Putting behind the performance blues of the last couple of quarters, a host of auto component manufacturers have raced ahead with sterling financial results. While MICO and Automotive Axles both have reported more than three-fold jump in net profits during the fiscal ended March 31, Clutch Auto has reported a 36 per cent jump in net. Lakshmi Auto, however, has faltered with a 6 per cent drop in net.

Canbank AMC restructuring pays rich dividends: The Canbank Asset Management Company plans to convert the Canbonus scheme, its first growth scheme, into an open-ended scheme on May 3; the Canexpo scheme, its first sectoral fund into an open-ended scheme on May 15 and Canpep '93 its tax saving-cum-growth scheme into an open-ended scheme on May 15, 1999.

According to the year-end March 31, 1999 report from the mutual fund, the restructring exercise initiated by the fund paid rich dividends with all the fifteen schemes of the fund outperforming thebenchmark Sensex.

NSE stages recovery on short covering and squaring up: After initial setbacks, share prices recovered smartly at the fag end of the trading session on speculative buying and shortcovering by FIIs and domestic funds at the NSE. The market opened on a weak note but later foreign funds and domestic funds purchased heavy-weighted scrips mainly for squaring up positions ahead of the settlement at the BSE tomorrow. Reflecting the trend, the S&P CNX Nifty opened at 928.85 and dipped to a low of 916.00 before staging a recovery to close at 943.50, up by 12.15 points from the previous close.

DSE stocks rebound on late buying by financial house: Late buying by financial houses coupled with short covering jacked up shares on the Delhi Stock Exchange today to close with sizeable gains. Mirroring the mood of the market, the DSE sensitive index climbed up by 11 points to settle at 724.73 points. Though it dipped to 700.96 points during the day on nervous selling. Marketmen said a sharpupsurge at the end of the session was due to domestic financial houses buying, forcing operators to cover their pending short positions which fueled the buying spree.