Cashing in on the software IPO boom, Akshay Software Technologies has gone a step further than its predecessors by pricing its public issue at a much higher P/E. While Sonata Software and KPIT offered shares at a P/E of less than 15, Akshay Software is offering 10 lakh equity shares at a PE of 17.68 (based on 1998-99 earnings). Also, the NAV of the company is Rs 14.32 as against the offer price of Rs 80.

SSI to exit from counter?

Does the 46 % fall in SSI Ltd from its ex-bonus high of Rs 812.50 warrant an exit from the counter? It may not be time yet to invest in the stock, but do not liquidate your holdings. The company is slated to report a strong showing for the year-ended June 1999 - a 100 per cent growth in income and 70-80 per cent rise in net profit. That itself should boost sentiments at the counter. You could accumulate below the Rs 400-level.

International investing

Global investing means being able to legally invest abroad throughmutual funds - you invest in Indian rupees in a mutual fund and the mutual fund invests in securities denominated in US dollars, euros, pound sterling, etc. With international investing, you can diversify your risk by investing in more than one country or one currency or one market. An internationally diversified portfolio would also mean a lower risk of issuer default and wider choice available for investment instruments.

Unichem fortunes to improve

A discounting of just over 8 for a pharma stock makes Unichem Laboratories a good value investment. The stock, currently trading at Rs 248, has so far underperformed and, hence, has not been favoured by the market. But with its new state-of-the-art formulations plant at Baddi going onstream, Unichem's financials will improve and this, in turn, will boost the discounting.

Specialised sector schemes

There are a dozen specialised sector schemes on offer under the umbrellas of the UTI, SBI Mutual Fund and Tata Mutual Fund. Life sciences &technology fund, brand value fund, IT fund, pharma & healthcare fund, FMCG fund....the list goes on. How good are specialised/sector funds? I have always warned investors to steer clear of new mutual funds and to stay with funds which have a proven track-record of three years or longer.

James Securities

Ask James Securities look for a Asimple and understandable business with favourable long term prospects. These businesses should have sustainable competitive advantages in pricing power, with quality consciousness and cost competitiveness. The fund also looks at the management which must be focussed, should have the strength to finance growth internally and the management must be fair to all stakeholders.

Who cooked up the bonus story?

At the dawn of 1999, hardly any one would have thought that the financially robust, yet leisurely paced Thomas Cook (India) Ltd (TCIL) would soon set the bourses on fire. But TCIL precisely did that, barely months into the new year. Though the fire in theprice line, caused by a bonus hoax, was doused as soon as it had erupted, the resultant volatility in the TCIL counter must have regaled the punters no end.

Uptrend should continue

Kargil could well be giving anxious moments to investors. But that is only a temporary phase. On a longer plane, investors have more positive things to look forward to. Global institutional investors are planning to increase their exposure to Asian markets.

No decisive sell signal

On Friday, the BSE Sensex closed at 4042.52 points. The week saw the index making a net gain of 269 points over the close of the previous week. The market, at least for the time being, put behind it the bogey of the tension on the border.