BOB mutual fund, which has so far launched three close ended equity linked savings schemes and one close ended growth oriented scheme has declared a a maiden dividend in the form of 8% per unit for unit holders of its BOB ELSS 96 scheme , a close ended tax savings scheme.The dividend will be payable to all the unit holders of BOB ELSS 96 scheme whose names will be borne on the register of unit holders of the scheme on 15th september 1999. The dividend amount will be tax free in the hands of the unitholders. BOB Mutual Fund is sponsored by Bank of Baroda.

BSE broker warned

The Securities and Exchange Board of India (Sebi) has warned Bombay Stock Exchange member Prasan Pranjivandas for not acting with due skill, care and diligence in conducting his business as envisaged in the code of conduct of Sebi rules and regulations, 1992, a Sebi release said.

Skindia GDR index up 0.79 per cent

The Skindia GDR Index, representing GDRs of 17 activelytrading companies increased by 0.79 per cent from 861.40 to 868.24 on August 20, 1999 as per the Skindia GDR Index with a base January 3, 1995 equal to 1000. The Skindia GDR index P/E ratio was 29.36 as compared to 29.02 on August 19, Skindia Finance, a Mumbai-based broking and research house specialising in Indian GDRs quoted in a press release on Monday.

BSE to shift 263 scrips to 'Z' group

Bombay Stock Exchange (BSE) has decided to shift 13 more stocks into Z-group, taking the number of scrips to be shifted to the group in the second phase to 263. "This is the last list of the scrips to be shifted to the group in the second phase," BSE deputy general manager - listing, Devika Shah told PTI. The scrips notified for shifting to the group are usually being given a 15-day lag to enable them to comply with the listing agreement before shifting, she added. The exchange has shifted 293 scrips to the category out of 300 stocks notified in the first phase earlier. The 13 scrips are Vipul Securities Ltd,Virgo Polymers (India) Ltd, Vazir Agrochemicals Ltd, Volvo Steels Ltd, Vrundavan Agro Industries Ltd, Vrundavan Securities Ltd, Wall Street Construction Ltd, Western Fruits and Vegetables Ltd, Winfarm Agro Industries Ltd, Woolite Mercantile Co Ltd, Yama Polymers Ltd, Yamini Investments Ltd and Zodiac Cements Ltd, according to a release.

Ministry clarification on stamp duty

The finance ministry has clarified that inter-depository transfer of securities do not attract stamp duty and do not require compliance with the formalities prescribed under Section 108 of the Companies Act, 1956. The clarification puts the doubts raised in the market about the stamp duty to rest, a Securities and Exchange Board of India (Sebi) release said, adding that it has advised the registrars and the depositories accordingly.

Diamond Securities suspended

National Stock Exchange (NSE) has suspended Diamond Securities Pvt Ltd from its membership with immediate effect. The trading member was suspended due tofailure in meeting obligations/liabilities to the exchange/clearing corporation and failure to fulfil the requirements for continued membership of the exchange/clearing corporation, NSE said in a release.

Tea witnesses hectic buying

Unfazed by the poor tea harvest in the first-half of 1999 (January-July), a number of stocks in the sector have been witnessing hectic buying interest on the Mumbai Stock Exchange. Led by B K Birla group company Jay Shree Tea & Industries, tea stocks have in the last seven sessions posted impressive gains. According to marketmen, expectations of a better price realisation and an early end to to the indefinite workers' strike have lifted sentiments in the tea counters. Brokers say the rally in the sector will gain further momentum in the coming days.

Bonus from Maars Software

Thanks to the recent private placement of around 20 lakh shares at a premium of Rs 240, Maars Software is in a position to dole out a liberal bonus. The free reserves have shot up to Rs53.4 crore from Rs 8.7 crore, and as a result, the company can afford to reward its shareholders with a minimum 1:1 bonus and still maintain reasonable post-bonus reserves. However, a liberal bonus would result in the equity rising disproportionately to its current reserves and business. The equity after the private placement had gone up to Rs 7.1 crore and a one for one bonus would result in the equity swelling to Rs 14.2 crore. This would affect the earning per share and the book value badly.