Carry forward rates zoom to 29 per cent
Friday evening's carry forward session on the BSE saw the badla rates rocketing to a high of 29 per cent during the close of the session on the back of scarce supply of funds. Compared to this, last week's average badla rates were in the region of 11.5 per cent. On an average, according to dealers, the badla rates were around 18.5 to 19 per cent. From the very beginning, the rates were on the higher side of 15 per cent, shot up to around 23 to 24 per cent during the mid-session and closed at around the 26 per cent level. Some trades were even done at around the 29 per cent level, dealers said.Bourse for hi-tech scrips
AF Ferguson & Co has proposed an exchange in Bangalore for hi-tech and growth scrips, along the lines of Nasdaq with a view to making the city a financial centre. The proposal is part of a report commissioned by the Greater Mysore Chamber of Industry.
Sify touches $99 on Nasdaq
The Satyam Infoway ADRs (Sify) scaled a new high of $99 on Friday morning on the Nasdaq while the Infosys ADRs were up $15.7 to $227.75. At 9.30 pm IST, Sify was trading at $97.75, up $18.25 from its Wednesday close of $79.5 with 2,47,900 ADRs already traded. On Friday, the US bourse was open for half-a-day in between the Thanksgiving holidays.
IOC officials seek anticipatory bail
Even as Indian Oil Corporation is hotly denying the possibility of a leakage in its Salaya-Mathura pipeline complex at Vadinar causing the 12-km wide oil slick, two officials, fearing arrest, have moved for anticipatory bail in the sessions court at Jamnagar on Friday.
HPCL seeks stake in IBP
Hindustan Petroleum has formally told the ministry of petroleum and natural gas that it is keen on buying out part of the Centre's stake in IBP, the stand-alone oil marketing company. The Centre is presently examining a proposal which involves sale of 33 per cent of its equity in IBP to Bharat Petroleum Corporation.
Skoda Auto set to make Octavia
Czech car major Skoda Auto on Thursday signed a memorandum of understanding with the Director General of Foreign Trade for a $56-million investment to produce the Octavia model at Shendre industrial estate in Maharashtra.
RPL redeems debentures
Reliance Petroleum has redeemed the first installment of principal and interest against its outstanding triple-option convertible debentures. The redeemed amount, aggregating to Rs 320 crore, has been paid to over 9,20,000 institutional and retail investors on November 22.
Modi GBC to delist
Modi GBC, a joint venture of Modicorp and General Binding Corporation of USA has offered to buy back its shares from the public in the wake of a turn around after restructuring and widening of equity base.
HC dismisses ORG-GFK plea
The Mumbai high court has dismissed a petition by ORG-GFK against the Government seeking details on market surveys conducted by it. A division bench comprising justice MB Ghodeshwar and justice S Radhakrishnan recently rejected the petition saying the application was devoid of merit and the the Government had jurisdiction to seek information as per the notices served.
Carlton-United News merger
Britain's United News & Media Plc and Carlton Communications Plc said on Friday they had agreed a 7.8 billion pound ($12.60 billion) merger to create the UK's biggest commercial television producer.
Bank of Scotland raises NatWest bid
Bank of Scotland, anticipating a rival counter-bid, on Friday raised its hostile takeover offer for National Westminster Bank by some 20 per cent to a total of 27.6 billion pounds. The increased offer comprises 1.75 new Bank of Scotland shares plus 1.90 pounds in loan notes per NatWest share.
Euro crashes to new low
The euro plunged to new lows below $1.01 on Thursday, weakened by market doubts about the credibility of European economic policy-makers. The euro was clinging to a narrow ledge above the previous all-time low of $1.0104, but let go at 1100 hours GMT. Against the yen it tested new lifetime lows below 105 and also fetched a record low 62.79 pence in the British pound.
Japan may ease economic sanctions
In an apparent softening of its stand on the nuclear issue, Japan on Friday declared that India is "too important" to it and said Tokyo was prepared to make "some adjustment" and take certain "practical action" to ease the economic sanctions against New Delhi after the Pokhran nuclear tests last year.
CII sees fiscal deficit at 7%
CII estimates that the current fiscal deficit is unlikely to be 4 per cent to 5 per cent as is being estimated, but will be around 7 per cent. CII president Rahul Bajaj said that work on the budget had already begun and this figure was based on their calculations.
Automobile sales up
Passenger car sales jumped by 48.9 per cent in April-October 1999 to 348,418 units, up from 233,994 units in the same period of last year, the Society of Indian Automobile Manufacturers said in a statement on Friday. The sales of cars in October alone rose by 66 per cent to 47.999 units from 28,907 in October 1998.
-- Compiled by Samuel Bodapaty
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.