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Tuesday, May 5, 1998
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Sensex spurts by 129 points
The BSE Sensitive Index (Sensex) zoomed by 129 points as speculators and foreign funds went on a buying spree at the start of the new account on the Bombay Stock Exchange. The sentiment was aided by low carry-forward charges (badla) during the week-end, signalling a build-up of fresh outstanding positions in the market.
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SEBI panel wants risk-sharing by depository participants
The Dhanuka committee, set up by the SEBI, has decided to introduce amendments in the Depositories Act, 1996, which will be finalised on May 5. Justice Dhanuka said that the committee has stressed on the need for depository participants (DPs) to share the liability factor. The committee has therefore emphasised the need to introduce changes in section 16 of the Depositories Act, 1996.
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Bayer to hive off sales, marketing divisions
German multinational Bayer AG has decided to set up a new joint venture company to undertake sales and marketing of all pharma products originally handled by the group's 51% subsidiary, Bayer India. Bayer India will only focus on manufacturing activities at its Thane plant.
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Indo Gulf net profits up 31%
The turnover of Indo Gulf Fertilisers, an Aditya Birla group company, has gone up to Rs 639 crore, reflecting a 35% increase over the last year of Rs 473 crore. The net profit was up 31% at Rs 141 crore from Rs 108 crore. The directors have recommended a higher dividend of 20% against 18% paid last year.
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