The National Stock Exchange of India (NSE) has decided to incorporate changes in the listing agreement of the exchange which would be in accordance with the recommendations made by R Chandrasekaran. ``The board of directors of the exchange have considered the recommendations of the committee and have decided to incorporate an appropriate clause in the listing agreement to enable its implementation,'' stated an NSE release.

Investors lose heavily in bank stocks:

The banking sector has floated 21 public issues since 1994 out of which only three were made at par and the rest raised equity at a premium ranging from Rs 10 to Rs 110, according to a study done by Prime. The year 1993-94 saw the first flurry of activity with a mobilisation of Rs 1278 crore by IPOs from the banking sector. After a fall in the subsequent two years, the mobilisation peaked at Rs 1705 crore in 1996-97. In terms of returns to the investors, the picture is not very pleasing asper the Prime study. Of the 21 issues, 2 recent ones are yet to be listed. Significantly, of the balance 19 issues, as many as 13 are currently quoting even below their offer prices.

NSDL to kick off gilt segment next month:

The National Stock Depository Ltd (NSDL) will kick off a separate segment for settlement in government securities from next month. The country's only securities depository will also enhance the list of its participants by admitting three more bourses soon. NSDL vice-president T Koshi told mediapersons here on Monday that the country's one and only stock depository was in the process of expanding its operation to debt segment by introducing separate channel for settlement for debt instruments.

MMIS '98 (II) on Nov 23:

SBI Mutual Fund will launch the Magnum Monthly Income Scheme 1998 (II) (MMIS '98 II) on November 23 for subscription. The scheme is a 5-year close ended scheme, offering investors monthly, quarterly and annual income options. Dividend under theseoptions are assured on a year to year basis and the assured return for the first year has been pegged at 13.25 per cent annualised for all options. In addition to the regular income options, MMIS '98 (II) also has a cumulative option with no assurance.

Stocks on NSE segment:

The following stocks will be available for trading on the capital market segment of the NSE wef November 18. They are equity shares of Kirloskar Oil Engines, Soundcraft Industries, Alok Textile Industries and Hindustan Motors in the depository segment, while Gammon India equity shares emerging out of rights issue will be traded on the physical segment. Similarly, the debentures of Tisco - 16.75 per cent regular income bonds of Rs 5000 under series N4, Twin benefit bonds of Rs 6,100 each under series N5 and Tisco Discount bonds under series N6.

Penalty on buyback violation:

The Department of Company Affairs has moved a cabinet note for providing a specific penalty for violation of regulations laid down by SEBI onbuyback of shares, defining bank interest rate in respect of inter-corporate depositsand limiting the period for claiming unclaimed/unpaid dividends to seven years.

Indian GDRs decreases by 1.34 per cent:

The skindia GDR index, representing GDRs of 18 actively trading companies decreased by 1.34 per cent from 579.52 to 571.73 on Nov 16, 1998 as per the Skindia GDR Index with a base January 03, 1995 equal to 1000. The Skindia GDR Index P/E ratio was 15.45 as compared to 15.65, Skindia Finance a Mumbai-based broking and research house specialising in Indian GDRs quoted in a press release issued here today. There were 6 gainers, 20 losers and 34 unchanged as compared to 11 gainers, 16 losers and 33 unchanged on November 13.

Shares on the upswing at CSE:

Revival of support provided for a marked change in share values today on the Calcutta Stock Exchange where ACC ruled buoyant finishing at Rs 1029. Other selected scrips too improved in the wake of fresh support but elsewhere in the listsome of the key counters surrendered ground on scattered selling which met with little resistance. The turnover showed a rise because of the interest of buyers on a wider spectrum of shares while the undertone remained fully steady. Reflecting the price movement the CSE's 40-share index wound up at the day's best level of 1671.06 points, the lowest being 1656.85 points. TELCO attracted active support to post useful gains at Rs 147.40 while TISCO finished at Rs 92.30, Tata Tea at Rs 309.40, Kesoram at Rs 20.35, LML at Rs 62.90, CESC at Rs 28.10 and ITC Bhadrachalam at Rs 23 with Gujrat Ambuja Cement taken at Rs 226.

Automobile stocks in limelight on DSE:

Led by automobile segment, stocks registered a moderate recovery to close higher on the stock market today following reports that government announced hike in annual depreciation benefits from 40 to 60 per cent on the purchases of new commercial veheicles against scrapping of existing 15 years old ones.

Reflecting the recovery trend, the DelhiStock Exchange benchmark index ended 5.06 points higher at 663.66 points. Marketmen said reports that tension in the Gulf has eased following the United States decision to call off its strike against Iraq also brought confidence back among players, particularly overseas funds. They said with the notification of buyback shares scheme, many bluechip companies are likely to come out with their buy back offer also triggered today's buying activity. Among prominent gainers, automobile major Telco, a major player in the truck segment, stole the show following aggressive purchases by domestic funds and speculators. it shot up by a whopping Rs 8.60 to Rs 148.10.

MSE up 4.5 points:

Values of scrips moved in a narrow range and settled with modest gains or losses on the madras stock market today. The MSE share price index recovered by 4.50 points to close at 3327.33 against the previous day's close of 3322.83. TELCO recovered by Rs 6.15 to Rs 144.30 and Reliance by Rs 1.15 to Rs 121.15. State Bank of Indiarose by Rs 1.95 to Rs 162, Software Solution by Rs 7.15 to Rs 539 and Mahindra and Mahindra by Rs 6.50 to Rs 170.65. Amrutanjan, Coffeeland, Sab Niffe, SPIC, TVS Electronics and Wellwin finished better. Satyam Computers was a shade higher at Rs 578.05 while ITC edged down to Rs 720.