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Drumbeat: Ad Buzzaar
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Tuesday, May 26, 1998
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Dhoots step up open offer bid for Videocon Intl to Rs 165 a share
The Dhoots have revised their open offer price to the shareholders of Videocon International to Rs 165 from Rs 140 per share for a 2% stake hike permitted under the takeover code. The move follows a stellar performance by the group flagship's scrip, which rose from around Rs 60 at the time of the public announcement to Rs 150.60 on Monday, much above the initial offer price.
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DSE slaps margins on HCL Infosystems, Videocon Intl
The Delhi Stock Exchange announced that special margins would be fixed on all purchase positions in HCL Infosystems Limited, Videocon International and KLG Systel. It also stated that bad delivery transactions of H-Lon Hosiery Limited and Yogi Pharmacy would be closed at 20 per cent above the last traded price.
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UTI's NRI Fund mops up Rs 70 crore
The Unit Trust of India (UTI) has mopped up a modest Rs 60-70 crore through its maiden scheme for non-resident Indians (NRIs), against a rough target of nearly Rs 400 crore. The NRI Fund, subscription to which closed on May 20, has so far collected Rs 60 crore.
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Rubber outlook bleak as demand slides
Japan's economic slump will reduce the country's rubber demand this year, adding to the pressures on south-east Asia's rubber producers and exporters, rubber industry officials and traders said. With falling consumption in Japan, the world's second-largest rubber consumer after the US, the outlook for rubber producers, exporters, and brokers in Asia is bleak.
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Strong demand pushes up gold; cardamom dips
Gold, on the Delhi bullion market recorded a rise of Rs 55-60 and silver, too, revealed a firm tendency on Monday. Arrival of imported silver on Saturday was about 15,000-20,000 kgs, but sellers withdrew from the market as Indian rupee turned weak at Rs 41.25 per US dollar, consequently, spot silver .999 edged by Rs 15 at Rs 7685 a kg.
German Remedies: Book profit
On Monday the German Remedies scrip closed at Rs 478 after posting a high of Rs 485. The day's low was Rs 469. The 7-day exponential moving average is at Rs 463. The stochastic indicator has signalled a sell in the overbought zone. The scrip has been exhibiting repeated flag formation, which has been touching a base line of Rs 394.
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 Sterlite, Indal scrips hit circuit filters
Freight rate hike may make outlook for steel, cement scrips bearish
Divest in local market first, says Sebi
Caution grips the market
Rain Calcining scrip spurts 17% on hectic buying
Marketplace Briefing
Selective discounting comes into play again as market lacks clear direction
Sterlite forced to leave out GDR holders
Commodity Briefing
Market Briefing
Market Round-up
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