Financial Daily from THE HINDU group of publications
Tuesday, April 09, 2002
Markets (April 8)
BL 2501175.07 (+1.03)
BSE Sensex3480.17 (-20.40)
S&P CNX Nifty1135.25 (-6.70)
Dollar (Buy/Sell)48.83/48.96
Gold Std (10 gm)4980 (-20)

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MUTUAL FUNDS


Govt set to distance itself from UTI, give up powers -- Act amendment on the cards
THE structural changes under way in Unit Trust of India (UTI) through proposed legislative changes encompass a proposal wherein the Government will give up its powers to appoint the Chairman of the Trust. This, coupled with the move, to convert ... More

Sponsor-role for banks, FIs in revamped UTI -- Final decision after JPC report
STATE-owned financial and investment institutions and banks that had contributed to the initial capital of Unit Trust of India (UTI) could be the sponsors of the mutual fund, when a new three-tier structure is put in place to comply with SEBI ... More

Zurich to launch 2 funds by June
ZURICH India Mutual Fund plans to launch two new funds by June this year. The new funds — Zurich Leadership Fund, will invest in the top-rung companies in different sectors, and Zurich Index Fund, will have two schemes following the BSE and ... More

Canbank MF plans new debt scheme
CANBANK Mutual Fund has mooted an open-ended debt scheme with an in-built bonus plan that will supplement the two options that are more commonly offered to investors — income and growth. According to the offer document lodged with the ... More

TECHNICAL ANALYSIS


Narrow movement
MONDAY'S trading witnessed narrow movement. Bears were successful in reducing the bull count by a considerable margin. The market sentiment reading of tradable counters stands neutral. Bear domination on Tuesday is likely to change the sentiment ... More

STOCK EXCHANGES


Future is with futures, says BgSE Chief
SHRINKING volumes following the ban on short selling coupled with T+3 payment regime have forced most of the brokers registered with the Bangalore Stock Exchange to migrate to its subsidiary institutional broking house, BgSE Financials. Daily ... More

STOCK MARKETS


Block deals in Essel Propack
THE stock of Essel Propack on Monday witnessed a block deal of five lakh shares on the BSE. Dealers said these shares were bought by a leading private sector mutual fund. On the back of this, the shares of the company touched a new 52-week high ... More

Following IBP disinvestment -- Analysts expect good value for HPCL, BPCL
STOCK markets are expecting the shares of oil majors Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) to fetch a divestment price of around Rs 500 per share. The stock prices of both the public sector companies have ... More

Escorts rises on value perception
ESCORTS on Monday shot up on major bourses with significant volumes on the back of a number of block deals. The stock closed at Rs 69.55 on the BSE with volumes of over 7.2 lakh shares and at Rs 70.50 on the NSE with volumes 8.89 lakh ... More

DERIVATIVES MARKETS


Digital: Upside capped near current levels
EQUITY calls on Infosys, Digital Globalsoft and SBI ended higher on Monday despite the somewhat negative outlook in the derivatives segment at the NSE. The following are some buy/sell strategies based on the day's trading: Equity options: ... More

COMMENTARY


ITC falls on tobacco tax rumours, drags Sensex
Buffeted by turning sentiment in index heavyweights, key bourses across the country saw their indexes head in a synchronous direction on the opening day of the week. However, their tumble was in part countered by a rising interest in PSU stocks, ... More

PUBLIC OFFERS


Panel approach to `questionable' public offers mooted
THE Y.H. Malegam Committee on disclosure requirements in the offer document is in favour of a "panel approach" to the matter of disallowing capital market issues by companies associated with persons having questionable track record. "The broad ... More

Pharmacia hikes offer price for Abbott stake
PHARMACIA Corporation has revised its offer price for acquisition of 20 per cent stake in Abbott Laboratories Ltd to Rs 245 per share from Rs 243. In a notification to the BSE, Pharmacia Corporation has said it has decided to revise the offer ... More

ECONOMIC OFFENCES


No need for super-regulator, says Jalan
THE Reserve Bank of India (RBI) Governor, Dr Bimal Jalan, today told the Joint Parliamentary Committee (JPC) probing the stock scam that he was not in favour of a ''super-regulator'' for the financial sector. "The RBI Governor was of the ... More
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