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Tuesday, July 8 1997

Market Briefings -- SEBI diktat on trading with CRB-linked firms


Sebi has asked bourses across the country to furnish immediately details of members who have had dealings with the CRB group. The directive issued by the market watchdog also says that members who fall under the following categories be restrained from conducting transactions in the securities market. These are: CRB Capital Markets and any of the CRB group companies if they are members of the exchange; directors/employees of CRB Caps or any other CRB group companies; all such broking firms of the exchange where any of the directors/employees of CRB Capital Markets or any of the CRB group companies is a director/promoter/shareholder or proprietor/partner.

10% of RIL, GSFC market capitalisation dematerialised:Dematerialisation in Reliance and GSFC has crossed the 10 per cent mark as a percentage of their market capitalisation. These companies now join ICICI which was the first company to cross this mark. The figure of dematerialisation in the case of RIL and GSFC is 10.39 per cent and 10.20 per cent respectively. The number of companies that have signed up for dematerialisation has gone up to 86. Trading in dematerialised shares of Advani-Oerlikon, Hindustan Organic Chemicals and Himatsingka Seide will commence from July 9.

Take research with a pinch of salt: Equity research has mushroomed over the last couple of years with the entry of several FIIs into the Indian capital markets. Some of them, like W I Carr, started as research outfits and have now acquired broking cards on major bourses. In the melee of stock recommendations, there are few who can boast of good and accurate forecasts. There are innumerable examples of how leading research outfits have prima facie goofed up their recommendations.

Hudco to go in for book-building: Hudco has decided to take the book-building route to determine the interest rate for its forthcoming private placement of Rs 500 crore. The private placement is expected to hit the market later this month. Earlier, IPCL had taken recourse to the book-building method for its Rs 400-crore private placement.

Fintra Systems depositors' file FIRs: Fintra Systems Ltd, which had used the share-security route to lure depositors, is facing rough weather today. Depositors are trying to pull out their money, while some have filed FIRs with the police. The company offered very high rates of interest with shares of its group company and other companies as security to depositors. A case is pending in the court.

Anmi seeks 30-day time for bond issue: The Association of NSE Members of India (Anmi) has informed the NSE that it is unable to take a decision on the indemnity bond issue as it has not received a copy of the revised draft copy of the bond. It has asked the exchange to give members a minimum period of 30 working days from the date of the receipt of the revised draft copy to take a decision on the issue. It has also proposed that public limited companies where the promoters/directors have to increase the shareholding in excess of 20 per cent be given a time of 90 days for the necessary clearances.

BSE admits new securities for trading: Securities issued by Mcdowell & Co, Nirma, Mahindra & Mahindra and Birla Global Finance have been admitted for trading on the BSE. The non-convertible debentures of Nirma would be traded in the `F' group of the exchange. The equity shares of Birla Global Finance Ltd are entitled to receive dividend on a pro-rata basis for the year ending September 1997. Meanwhile, transactions in the equity shares of Goodlass Nerolac Paints of Rs 10 each would start with effect from August 11.NSE drops by 6.04 points: The NSE-50 index fell 6.40 points over its previous close to end the day at 1,209.70 after touching a high of 1,226.60 points. The mid-cap index, however, recorded a gain of 24.90 points to close at 1,230.10 points. The volume at the bourse too recorded a fall with the turnover at Rs 1,777 crore. Reliance finished at Rs 360, a nominal gain of Rs 1.05 over its previous close while SBI gained Rs 4 to close at Rs 353.75. Telco lost Rs 9 to close at Rs 436.25 while ITC shed Rs 5 to close at Rs 554.40. Colgate gained Rs 10 over its previous close of Rs 302.45. MTNL lost heavily to close at Rs 297.45 as against its previous close of Rs 319.80.

Chennai bourse sheds 36 points: Led by Telco, all pivotals continued to decline on Monday. Telco lost Rs 12 while Reliance, ITC and L&T fell marginally. The MSE index finished the day at 4,298.98, a loss of 36 points over Friday's close of 4,335.09. The turnover for the day was Rs 3.18 crore.OTC moves up by 0.14 points: OTC recorded a total turnover of Rs 20.53 lakh with the highest contribution at Rs 14.09 lakh coming from the permitted equity segment. The listed equity segment contributed a miniscule Rs 1.32 lakh with the maximum volume of 6,000 shares recorded in Vijaya Audio World. The composite index ended at 77.80, recording a rise of 0.14 points over the previous close of 77.66.

Skindia drops by 1.78 %: The Skindia GDR index fell by 1.78 per cent from 82.65 to 81.18 on July 4. The Skindia GDR index p/e ratio was 18.52 compared with 18.88 on July 3. The top gainers were EID Parry and Sail which quoted at US $ 3.50 ($ 3.00) and $ 10 respectively. The top losers were Raymond Woollen, Indian Rayon and Grasim Industries which moved down to $ 4.25 ($ 4.50), $ 12.25 ($ 12.50) and $ 12.50 ($ 13.00) respectively.

Call rate steady at 4.5 %: The interbank call rate on Monday opened at 4.5-5.0 per cent compared with the previous opening of 6-7 per cent. The call rate ended steady at the opening range after peaking 5.5 per cent for a brief period. The call rate is expected to move in a similar band on Tuesday despite an outflow of Rs 4,500 crore in three-day repo deals with the RBI. The RBI today auctioned three-day repo deals worth Rs 4,500 crore at 3.90 per cent. The payment towards the repo deals will be on Tuesday.

Castorseed prices up: Castorseed September delivery prices on Monday rose to Rs 1,142/1,143 per quintal from Rs 1,134 on fresh speculative buying and overseas interest. Daily arrivals of castorseed in the Gujarat region dropped to 4,000/5,000 bags (75 kg each) due to widespread heavy rain. Groundnut oil moved up from Rs 356/357 to Rs 361/362 per 10 kg amid limited arrivals due to heavy rain in producing centres while consumer buying dragged prices up. In Rajkot, spot groundnut oil rose by Rs five to Rs 555 per 15 kg. In Bombay, imported palm oil fell to Rs 261/262 per 10 kg from Rs 264/265 as fresh arrivals at the port prompted profit-taking by local importers.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.

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