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Market Briefing
BSE admits three new members
The selection committee of the Bombay Stock Exchange on Friday accepted three bids from corporates bodies to be admitted as members of the exchange. Of the six bids received initailly and scrutinised by the committee, while the highest bid was for Rs 2,51,51,501, the lowest was for Rs 2,21,15,000. The three sucessful bidders are Crescent Finstock, MR Share Broking and Opulent Broking.Kale listing averts a crisis
In the mid-nineties, the BSE's refusal to list the shares of Rishyashringa Jewellers Limited (RJL) led to a crisis. Even while the company's local bourses granted permission for listing and trading, BSE refused permission citing incomplete formalities. The court upheld the BSE's stand, the local SEs cancelled transactions in the scrip and RJL finally returned the public issue amount. A similar crisis recently came up in the Kale Consultants public issue. Bumpy ride for Hong Kong's GEM
The bumpy ride on Hong Kong's new Growth Enterprise Market (GEM) continued on Friday as its third initial public offering fell short of the first two and one debutant dropped sharply on its second trading day. The action could get even more volatile next week as Shanghai Industrial Holdings Ltd's red-hot Chinese medicine spinoff begins. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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