was open to all exchanges.
A tough going ahead for Mukand:
Mukand is yet to attract any buyinginterest. The stock continues to hover near its 12-year low of Rs 28. The lack of buying is not without reasons. Although it did not come as a big surprise, the performance during the first-half has been discouraging, to say the least. During the first half, the company reported a 22 per cent drop in sales to Rs 348 crore. But more than a drop in sales what has hurt the stock most is the net loss. The company has posted a net loss of Rs 10.45 crore as compared to Rs 12.06 crore profit in the corresponding period in the previous year.
BFL Software price outlook bright: The recent change in the management of BFL Software, with ING Barings of Netherlands acquiring 52 per cent stake, and a stable business portfolio should enable it to trade at a premium to Satyam Computers and Pentafour Software, says a recent research report of SMIFS Securities. The stock has already appreciated by 8 times since January 1998. At current levels, it has come down by about 17 per cent from its peak of Rs 630 reached inSeptember 1998.
Sebi study says 39 companies vanish: In keeping with the Prime minister's promise of catching up with alleged fly-by-night operators, an investigation carried out by the Securities and Exchange Board of India (Sebi) has revealed that 39 companies have vanished into thin air. Briefing the press here on Wednesday, Sebi chairman D R Mehta said the regulator had tracked over 1210 companies that made initial public offers (IPOs) during 1994-95 and zeroed in on 17 of them that were neither traded nor had complied with requirements under the listing agreement.
Infosys on its ADR: Infosys Technologies Limited said on Thursday that public offerings of American Depository Receipts (ADRs) would depend upon the primary capital market conditions in the United States of America. An ITL press release said that the company had begun preparations for a public offering of ADRs, representing Infosys ordinary shares. The government had approved an offering representing shares with a total valueof upto $75 million and has also approved the creation of ADR-based option plan for the company's employees. A public announcement would be made at the time of bringing the offering to the market, the release said.
Recognition to ICSE: Securities and Exchange Board of India, has granted recognition to Inter-Connected Stock Exchange Of India Ltd, Mumbai (ICSI). ICSE will be the 23rd Stock Exchange in India. ICSE has been promoted by 14 regional stock exchanges. ICSE will set-up an inter-connected market system and will provide its trading members a facility to trade on the national market in addition to the trading facility at the regional stock exchanges. The trading members are required to satisfy the capital adequacy as prescribed by SEBI. Further, each of the participating regional stock exchange is to follow uniform trading and settlement cycle in tune with the trading and settlement cycle of the ICSE. ICSE will also establish a Settlement Guarantee Fund to ensure settlement oftrades.
Seminar on Y2K compliance: ``Securities & Exchange Board of India (Sebi) should make it mandatory for companies to publish the progress they have made in meeting the Y2K 2000 problem'' was the theme of the discussions of top industry representatives at a seminar organised by Indo American Chamber of Commerce (IACC) on November 18. The speakers included Nishith Desai, legal and tax consultant, Nirmal Jain, managing director of Tata Infotech, Sridhar Iyengar, chairman and CEO of KPMG India, Ashank Desai, CMD, Mastek, Lalit Sawhney of Hindustan Lever, Nitin Desai of Tata Infotech and FD Neterwalla, president of IACC.
BoI Shareholding sings charter of demands: BoI Shareholding, the clearing house of the Bombay Stock Exchange (joint venture of BSE and Bank of India) after due negotiations with the union of the shareholding on the charter of demands has finally signed up on Thursday. The charter was signed by the management of BoI shareholding and the union.
Profit selling reversesrising trend on DSE: After remaining firm for the better part of the session, stock prices succumbed to late selling by profit takers and domestic financial funds and ended with fresh losses.
Stock brokers said in view of tomorrow's settlement, major players were seen reducing their positions which also effected the sentiment. They said operators who had been creating fresh positions in the past few trading session on hopes of some sops for the steel and other sectors were seen taking away profits at higher prices. The Delhi stock exchange sensitive index ended 7.42 points down at 660.55 points after moving in the range of 660 and 672.34 points.
MSE Index up 3 points: Equities lost part of their earlier gains at the fag end and finished with small to moderate gains on the madras stock market today. The MSE share price index, after reaching 3349.20, declined to settle at 3331.11 against the previous day's close of 3328.13, gaining 2.98 points. Reliance after reaching its intra-day high of124.25, finished Rs 2.65 higher at Rs 122.80. Larsen rose by Rs 3.4O to Rs 159. TISCO moved up further by Rs 2.80 to Rs 97.75 while State Bank of India was a shade lower at Rs 164.35 and Satyam computers moved in a range between Rs 593 and Rs 583.15, before concluding at Rs 585.35, with a loss of Rs 6.15.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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