Friday, February 12, 1999
Centre's disinvestment wagon gets a jolt as VSNL GDR is pegged at $9.25
The Videsh Sanchar Nigam's (VSNL) global depository receipt (GDR) has been priced at $9.25. The Centre has divested 20 million GDRs (10 million shares) to international investors, and has not allotted any shares to domestic investors through the local leg of the book-building exercise which ran simultaneously.
SwissCom turns down Ruias' offer to step up holding in Sterling Cellular
The Ruias' move to offer a higher stake of 50.04% to SwissCom in Sterling Cellular, the license holder for Delhi, has run into trouble with the foreign partner declining to go ahead with the deal in the background of the confusion regarding the telecom policy.
Profit-booking halts rally, refinery stocks recover
Although the market appeared flat at the close of trading on Thursday, it saw hectic activity during mid-session when the Sensex inched up to 3360.19, up 53 points from Wednesday's close of 3307. At close, however, profit-booking by punters and domestic institutions halted the rally and the Sensex closed 5.91 points higher at 3313.40. However, the S&P CNX Nifty closed 34.70 points higher at 959.45 as punters took fresh positions.
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