Will Mehta's order queer the pitch for Girnar Fibres?: The dispute between Girnar Fibres Ltd and 70-odd underwriters, which remained unsolved for the last three years, now appears to be resolved. Market observers feel SEBI chairman D R Mehta's order regarding the State Bank of Bikaner &Jaipur (SBB&J), one of the underwriters to the issue, is likely to have a bearing upon the arbitration proceedings. The issue will come up before the arbitration panel in Ludhiana on October 31, 1998 though technically, Mehta's order is not binding upon the panel. Sources in the Ludhiana Stock Exchange (LSE) confirmed to The Financial Express that the matter will be resolved in the next few hearings.

NSE forms panel on trade-related issues: With paper being shown the door, the National Stock Exchange (NSE) has decided that settlement related issues are no longer so critical as are trade related ones. The exchange has set up a committee on trade related issues, as this, according to the bourse will be the focus area now. According to NSE managing director, R H Patil, with dematerialisation becoming the norm, settlement related problems which had their genesis in a paper based system are coming to an end. ``The issues have shifted from settlement related problems to trade related problems. Hencewe have decided to set up a committee on trade related issues which will comprise only of broker members. To start with, the committee will have 14 members,'' said Patil.

HLL board to meet on Oct 27: The board of directors of Hindustan Lever Ltd will meet on October 27 in Mumbai take on record the unaudited financial results for the quarter ending September 30, 1998. The accounting year of the multinational ends on December 31.

Equities decline on heavy FII selling on NSE: Equity prices declined sharply led by Satyam Computers at the National Stock Exchange here on Monday on heavy offloading by foreign institutional investors but the fall was cushioned by purchases from domestic funds and institutions. The S&P CNX Nifty moved in the range of 832.10 and 860.90 and closed at 835.80, showing a fall of 13.30 from the previous close of 849.10. CNX Nifty junior closed at 1457.90, with a loss of 25.20 from the last close of 1483.10. S&P CNX Defty ended 10.40 lower at 684.30 and S&P 500 down by10.21 at 579.63 from their previous closing levels of 694.70 and 589.84 respectively. CNX Midcap 200 closed at 516.56, showing a fall of 11.35 over the previous close of 527.91.

Demat shares trade worth Rs 27.15 crore: A total of 3.16 lakh shares of the value of Rs 27.15 crore were traded in the demat segments on the National Stock Exchange and the Bombay Stock Exchange together on Monday, a National Electronic Settlement and Transfer release stated. On the NSE, Bajaj Auto traded 5,020 shares valued at Rs 27.61 lakh in seven trades, Cochin Ref traded 30,000 shares valued at Rs 42.90 lakh in a single trade and L&T traded 16,144 shares valued at Rs 25.98 lakh in 20 trades.

Shares retreat after higher opening on DSE: After a bullish start, stocks fell back to close sharply lower on the stock market today due to selling by some global investors amidst profit-takers selling. Stock brokers said unit redemption concerns at state-owned financial institution Unit Trust of India (UTI) again had itsshadow on the market sentiments. The benchmark index which crossed 670 points at the outset of the session, slipped back to close 9.83 points down at 653.91 points due to increased selling towards the middle of the session. The market started-off on a firm note largely on account of fresh settlement but the revival of selling by profit takers completely changed the initial trends.

Hong Kong shares up 5.7%: Hong Kong share prices shot up 5.7 per cent as regional markets rallied and hopes rose for an interest rate cut, dealers said. Gains were pared by afternoon profit-taking after share prices had rocketed nearly eight per cent in the morning session to breach the 9,000-point psychological barrier, they said. The key Hang Seng index closed up 483.48 points at 8,990.27.

Singapore stocks surge 4.1%: Singapore share prices surged 4.1 per cent on a continuing flow of institutional buying, spurred by firmer regional markets and currencies, dealers said. Traders were willing to take positions asthere was relatively low risk because Wall Street is closed for a public holiday Monday, with sentiment also boosted by expectations of interest rate cuts, they added.

Kuala Lumpur stocks rise 4.6%: Malaysian share prices ended 4.6 per cent higher amid local buying support and in tandem with performance of major regional bourses. ``Local investors are back,'' an institutional dealer with a local brokerage said. The Kuala Lumpur Stock Exchange Composite Index ended 17.28 points higher to close at 389.50.

Thai shares recover: Thai shares closed 0.6 per cent softer after a dramatic about-face in afternoon trade which saw the market tumble from above the 300-point benchmark, analysts said. Analysts said the local market rose in the morning on the back of positive sentiment around Asia following the passage of crucial bank reforms through Japanese parliament. But while the Tokyo market closed more than five per cent stronger, profit taking emerged to push the Thai bourse lower at the end. ``Wewere seeing a lot of short covering going on and mainly local buying,'' said a foreign analyst with ABN-AMRO Asia.

Jakarta shares end mixed: Indonesian share prices closed mixed and off their highs on late profit-taking with falls in Telkom offsetting gains elsewhere, dealers said. ``The index came off its high today due mainly to late selling in big caps and a significant drop in Telkom. But I am not sure if the profit-taking is to continue tomorrow,'' a dealer with a foreign brokerage said.