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Leading
bourses MUMBAI, Oct 2: The Bombay Stock Exchange (BSE) and National Stock....more
Dikshit asks DVB to minimise distribution losses NEW DELHI, Oct 2: Delhi Chief Minister Shiela Dikshit today expressed serious ...more GDP market starts on positive note as exit polls predict NDA victory MUMBAI, Oct 2: Indian Global Depository Receipts (GDR’s) market started ...more |
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HYDERABAD, Oct 2: The controversial cooking gas subsidy scheme, suspended by the Election Commission in August till completion of the poll process, has been revived in Andhra Pradesh....more India, Israel under suspicion for computer espionage WASHINGTON, Oct 2: US counter-intelligence agents believe India and Israel are top of the list of nations who may be taking advantage of year 2000-related computer problems to infiltrate sensitive US Corporate and Government Information......more MUMBAI, Oct 2: India’s Foreign Currency Assets (FCA) fell by US dollar ....more WAPCOs announces NEW DELHI, Oct 2: State owned Water and Power Consultancy Services ....more |
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Leading bourses witnesses downtrend MUMBAI, Oct 2: The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), the two leading bourses witnessed a downtrend as the cautious players reduced their long-term positions and restrained themselves from taking further positions before the outcome of the election results during the week ended October 1. Most of the players had built up huge positions in key scrips on the expectations of stable Government at the Centre after the Lok Sabha elections and the outstanding position in the market also seen crossing the Rs 3000 crore mark. However, the latest exit poll predictions reducing the number of seats expected to win by the NDA to 284 from the expected number of over 300 seats have damaged market sentiments partially, dealers said. The markets witnessed volatile trading in certain scrips on Monday and Tuesday following the Bombay High Court’s judgement, announcing five years rigorious imprisonment to former big bull and stock broker Harshad Mehta and three others by the Special Court in the Maruti Udyog Ltd (MUL) fraud case on Tuesday. The Foreign Institutional Investors (FIIs) have continued their selling spree while the domestic institutional investors also reportedly unloaded large quantity of shares during the week. The undertone of the market is still bullish but hopes of the sensex crossing the 5000 mark ahead the outcome of results demoralised and no one was sure about the further movement of the market, analysts said. Reflecting the bearish spell, the 30-share BSE sensex fell by 55.51 points to 4702.31 points as against the previous week’s close of 4757.82 points. The broad-based BSE-100 index ended lower by 49.29 points to 2171.75 points from the previous week’s close of 2220.94 points. The SP CNX nifty index at the NSE declined by 9.05 points to 1403.20 points as against the last week’s close of 1412.25 points. Select scrips registered an impressive gains inspite of the downtrend were Dr Reddy, Hindalco, Larsen & Toubro, Reliance, BPCL, State Bank of India. Dealers are hopeful of strong rally on Monday on the back of steady badla rates. The badla rates opened at 24-25 per cent touched the high of 35-37 per cent before settling down at 25-26 per cent. The BSE-200 and dollex indices closed lower by 10.97 and 0.67 points to 501.04 and 194.98 points as against the last week’s close of 512.01 and 195.65 points. The BSE-500 index also lost by 26.10 points to 1489.18 points from the previous week’s close of 1515.28 points. The S P CNX nifty at the NSE ended lower by 13.32 point to 1015.63 points from the last week’s close of 1028.95 points. S P CNX defty eased by 7.55 points to 1115.55 points from the previous close of 1123.10 points. The nifty junior declined sharply by 65.70 points to 2715.50 points as against the previous week’s close of 2781.20 points. The market opened on dull note and select shares reported a sharp decline following the Special Court ruling in the MUL fraud case. The market turned positive on Tuesday and the sensex gained by 18 points, the sensex added further 64 points on Wednesday as select shares continued to register smart gains on heavy buying support from local operators and foreign funds. The textile and petrochem giant Relaince and Pharma leader Dr Reddy have posted handsome gains. The reliance scrip surpassed the 52-week high during the week by touching the high of 242. Encouraged with the report of denmark’s clearance to Dr Reddy’s anti-diabetes compound, operators have made heavy purchases in the counter. Polaris lab, the scrip which was listed at the BSE on Wednesday and touched a high of 775 on the very first day of listing. The scrip came down moderaly on profit booking by individual investors. The market witnessed downtrend on Thursday and Friday as most