Hitachi Limited's move to pump in Rs 16 crore in Amtrex Appliances could not have come at a better time. With the aircon industry growing at an average rate of over 20 per cent, there is still some room for growth for Amterx. The Japanse airconditioner major, Hitachi's association with Amtrex has now culminated into a joint venture with both the companies holding an equal stake of 35.2 per cent in the company's enhanced equity of Rs 14.67 crore. Of this, Hitachi will pick up 90 per cent while the balance 10 per cent will be held by Hitachi India Pvt Limited. The joint venture company would launch new models of window and split air conditioners before the summer of 1999.

FICCI for new distribution system:

The task force on capital market constituted by the Federation of Indian Chambers of Commerce and Industry (FICCI) under the chairmanship of Ashok V Desai has suggested creating a new distribution system of financial instruments. The essentialelements of this new system presupposes that sub-brokers should have access to one or more stock exchanges through their terminals, introduction of a national electronic cash-holding and transfer system to match the electronic holding and transfer of securities through depositories and competition among stock exchanges.

Dave panel to finalise guidelines:

The SA Dave Committee set up to frame guidelines for collective investment schemes (CIS) met in Sebi today for finalisation of the guidelines. Sebi chairman said that the framed guidelines would be signed on the 30th or 31st of December after which it will be made public.

BSE to revise margins on 10 companies:

The Bombay Stock Exchange (BSE) has decided to revise the special margins imposed earlier on the following stocks with effect from December 28. Archies Greetings (Rs 125), BFL Software (Rs 175), Blue Information (Rs 20), Citicorp Securities (Rs 10), Crest Communications (Rs 12), DSQ Software (Rs 100), Goldstone En (Rs 12),Gujarat Fun Water (Rs 6), Sri Adhikari Brothers (Rs 12) and Visual Soft (I) (Rs 125).

Trading in Anil Chem:

The Bombay Stock Exchange has decided to resume trading in the equity shares of Anil Chemicals with effect December 29. Trading in Anil Chemicals was suspended earlier with effect September 2, 1998.

UTI office in Gulf region:

The Unit Trust of India has set up a representative office at Dubai to cater to investors in the Gulf region. The office would cover countries like UAE, Oman, Kuwait, Saudi Arabia, Qatar and Bahrain. UTI expects to reach out to NRI's through the office.

Sebi cancells 7 merchant banker licences:

The licences of seven merchant bankers have been cancelled by Sebi as these outfits did not renew their registration with Sebi after the expiry date. The seven merchant bankers are: Alaska Capital Markets, Magma Leasing, Mudra Financial Services, Primeast Investments, Rajasthan Financial Corporation, SN Finance and Seenol Finance & Investment PvtLtd.

Treat venture capital funds as FII:

Sebi chairman D R Mehta has called for harmonisation of the Sebi regulations on venture capital funds, the CBDT (Central Board of Direct Taxes) guidelines on venture capital funds and the guidelines of ministry for overseas investment.

Long-term investors should enter the market:

The Sensex opened with an upside gap at 3008 and closed at 3055, posting a gain of 91 points day over day. The index has broken away from the previous resistance level at 3029 level and looks set to climb northwards further. The Sensex opened at 3008 with a upside break gap of 44 points over the previous close of 2964. An upside gap is usually a strong bullish signal. But it is important to note that the index has leaped up without filling the upside gap created at a lower level. The index has crossed an important resistance level at 2994. This is a downslope resistance level starting at 3526. With the crossing of this resistance, Sensex has gained strength to move upnorthwards. Long term investors should now seriously consider investing in scrips of their choice.

MTNL continues to grow strong:

I had recommended MTNL earlier last week at around a price of Rs 168. The scrip had advanced up to Rs 185. At this level it has now crossed an important resistance level. With the crossing of this resistance, you need not be in a hurry to book profit on this scrip. On the other hand, you can add more to your holdings. In fact, even new entrants would find it profitable to enter even at this stage.

MSE up 50 points:

Pivotals and popular scrips smartly rallied on hectic buying support and finished with small to handsome gains on the Madras stock market today. The MSE share price index registered a rise of 50.32 points to close at 3346.63 over their previous close of 3296.31 points. ITC rallied by Rs 15.75 to Rs 722.75, Reliance improved by Rs 3.80 to Rs 120.15 and TISCO by Rs 2.70 to Rs 115.50.

DSE up 22 points:

A major buying spree inmultinational and software company stocks lifted sensitive index nearly 3.5 per cent higher on the stock market today following all-round buying by foreign and domestic Financial investors. The Delhi stock exchange sensitive index ended 22.46 points higher to close the session at 670.13 points. Stock brokers said despite approaching year ending, foreign funds were aggressive and built up huge positions in several heavy-weighted stocks, particularly, multinationals and software computer companies. They said with improvement in market sentiment, buying also spread to other bluechip stocks which gave further push to booming prices. Consumer goods giant and heavy-weighted Hindustan Lever shares shot up by a whopping Rs 24.20 to close at Rs 1680.25 after hitting day's high of Rs 1688 on frenzied buying by FIIs.

Taiwan shares tumble 3%:

Taiwan share prices plunged 3 per cent Monday on selling pressure ahead of New Year holidays, analysts said. The Taiwan Stock Exchnage weighted price index fell 201.35points to 6,481.65.Hong Kong stocks fall 1.2 %: Hong Kong share prices fell 1.2 per cent in thin trade Monday on a lack of buying interest at the year-end, dealers said. ``It is so close to the year's end. There is no buying interest,'' said Sean Li, associate director at Amsteel Securities.