The Tata Asset Management Company (AMC) has declared a bonus of 1:3 for the Tata Young Citizens Fund (TYCF) and a bonus of 1:5 for Tata Tax Saving Fund (TTSF) for the financial year 1998-99. The AMC has also announced the launch of two new sector specific schemes namely, Tata Life Sciences Sector Fund and Tata Technology Sector Fund. "We are declaring a bonus for the first time in the history of Tata AMC", said the chairman of Tata AMC, FA Mehta. The record date for the bonus is March 4, 1999.

Top ranking for Merrill Lynch:

Merrill Lynch has retained its top ranking as an overall placement agent in 1998 for the eigth time in a row since 1991, according to recent statistics released by Securities Data Company. Merrill Lynch's overall share of the $ 464 billion private placement market rose to 12.1 per cent, up from 10.6 per cent in 1997. The transaction proceeds increased to $ 56 billion, up from $ 38.4 billion.

Markets reshuffle pharma, FMCG stocks:

Discouraging financial performance for 1998 by Smithkline Pharmaceuticals and Knoll Phrmaceuticals have triggered the slide in the pharma and FMCG stocks. The stocks in these sectors were riding high on results expectations and outrperformed the sensex by a huge margin thereby pushing up their market capitalisation by as much as 39 per cent. Dissapointing performance by these pharma majors for the year ended December 1998 has set the stocks rolling back.

Cross-holding in Prudential-ICICI:

Three funds from Prudential-ICICI hold more than five per cent of net assets in two of their own funds -- ICICI Premier and Growth Plan -- as on January 31, 1999. This disclosure, made in the offer document of Prudential-ICICI's FMCG Fund, is the first of its kind in the fund industry. According to guidelines by the Securities and Exchange Board of India, an AMC has to disclose the name of investors if their investments exceed 5 per cent of net assets in the schemes under management.

Pivotals turnmarginally weak on NSE:

Trading sentiment remained low at the National Stock Exchange as operators adopted A wait-and-watch policy in view of the Union Budget. However, a large number of shares turned marginally weak. The S&P Cnx Nifty opened weak at 954.70 and closed at 954.30, showing a small fall of 3.35 over the last close of 957.65. Cnx Nifty Junior declined by 16.15 and closed at 1692.70 as against the previous close of 1708.85. S&P Cnx Defty eased by 2.75 to 777.00 from 779.75. S&P Cnx 500 softened by 0.80 to end at 668.90 from Wednesday's close of 669.70.

Share values drop on DSE:

Share values dropped at the Delhi Stock Exchange following a steep hike in fares after the Union Railway Budget. The DSE index (base 1983) closed 8.17 points lower at 722.10. Market sources said the budget would fuel general inflation and wipe out savings substantially. Among the most prominent losers was ITC which lost Rs 18.50 to close at Rs 799.50.