of the operators preferred to wind up their long-term positions. Market discounted the significant increase in the Gross Domestic Product (GDP) at 5.5 per cent in the first quarter of 1999-2000 on friday, but it may react positively to it in the coming week, dealers said. The excahnges have changed trading timings for the period Septmber 27-October 9 due to solar interferences which could affect the vsat network. NSE and BSE will remain open for trading between 0945 hrs to 1600 hrs and will continue with the same timings till Octoner 9. In view of badla trading session the bse finished trading at 1400 hrs on Friday to facilitiate holding the badla trading session in view of October 2 which is a public holiday. Among the issues, ACC dropped by Rs 1.50 to Rs 203.50, Bajaj Auto Rs 2 to Rs 446, Cadbury Rs 7.35 to Rs 830.65, Cipla crashed by Rs 535 to Rs 3765, Germen Reme Rs 95 to Rs 1199, Grasim Rs 46 to Rs 384, Ind Hotel Rs 4 to Rs 429.90, Infosys Tech Rs 340 to Rs 7265, ITC Rs 54 to Rs 817, Mahindra & Mahindra Rs 33 to Rs 329, Nestle Rs 20 to Rs 620, NIIT Rs 46 to Rs 2840.50, Penta Soft Rs 17 to Rs 599, Ranbaxy Rs 22 to Rs 1025, TELCO Rs 13 to Rs 264, Wockhardt Rs 52 to Rs 580.65 and Zee Tele Rs 411 to Rs 4328.50. The top gainers were BPCL rose by Rs 4 to Rs 282.50, Dr Reddy Rs 40 to Rs 1421, Hindalco Rs 16 to Rs 896.30, L & T Rs 25 to Rs 383.50, Reliance Rs 22.55 to Rs 234.50, Satyam Comp Rs 12 to Rs 1122 and SBI Rs 3.50 to Rs 213.25. (UNI) |
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Dikshit asks DVB to minimise distribution losses NEW DELHI, Oct 2: Delhi Chief Minister Shiela Dikshit today expressed serious concern over power shortage in the Capital and asked the Delhi Vidyut Board (DVB) to minimise the loss due to transmission and distribution. Chairing a high level meeting here, Dikshit stressed for implementation of long-term action plan to improve power situation in the city, an official release said here. The meeting also decided to consider privatisation of streetlights and strengthen task forces for effective checking of power thefts, it said. The capital has been facing acute power shortage following diversion of 300 mw to Uttar Pradesh. The meeting was attended by City Power Minister Narendra Nath, Chief Secretary Omesh Saigal and DVB Chairman Jagdish Sagar, the release added. (PTI) |
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GDP market starts on positive note as exit polls predict NDA victory MUMBAI, Oct 2: Indian Global Depository Receipts (GDR’s) market started on a positive note and turned bullish on the back of exit polls giving a clear majority to the BJP and its allies during the week ended September 30. The GDR markets continued with the monentum during the week with the Skindia GDR index rising 45.65 points, but the domestic markets lost steam mid way and the BSE sensex lost the initial gains towards the end of the week losing about 55 points from the previous week’s close. During the week the premiums of the 63 GDR’s on an average moved up to 8.21 per cent on September 30 from 6.99 per cent on September 23 and the average spreads between the bid and ask of the 40 most actively traded GDR’s narrowed to 6.66 per cent on September 30 from 6.68 per cent on September 23. The top three GDR gainers were reliance at US dollar 13.70 (10.73), tube invest US dollar 3 (2.50) and Dr Reddy US dollar 30 (26.00), registered an increase of 27.74, 20.00 and 15.38 per cent respectively. The top losers Sanghi Poly US dollar 0.40 (0.55), SIV Ind US dollar 0.25 (0.30) and Garden Silk US dollar 1.10 (1.25) have lost by 27.27, 16.67 and 12.00 per cent from their previous week’s close. According to the GDR analysis by Skindia Finance, for the past few weeks Infosys Tech has been the front runner in both the domestic as well as the ADR markets. Ever since infosys ADR was issued on March 11 at US dollar 34 it has been quoting at a premium. Till June end although the ADR was quoting at US dollar 58.38, by July 16, it touched US dollar 111 and after swinging between US dollar 73.75 (july 21) and US dollar 100.94 (Sep 01), it zoomed to US dollar 138.25 on September 21. The domestic markets too followed thr trend on NSADAQ and the shares of Infosys skyrocketted to Rs 7869, its all time high of September 23. But the rally could not sustain for long. The rumour hat the company was about to announce a 5 for 1 stock split, converting every 10 equity share in 5 share with a face value of Rs 2, brought the share price down to Rs 7023.85 on Monday. However, later in the day rumour was negated by the company through a press release. Infosys finanlly closed at all time high US dollar 142.50 on’ September 30 gaining 146.75 per cent in the second quarter on NSADAQ while it closed at Rs 7139 gaining 94.85 per cent on BSE for the same period. The second quarter results of the company are expected to be announced on October 8. According to Skindia Finance, the Gas Authority of India Ltd is expected to hit the international market for divesting upto 170 million shares by the end of 1999. The Bank of Baroda, one of the top three banks in the country is also planning an international offering through an issue of GDR or ADR. Bank’s international network accounts for about 20 per cent of its business. Currently the Government holding in the bank is 66 per cent. (UNI) |
