The committee set up by the Madras Stock Exchange to look into the modalities of setting up a settlement guarantee fund has recommended a corpus of Rs 3.85 crore. MSE will now submit the proposal for SEBI's approval after the governing council approves the recommendations.

Reliance group stocks charge ahead on the bourses

Reliance group companies, including Reliance Capital, Reliance Industrial Infrastructure and Reliance Petroleum, have shot into limelight on the stock exchanges. The rise in prices of these scrips accompanied by surging volumes have seen a relatively higher gain compared with Reliance Industries. For instance, the price of Reliance Capital has more than doubled in about two months, driven mainly be rumours.

RBI bans fresh FII buying in Mastek

The RBI said on Tuesday it had banned fresh purchases of shares of Mastek Ltd by FIIs. "The overall ceiling of 30 per cent of paid up equity capital permitted to be held by all registered FIIs together with purchases made by all NRIs and OCBs under the portfolio investment scheme has already been reached in the case of Mastek Ltd," an RBI statement said.

UTI declares DIUS 90 maturity price at Rs 16.87

UTI has declared the maturity price for the Deferred Income Unit Scheme 1990 as Rs 16.87 per unit inclusive of the 3 per cent assured capital appreciation and 7.5 per cent bonus dividend declared earlier and payable on maturity. It is due for maturity on August 16, September 1 and October 1 depending on the date on which unit holders joined the scheme.

Cumulative FII investment at $8.67 billion

The net investment by FIIs till August 11 was $65.6 million. For the month of July, the figure was $273.5 million. The net investment during the current financial year has been $1.047 billion. The cumulative net investment till August 11 stands at $8.673 billion. According to Sebi, a total of 13 debt funds have been registered with it till date which have collectively invested $105.2 million.

Takeover panel exempts 5 companies

Since the notification of the new takeover code, Sebi has received public announcements for 15 takeovers. It has also received 39 reports relating to cases to which the provisions of the code are not applicable. The body has referred 12 cases to the takeover panel for exemption, which has recommended exemption for Starchem India, Sahara, Eureka Industries, Hilton Rubber and Hoechst. The decision on Tetronics and Nestle are still to be taken.

Nifty falls 10 points

After a better start, share prices lost value at the NSE on emergence of selling pressure. The NSE-50 index settled at 1,248.45, falling 9.90 points over the previous close. The turnover on the exchange was Rs 1,843.79 crore in 726.55 lakh shares.

Shares react on CSE

Share prices displayed a reactionary trend under bear pressure on the Calcutta Stock Exchange (CSE). Most of the key counters suffered losses causing prices at other counters to ease. The CSE-50 index closed the day at 122.84 points after hovering between 124.65 points and 122.81 points.

DSE index falls by 11 points

Most stocks in the specified group fell back to close with widespread losses on increased selling pressure on the Delhi Stock Exchange (DSE). The DSE sensitive index lost 10.51 points to close at 931.36 points. Reliance Industries moved down by Rs 7.70 to Rs 384.75.

MSE index sheds 37 points

Equities drifted lower on the Madras Stock Exchange following increased selling. However, a few counters moved up to finish with small gains. The MSE share price index slipped 36.61 points to 4,470.06. ACC declined to Rs 1,560.05 from Rs 1,599.85, HLL to Rs 1,525 (Rs 1,542.80) and ITC to Rs 570.30 (Rs 579.45).

OTCEI index drops by 0.73 points

Share prices declined further on the OTCEI on sustained selling pressure. The OTCEI Composite index opened higher at 118.67, but dropped later to close at 116.45, losing 0.73 points over its previous close.

Skindia loses 0.22%

The Skindia GDR index moved down by 0.22 per cent from 83.13 to 82.95 on Aug 11. The Skindia GDR index p/e ratio was 20.81 on August 11 compared with 21.04 on August 8. The top gainers were ICICI, GE Shipping and Reliance which moved up to US $17.25 ($ 16.50), $8.20 ($8.00) and $23.75 ($23.25) respectively. Losers included Bombay Dyeing, Dr Reddy's Labs and EI Hotels.

KL shares close lower

Malaysian blue-chip shares closed further down on Tuesday, inspite of a partial recovery on support from local institutions, dealers and analysts said. The Kuala Lumpur Stock Exchange Composite Index closed 4.89 points or 0.54 per cent lower at 897.25.

Call ends firm

Call money ended Tuesday at 7.75-8.0 per cent, off the day's high of 8.5 per cent, but up from Monday's close of 4.5-5.0 per cent on funds outflows from banks. Dealers said outflows towards a government bond auctioned on Monday tightened funds supply and pushed up call money rates.

Bullion market goes on token strike: The bullion market in Mumbai shut down on Tuesday as dealers and jewellers held a one-day strike to protest against raids and harassment by the income tax department in the bullion market.

Cotton firms, shortage of ready stock

Cotton prices turned firm on the local market on Tuesday. Mill buying however remained lower but shortage of ready stock amid dwindling supplies triggered speculative support.

Tin, nickel fall, copper steadies

Tin and nickel prices extended declines but copper steadied on Tuesday. Other base metals held in a narrow range. Tin fell Rs 100 to Rs 28,900 per piece while nickel dropped Rs 300 to Rs 33,500 per quintal. Copper was steady at Rs 13,150 per quintal on stray industrial support.

Sugar eases as demand disappoints

Sugar prices turned weak on the local market as millers increased offerings and buying for the upcoming festivals was below expectations. In ready delivery, sugar S-30 slid Rs 5 to Rs 1,490/1,515 per quintal while M-30 fell by the same margin at Rs 1,510/1,545.

Groundnut oil extends fall

Groundnut oil continued to fall on Tuesday. Palm oil and castorseed September contract also closed weak. However, industrial oils and oilseeds remained steady. In the edible section, groundnut oil declined by Rs 2 to Rs 373 on increased supply.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.