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Sunday, June 16, 2002

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BUYBACK


Sterlite Industries: Reject the scheme
UNDER a scheme of arrangement (approved by the Mumbai High Court), Sterlite Industries proposes to purchase around 2.79 crore equity shares (representing approximately 50 per cent of the paid-up equity) from the shareholders. The following are ... More

Finolex Cables: Snap the wire now, but...
Recommendation:
Accept the buyback and evaluate fresh exposures later More

Rationale for share buybacks
SHARE buybacks have increased in recent times. Why do companies buy-back shares? Financial literature attributes two reasons for buybacks. First, companies typically engage in buybacks when they have excess cash. Suppose Wipro has huge cash ... More

MUTUAL FUNDS


IDBI Principal draws up scheme for trusts, societies, NGOs
The scheme, for the moment, is to be launched with a single plan — debt. A gilt plan may be introduced at a more opportune time. More

K-Gilt Savings Plan: Invest
K-GILT Savings Plan (Growth), managed by Kotal Mahindra Mutual Fund, has generated an annual return of just over 8.5 per cent. The fund may not, however, be able to generate such returns unless the bond market witnesses similar rallies this year ... More

Zurich India Top 200: Hold
INVESTORS in Zurich India Top 200 can retain their investments, as the fund's performance has been steady since 2000, outperforming its benchmark, BSE 200, by a comfortable margin. Fresh investments need not be made, however, as a few funds, ... More

Birla Advantage: Hold
AFTER an impressive performance until 1999, Birla Advantage Fund slipped from the ranks of the top-performing equity funds over the past two years. In fact, it was outpaced by quite a few diversified equity funds over the past six months. This ... More

Master Value Unit Plan: Hold
INVESTORS in the UTI's Master Value Unit Plan, a fund launched to invest mainly in stocks belonging to the B group, can hold on to their investments. Since mid-cap stocks have a greater potential for appreciation in the event of a market rally ... More

Rollover option from Birla Maturity Plan
BIRLA Maturity Plan is designed to control price risk and offers investors returns over a fixed period. It now provides investors a quarterly roll-over option with a maturity date of 94 days. The fund also offers a Half-Yearly Plan Group I under ... More

Selling ethics
THE mutual fund industry is one of the more investor-friendly sections of the economy. However, there are a few unhealthy practices even here. One such, recently pointed out by an official of a leading AMC, is the luring of distributors, with ... More

STOCK MARKETS


Confidence yet to take stock
THE forecast of another good monsoon (perhaps the most important economic fundamental for the country) and a palpable easing of border tensions have revived hope - but not confidence - of a sustained economic recovery. While stockbrokers ... More

Why this veteran investor is frustrated
THIS is one investor who has been left "totally frustrated, confused and disappointed" with the equity market. Yet, he cannot get out of equity. "How can I? I have listened to brokers and put my money through private placement in 20-25 companies, ... More

Mid-cap stocks -- When to cash out
FOR many investors familiar with the twists and turns of the market, the recent rally in the stock prices is likely to overwhelm them with a sense of déjà vu. Stock prices rise more than 100 per cent within a couple of weeks and a lot ... More

DERIVATIVES MARKETS


Positive trend in sight
OVERALL Trend: Equity indices displayed a rising trend during the week ended June 15. On the heels of confidence building measures undertaken by the Government during the week, market participants seemed to conclude that the possibility of ... More

REGULATORY BODIES & RULINGS


Inefficient market and regulation
STERLITE Industries is on its way to becoming a privately owned company. The shareholders are being offered roughly one-half of its book value as consideration and they may have no option but to accept the offer. What is more, the book value ... More

SEBI suspends 4 stock brokers
MUMBAI: The Securities and Exchange Board of India (SEBI) has suspended four stock brokers for varied periods for manipulation of Amara Raja Batteries stock price during August 2000 and March 2001. Brokers Madhukar C Seth (member-BSE) ... More

COMMENTARY


Stay away from pivotals
ITC (Rs 612.5): The inability to break above the Rs 650 mark reflects the underlying bearishness in the scrip. Though there could be short-term upward spikes, the overall trend does not inspire much confidence. A break below Rs 570 would ... More

Short-term uptrend in Tata Tea
THE de-escalation of tension at the border imparted positive sentiment. The Sensex posted a sharp rise in the first two days of the week. However, profit-booking, coupled with a weak trend at the American bourses, pushed the Sensex into the ... More

MTNL, Widia in limelight
MARKETS continued to look up this week as the threat of war was gradually relegated to the backburner and sentiment began to drum up prices once again. Here's a quick look at what transpired in select counters across bourses this week. B P C ... More

Cautious optimism
AS the Indo-Pak war fears eased during the week, the BSE Sensex staged a recovery. The Sensex vaulted by nearly 2.93 per cent (or 94.31 points) to close for the week at 3312.07 points. The visit of the US Defence Secretary, Mr Donald Rumsfeld, ... More

  • Nasdaq: Outlook remains weak

    RECOMMENDATION


    Sundram Fasteners: Long-term bet
    THE steady pick-up in automobile output coupled with increased contribution from exports has helped Sundram Fasteners report a sharp growth in performance for the fourth quarter of the previous fiscal. Considering the sustained improvement in ... More

    Polaris Software Lab: Hold/Buy on declines
    The merger proposed by Polaris Software Lab with Orbitech Solutions is poised to create a strong player in the BFSI segment. If it goes through, the combined entity will be in a position to broadbase its portfolio of offerings and generate higher mar gins from the product business. However, the risks associated with catering to a product-focussed market may also be relatively high, says Krishnan Thiagarajan. More

    Cummins India: Buy
    SLUGGISH business prospects continued to affect the performance of the diesel engine manufacturer, Cummins India, for the second consecutive year. Despite sluggish topline growth, the company posted an impressive bottomline in 2001, because of ... More

    CMC: Sell
    CMC investors can book profits. The stock is now richly valued and for it to deliver returns from the present levels, optimistic projections have to be met. Given the circumstances, that may be difficult to achieve. In this backdrop, investors ... More

    Kodak India: Buy
    THE share price of Kodak India has remained stuck in a narrow price brand over the last few months. The company's financial performance has not seen any major growth in the last couple of years, and the continued depreciation in the rupee's ... More

    Pfizer: Buy
    THE equity market appreciates predictability. The more predictable a company's business, higher the valuation. Amidst uncertainty, a business that promises to be largely predictable is deemed to be worth a high price. Pfizer, a pharmaceutical ... More


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