Max India rides the other income wave: On the face of it, the Rs 171.36 crore net profit earned by Max India during the six-months ended October 1998 seems to be a phenomenol improvement over the corresponding period last year. However, this massive increase in net has been aided by the Rs 165 crore interim dividend that the company received from Max Telecom Ventures Ltd (MTVL), its fully-owned subsidiary.

SEBI warning to merchant banker: The Securities and Exchange Board of India, vide its order dated November 13, 1998, has issued a warning to Shriyam Securities & Finance Ltd, a Category I Merchant Banker. SEBI has also saidthat the merchant banker's failure in complying with the provisions of the Sebi (Merchant Bankers) Rules & Regulations, 1992 in future, would result in the levy of penalty as prescribed under the said Regulations.

RBI prohibits TGFL from accepting deposits: Reserve Bank of India (RBI) has prohibited Jaipur-based Triveni Greenery Finlease (India) Ltd (TGFL) from accepting deposits with effect from December 1, 1998. RBI, in a release here today, said TGFL has been directed not to sell, transfer, create charge or mortgage, or deal in any manner with its property and assets without RBI's prior written permission except for repayment of deposits, for a period of six months from December 1.

Third phase of mock trading on ISE from Dec 3: The Inter-Connected Stock Exchange (ISE), promoted by 15 regional stock exchanges including, will conduct its third phase of mock trading operations from December 3. The hub of ISE would be based at Vashi, Mumbai, and the regional stock exchanges (RSEs) would beinter-connected through satellite using very small aperture terminal (VSAT). ISE would also provide a ready market for all listed and permitted securities on RSEs and added investors could have wide variety of scrips, especially local ones.

DSE up on sanction related news: Share values at the Delhi Stock Exchange picked up as news of the United States relaxing its economic sanctions spread in the market. The DSE index (base 1983) moved up 2.31 points to close at 622.37. Market analysts said sentiments were high as the US issued a formal order last night relaxing its nuclear related economic sanctions against India and Pakistan on the eve of Pakistani prime minister Nawaz Sharif's meeting with president Clinton at The White House.

MSE stocks dip on profit booking: Equities failed to maintain their initial firmness due to increased selling and profit taking at the fag end and finished with small to moderate losses on the Madras Stock Exchange on Wednesday. The MSE index, after reaching anintra-day high of 3243.46, declined to settle at 3229.59 against the previous close of 3238.03 points.

Nikkei up 151 pts: In Tokyo, share prices rose on a late buying surge with growing caution over the near-term outlook for Wall Street limiting trading, brokers said. After holding firm on blue-chip buying, encouraged by Wall Street's recent strength, Tokyo stocks came under pressure as investors grew cautious about US share prices, brokers said. But trading stepped up towards the close on what was widely seen as support buying from public funds in the absence of fresh incentives, brokers said. The 225-issue Nikkei average rose 151.21 points to finish at 14,986.62 while the Topix index of all issues on the first section of the Tokyo Stock Exchange was up 4.89 points at 1,147.15.

Bangkok stocks dip 3.7%: Thai shares slumped 3.7 per cent at the close as investors voiced their concern over delays in the passage of key economic bills, dealers said. Analysts said the market was concerned thatThailand's latest commitments to the International Monetary Fund effectively delay the revision of laws governing bankruptcies, foreclosures and foreign ownership. The Stock Exchange of Thailand (SET) composite index fell 13.04 points to close at 343.12, while the select SET 50 was down 1.16 points at 24.58.

Jakarta shares up 2.3%: Indonesian shares closed 2.3 per cent higher in a technical rebound following an overnight gain on Wall Street and regional markets, dealers said. "There is no doubt that Wall Street's gain overnight and the regional market strength were behind today's rally. But I think the upward movement will continue tomorrow even without external factos," a dealer at a Singapore brokerage said. The Jakarta Stock Exchange composite index was up 9.229 points at 396.964.

Kuala Lumpur stocks close 1.5% higher: Malaysian share prices closed 1.5 per cent higher but with early gains on strong retail buying pared by profit-taking, dealers said. The benchmark Kuala Lumpur StockExchange's composite index rose 8.00 points to finish at 526.75, off an earlier high of 534.46 points. A chief dealer with a local brokerage said profit-taking was inevitable given that trading had recently been dominated by retailers focusing on speculative stocks.

Hong Kong shares rise 0.8%: Hong Kong share prices rebounded 0.8 per cent on the back of overnight gains on Wall Street, after two consecutive days of sharp losses, dealers said. "The market has lost quite a lot in past two days. It is a technical rebound, with the recovery in Wall Street overnight," said Ben Kwong, research director at Dharmala Securities. The key Hang Seng index gained 79.93 points to close at 10,055.78, after losing 7.1 per cent in past two days. Dealers said the upside was limited as investors were cautious at this stage, with no fresh incentives.

Singapore shares jump 1.1%: Singapore share prices closed 1.1 per cent higher on a technical rebound following sharp losses the day before. A dealer with a localbrokerage said the market focused on banks and property stocks in early trade but there was some selling out of London emerging mid-afternoon before the market settled. "The institutional order flows were not that big today," he said. Shares were sharply higher in early trade after Wall Street closed slightly firmer but interest tapered off later in the day, dealers said. The Straits Times Index rose 14.89 points to end at 1,383.59, while the broader All-Singapore index rose 2.60 points to 379.99.