OTCEI gets Sebi nod to appoint 250 new dealers
The OTC Exchange of India has received the requisite Sebi approval to admit 250 new dealers. The OTCEI has also initiated the process for the floatation of a subsidiary which will acquire the membership of the NSE from which it has already got an in-principle approval in this regard, says an OTCEI release. The move to admit new members will strengthen the broker presence and depth in its operations. Recently, the exchange was approached by several candidates seeking membership of the exchange, OTCEI said.NSE pre-opening, post-closing sesions
The National Stock Exchange has decided to re-introduce the pre-opening and post-closing sessions with effect from November 17. According to an NSE release, the pre-open session will be between 9.45 am and 9.55 am and the closing session from 3.35 pm and 3.50 pm. The normal market timings remain unchanged from 9.55 am to 3.30 pm. The revised timing for the limited physical market is from 9.55 am to 3.30 pm.
GDR index up by 1.12%
The Skindia GDR index increased by 1.12 per cent from 921.80 to 932.15 on November 15, 1999 as per the Skindia GDR index with a base January 3, 1995 equal to 1000. The Skindia GDR index P/E ratio was 66.76 as compared to 64.44, Skindia Finance, a Mumbai-based broking and research house specialising in Indian GDRs said in Mumbai on Tuesday.
Deutsche Bank stock lending deal
Deutsche Bank successfully completed the first stock lending deal in the country involving a foreign institutional investor on Monday. The bank also earned the distinction of becoming the first foreign custodian bank in the country to complete a deal of this nature.
DSP Merrill Lynch MF has a new CIO
DSP Merrill Lynch mutual fund has appointed a Sreesankar Radhakrishnan as its new chief investment officer (CIO). Earlier, Radhakrishnan was the head of the Barrings Asset Management's south Asia team where he managed the Baring Peackok fund, an India dedicated fund. He was also a member of the global emerging market asset allocation committee.
Goldstone has a dream run
Thanks to the merger of its software arm and acquisition of two US-based software firms, Goldstone Engineering is having a dream run on the bourses. The stock, which was trading below Rs 100 till October 1, has zoomed to an all-time high of Rs 192 on Monday. The counter has been witnessing very high volumes in the past two trading sessions. a power cable manufacturer, the company has recently shifted its focus to software.
Siemens holds good potential
Siemens seems poised for better times ahead post-turnaround. Improvement in sales growth, higher margins and with no exceptional expenditure foreseen in the next fiscal, Siemens can prove to be a good investment bet. The stock is currently undergoing a correction and has fallen from its all-time high of Rs 512 to the current level of Rs 449. Entry at declines can provide decent returns on a long-term.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.