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Sunday, December 22, 2002

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MUTUAL FUNDS


Alliance Basic Industries: Hold
INVESTORS with exposures in Alliance Basic Industries Fund can retain them. Since the fund relies on active management, investors need to keep close track of any developments with regard to a change in management. Over the past year, the fund ... More

Why IPOs attract
DESPITE several bitter experiences dating back to Morgan Stanley Growth Fund's debut in the Indian market, investors appear to have an irrational preference for investing in IPOs from mutual funds. Recent IPOs from mutual funds have collected ... More

Sun F&C: Hold
INVESTORS in Sun F&C Personal Taxsaver (formerly Jardine Fleming Personal Taxsaver) may hold to their investments in the fund for now. There has been no slippage in performance in the four months after there was a management change in August ... More

Prudential ICICI Technology Fund: Sell
THE run-up in stock prices of IT majors such as Infosys and Satyam offers investors the opportunity to reduce exposures to funds such as Prudential ICICI Technology Fund. This fund was heavily invested in the software services stocks at the end ... More

Bonus units in ULIP 1971
THE Unit Trust of India (UTI) has announced a bonus in the ratio of 1:10 (One unit for every ten units held) on the Unit Linked Insurance Plan (ULIP 1971). The record date for this was December 19. A bonus of 1:10 had earlier been announced in ... More

Templeton India Growth: Invest
FRESH investments can be considered in Templeton India Growth Fund as it is one of the better options in diversified equity funds. While its recent track record has not been impressive, it holds potential for value gains. The long-term record has ... More

DERIVATIVES MARKETS


Why derivatives are cash-settled
THE SEBI Advisory Committee recently recommended that derivatives be delivery-based. At present, these contracts are cash-settled. The reason SEBI opted for cash-settlement in the first place is that price manipulation could be higher in a ... More

Lacklustre bout for blue chips
EQUITIES slid a bit in the trading week ended December 20, 2002 on the heels of investors booking profits after the recent rally. The BSE Sensex ended the trading week at 3,337.22 points, down by about six points in relation to the previous ... More

Income from Derivative trading and taxability
THE Income-Tax Act does not have any specific provision regarding taxability of income from derivatives. Only provisions, which have an indirect bearing on derivative transactions, are sections 73 (1) and 43 (5). Section 73 (1) provides that any ... More

INVESTOR GRIEVANCES


IGF seeks details of CDC deal with L&T
THE Investor Grievances Forum (IGF) has demanded the full details of CDC's investment proposal for Larsen & Toubro's demerged cement division. "We want the management to please show us how it is going to benefit the small investor, both those ... More

REGULATORY BODIES & RULINGS


SEBI eases pricing norms for PSU disinvestment — 2-week average price criteria not applicable
THE Securities and Exchange Board of India (SEBI) has formally relaxed the pricing norms of an open offer to be made by an acquirer in cases of public sector disinvestments. SEBI has, effective December 18, amended its takeover code to specify ... More

COMMENTARY


Book profit in index stocks
Nifty (1079.3): The index was confined to a narrow range last week. The much-anticipated downward correction is, however, yet to fructify. As observed last week, the index is in the final leg of the current upmove. Ideally, it is expected ... More

Positive outlook for Tata Power
THE stock market sentiment remained distinctly lacklustre during the week gone by. Reflective of the overall dull mood, the benchmark indices were confined to a relatively narrow trading range. Sensex (3337.22): The Sensex passed ... More

Nasdaq: Upward correction may materialise
AFTER successive weeks of decline, the benchmark American stock market indices managed to record some sort of a recovery last week. All three indices managed to record weekly gains for the first time this month. Spearheaded by the stocks from ... More

Titan in limelight
Dr. Reddy's (Rs 893): The stock gained 11.5 per cent after the US courts granted a favourable verdict and allowed the company to market its version of a major generic drug. Dr. Reddy's will introduce the product in August 2003. The product ... More

RECOMMENDATION


L&T: Hold
THE cement business may hold the potential to deliver value for Larsen and Toubro's shareholders if its board of directors charts an independent course and goes for the demerger option that realised the best possible price. It would be far better ... More

How powered they are
Exide: Buy
Amara Raja: Buy
Tudor India: Hold More

Titan Industries: Book profits
SHAREHOLDERS in Titan can consider booking profits in the stock at the current market price of Rs 81. Business Line recommended the stock at Rs 58 in October 2002. The stock has given a 40 per cent return in a span of two months. ... More

Unichem Labs: Buy
Though the company has registered only a marginal growth in its post-tax profits, its fundamentals appear to be strong, though the market has not valued the stock accordingly. With an increasing presence in the life-style segment of drug ... More

Thermax India: Hold
THERMAX India, the Pune-based energy and environment solutions provider, has recorded a good performance for the third successive quarter. After going through a rough phase during 1999-2001, Thermax chalked out a re-organisation plan to move up ... More

Aptech Training: Hold/Buy on declines
EXISTING investors in Aptech Training can continue to stay put. Fresh investments in the stock can be contemplated when valuations decline. The stock price is attractive even at these levels. However, there are two issues that could increase the ... More

Pfizer: Buy
PFIZER'S share price has declined by around 10 per cent since October and now hovers around Rs 380 . Investors may consider buying the stock for the following reasons: Background: As far as categorisation of pharmaceutical companies in ... More

RIGHTS ISSUES


Karur Vysya Bank: Subscribe
INVESTORS are set to reap a profit of around Rs 90 per share by subscribing to the concessionally-priced rights offer of Karur Vysya Bank. The stock price trades above the levels of Rs 150, ex-rights, and the offer is priced at Rs 60 per share. ... More
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SEBI eases pricing norms for PSU disinvestment — 2-week average price criteria not applicable


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