SBM keen on reducing face value to Rs 10 : State Bank of Mysore is keen on reducing the face value of its shares to Rs 10 from Rs 100 before tapping the market with a public issue. SBM wants to ensure liquidity to investors by reducing the face value. The SBI subsidiary which listed its shares on the Bombay Stock Exchange in June, may not be in a position to come with the public issue this fiscal pending amendment to the SBI Subsidiaries Act. The amendment to the act will enable the bank to reduce the face value of its shares to Rs 10. The poor performance of the other two SBI subsidiaries on the stock markets post-issue seems to have influenced SBM to tread the path cautiously. The shares of State Bank of Travancore and State Bank of Bikaner and Jaipur are trading well below their offer price marke by very low trading volumes. The face value of Rs 100 per share of these two banks is seen as a majorstumbling block in terms of liquidity.

SHCIL PAT at Rs 20.48 cr : The Stock Holding Corporation of India (SHCIL) has earned a net profit of Rs 20.48 crore for the year ended March 31, 1998 as against a net profit of Rs 14.85 crore in the previous year witnessing an increase of 38 per cent. SHCIL is a leading custodian in the country. During the period 1997-98, SHCIL processed business worth Rs 13,132 crore as against Rs 10,247 crore in the previous year. Operating income went up from Rs 40.02 crore to Rs 50.27 crore during the period. Expenses on interest and depreciation declined from Rs 12.91 crore Rs 10.48 crore. SHCIL has given a dividend of Rs 2.50 per share (25 per cent) this year. This dividend will absorb Rs 5.78 crore including the tax payable on distributed profit. The tangible net worth has gone up to Rs 74.08 crore in contrast to a share capital of Rs 21.05 crore.

100% demat delivery in SBI : The State Bank of India (SBI) scrip has witnessed 100 per cent delivery in demat sharesin the physical segment of the National Stock Exchange (NSE) for the settlement ended Wednesday. The delivery percentage of demat shares for VSNL was 95 per cent, Reliance at 90 per cent and BSES at 94 per cent. The total settlement at NSE was worth Rs 858.73 crore for securities and Rs 171.71 crore for funds.

DSE board approves agreement with members on TGF : The board of directors of the Delhi Stock Exchange, on Tuesday, approved the agreement which the bourse has entered into with 250-odd brokers members for its trade guarantee fund. The stock exchange has already made operational the TGF with effect from July 27.

Stock prices stage smart recovery after late rally : After plunging further, share prices on the Calcutta Stock Exchange today staged a smart recovery towards the fag end of the session. Marketmen said that the buying was partly credited to institutional interest and foreign funds which provided an impetus to sentiment. The turnover was fair and undertone steady. The 40-sharecse's index finished above the previous level to be placed at 1771.38 points. The day's highest being 1790.84. ITC which had begun lower early extended the losses, but reversed the trend towards the close to settle at Rs 606.30, while ACC came back to Rs 1246, Tata Tea to Rs 301.10, TELCO to Rs 140.80 and SBI to Rs 205.20 with L&T taken at Rs 194 and TISCO at Rs 103.10.

Share prices recover on BgSE : Share prices recovered on Wednesday at the Bangalore Stock Exchange (BgSE). According to marketmen there was hectic activity in the SBI counter. The turnover on the bourse stood at Rs 16.78 crore. ITC and Satyam Computers were lifted at Rs 603.05 (Rs 601.85) and Rs 484.05 (Rs 481). Reliance fell marginally to Rs 132.65 from Rs 133.25 while SBI and Tisco closed higher at Rs 205.45 (Rs 201) and Rs 102 (Rs 98.70). Among others Tata Elxsi was better at Rs 42 (Rs 41.95) and Karnataka Bank at Rs 70.40 (Rs 69). Mysore Breweries was unchanged at Rs 82 and Coffeeland at Rs 125.25.

Thai stocks down 1.5 percent : Thai share prices dropped 1.5 percent Wednesday in line With declines in regional markets and following the sharp fall on Wall Street overnight, analysts said. But the Bangkok bourse closed off earlier lows following an announcement by a senior central bank official that the Bank of Thailand planned to underwrite foreign shareholders in local commercial banks. ``"The decline is in line with regional markets and Wall Street last night,'' ABN-Amro Asia analyst Paibool Rachniyom said.

Prices fall on Nordic bourses : Share prices on all Nordic stock exchanges fell in midday trading on Wednesday by an average 2.24 per cent following the largest one-day fa ll this year on Wall Street, brokers said. In Sweden, the SX General Index had fallen by 2.23 per cent at 0945 GMT. In Norway, the All-Share Index was down by 2.25 per cent, in Finland, the HEX Index was down by 2.59 per cent, and in Denmark, the KFX Index was down by 1.9 per cent. Brokers said falls were evenly spread across the market andall sectors, with investors now waiting for new leads from the Wall Street opening. The Dow Jones tumbled by 3.4 percent to 8,487.30 points overnight.

Euro bourses down on Wall Street jitters: Stock markets in London and elsewhere in Europe dived in opening trading on Wednesday in the wake of third-biggest fall in Wall Street history overnight. The FT-SE 100 index of leading London shares fell by 133 points or by 2.35 per cent to 5,603.1 points. There were also losses in Paris, where the CAC index fell by 1.37 per cent to 3,992.48 points and in Frankfurt, where the DAX fell by 98 points to 5,620.70. The Madrid index, Ibex-35, fell by 236.10 points or by 2.24 per cent to 10,259.20 points, and in Amsterdam, the AEX index fell by 23.19 points to 1,188.98.