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HYDERABAD, Oct 2: The controversial cooking gas subsidy scheme, suspended by the Election Commission in August till completion of the poll process, has been revived in Andhra Pradesh. As part of the scheme, envisaging supply of ten lakh LPG connections to rural women with a one-time subsidy of Rs 1,000 per connection, about 35,000 gas cylinders would be distributed in the state today, Civil Supplies Commissioner H S Brahma told here. However, the re-launched scheme would not be applicable to Guntur and Prakasam districts since Narsaraopet Lok Sabha constituency along with its seven Assembly segments, spread over these two districts, is going to polls tomorrow. Though the EC and the Union Petroleum Ministry had given green signal to re-launch the scheme from September 25, the actual distribution of cylinders to identified beneficiaries commenced today after completion of formalities. The Rs 100 crore LPG scheme, aimed at removing drudgery of rural women, improving their health conditions and reducing dependence on firewood, was launched by the TDP Government on July 9, two days before the announcement of election schedule. Following hue and cry raised by the opposition which dubbed the programme as a poll-eve populist measure to influence the voters, the EC intervened and ordered suspension of its implementation till completion of the poll process. (PTI) |
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India, Israel under suspicion for computer espionage WASHINGTON, Oct 2: US counter-intelligence agents believe India and Israel are top of the list of nations who may be taking advantage of year 2000-related computer problems to infiltrate sensitive US Corporate and Government Information Systems, a Government report has said. India and Israel appear to be the countries whose Governments or industry may most likely use their access to implant malicious code in light of their assessed motive, opportunity and means, according to the report from the Federal Bureau of Investigation’s National Infrastructure Protection Center yesterday. US Government and businesses have imported thousands of computer programmers from abroad to upgrade systems for 2000 because of the lack of qualified Americans. But intelligence officials are suspicious that some of these programmers may in fact be spies implanting trap doors or logical bombs in computer systems that allow unauthorized personnel access to vital systems. Unseen, they can steal confidential data or implant disabling viruses, says the report drafted by CIA officer Terril Maynard. Other nations on the suspects list are Bulgaria, China, Cuba, France, Iraq, Japan, Russia and South Korea. A special commission of the US senate recently issued a report that expressed concern about information warfare. Millions of lines of computer code have been sent overseas for Y2K repair, the report said. (AFP) |
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MUMBAI, Oct 2: India’s Foreign Currency Assets (FCA) fell by US dollar 139 million to US dollar 30,285 million during the week ended September 24, 1999. As a consequence, the total foreign exchange reserves were down to US dollar 32,953 million, according to Reserve Bank of India’s weekly statistical supplement. Central Government reduced its Ways and Means Advances (WMA) outstandings by Rs 2,807 crores to Rs 4,459 crores during the week ended September 17, 1999. The Year-on-Year (YoY) Money Supply (M3) growth continued to slide during the fortnight ended September 10, 1999. M3 growth as on September 10 was 16.5 per cent (Rs 1,46,070) against 17 per cent a fortnight back. (PTI) |
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WAPCOs announces 30 pc dividend NEW DELHI, Oct 2: State owned Water and Power Consultancy Services (India) Limited (WAPCOs) has announced a 30 per cent dividend even as it achieved Rs 33.3 crore turnover for the year 1998-99. The performance of the company has been rated as "excellent" for the eighth year in succession by the Department of Public Enterprises, based on the MoU monitoring system. The company enjoys ‘Mini Ratna Status", bestowed on it by the Government of India in view of its consistent high performance. The company has plans for growth and diversification under its corporate plan of 1998-2001, Mr P L Diwan said in his address to the shareholders. The company has been elected on the governing body of consultancy development centre and on the Government Council of Consulting Engineers Association of India, a WAPCOs release said. (UNI) |
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