The Reserve Bank of India on Wednesday notified that non-resident Indians (NRIs), persons of Indian origin (PIOs) and overseas corporate bodies (OCBs) can now purchase equity shares and convertible debentures of Alembic Chemical Works Co, up to 24 per cent of their paid-up capital. Alembic has passed a resolution at its general body meeting for the purchase of its equity shares of up to 24 per cent of its paid-up capital through stock exchanges under the Portfolio Investment Scheme (PIS).

DPs plea for free hand

Bank depository participants (DP) have made a strong pitch before the Securities and Exchange Board of India (Sebi) and the National Securities Depository Ltd (NSDL) regarding the regulator's move asking them not to lay down pre-conditions for opening investor accounts. Sebi has asked banks not to levy hidden charges like maintaining a certain minimum cash deposit with the bank or opening a cash account as well, etc.

Blue chips tumble onWall Street

Uncertainty about interest rates and economic growth, ahead of a long holiday weekend, pushed stocks to some of their sharpest declines this year. The Dow Jones Industrial Average fell 235.23, or 2.20%, to 10466.93, the year's heaviest drop in point terms and third-heaviest in percentage terms. Leading the way down were the old-style manufacturing stocks that had soared in April, as well as the banking stocks.