The shares of Saregama Plc, subsidiary of Gramophone Company of India, on Monday floated its shares on the Ofex exchange in London. According to a RPG enterprises release in Calcutta, this was the first company with a majority Indian holding to have its shares floated on a UK bourse. The issue amounted to pound 2.665 million and was oversubscribed. The trading in the shares was expected to commence from August 10, 1999, the release said. Saregama Plc had been incorporated in the UK to manufacture and market Indian CDs and musicassettes in the NRI territories of UK, Europe, USA, Canada, Carribean Islands and South Africa. The UK subsidiary had been given exclusive rights for access to Gramophone's musical catalogue. The 1999-2000 sales figures for Saregama Plc has been projected at pound 3.6 million, the release said.

India shares seen dull in August

Share prices in India are likely to remain subdued in the short term, but bulls could be revitalised if a stable government looks like emerging from general elections in September, an analyst said on Monday. "I don't see any big upside for the market in August," said John Band, executive director at ASK-Raymond James Securities India, the local affiliate of the Florida-based investment house Raymond James Financial Inc. "If it looks that we might get a more stable government in September, then the market could have a decent rally in September," he told Reuters Television. Band said foreign investment in Indian equities is likely to slow down due to a holiday season outside India. "We are in a holiday season in the Europe and US, we can't rely on substantial inflows from the foreign investors over the next month or so," he said. Band said the investors should stick to quality stocks and buy shares that have missed the recent rallies.

Sensex could could hit 6,000: HSBC

HSBC Securities India Holdings Private Ltd forecast the Top-30 index of the Bombay Stock Exchange (BSE) could hit 6,000 points by March. "We expect the market to touch 6,000 points by March 2000. This, despite the fact that the market returns for the July-December period, for each of the last five years, have been negative, with an average return of -10 percent," it said in a July research report made available to Reuters on Monday. "We believe it is different this time around."

Skindia GDR index down 0.01%

The Skindia GDR index, representing GDR's of 17 actively trading companies decreased by 0.01 per cent from 871.42 to 871.29 on July 30, 1999 as per the Skindia GDR Index with a base January 3, 1995 equal to 1000. The Skindia GDR index p/e ratio was 29.22 as compared to 29.17.