The Hindu Business Line : Sunday, February 23, 2003

Delco Remy plans `individual' open offer
Delco Remy currently has only 350 shareholders in the `public' category holding 68,450 shares. They propose to offer an acquisition price of Rs 44.15 per share. More

MUTUAL FUNDS

Sundaram Gilt Fund: Pare exposures
THE Sundaram Gilt Fund (Growth option) returned just over 5 per cent since last February. The returns compare poorly with even the one-year bank fixed-deposits. Investors can avoid this fund, while existing unit-holders can consider redeeming ... More

Templeton India Growth: Hold
INVESTORS in Templeton India Growth Fund can consider staying invested as the fund continues to do well vis-à-vis broad market indicators, even if it does not figure at the top end in rankings over a long period as well as in the latest ... More

Alliance Capital Tax Relief: Hold
INVESTORS in Alliance Capital Tax Relief can stay invested given the fund's relatively good performance, not only against the broad market but also vis-à-vis peer equity funds. But in the last four months, a cloud of uncertainty has ... More

Standard Chartered MF: Strengthening its debt portfolio
STANDARD Chartered Mutual Fund has launched one more debt scheme to fortify its presence in the debt funds arena. The new scheme is christened Grindlays Floating Rate Fund and offers dividend and growth options. There will be a dividend ... More

Too much of a good thing?
THE CEO of a large Indian mutual fund recently remarked that Indian investors in mutual funds get a much better deal, in terms of disclosures and regulations, than their counterparts in the developed world. This is surprising, but may be true. ... More

Birla MNC Fund: Avoid/Sell
INVESTORS in Birla MNC Fund can consider reducing their exposures to the fund. While its performance has been better than that of the indices, it has been unimpressive compared to diversified funds. Importantly, given its sector focus and ... More

STOCK MARKETS

'Invest abroad for diversification' — Dr Janette Rutterford, Abbey National Professor of Finance, The Open University Business School
Indians were recently allowed to invest abroad. However, are markets such as the US and the UK worthy of investing? These and other issues were explored in a chat Business Line had with Dr Janette Rutterford, Abbey National ... More

DERIVATIVES MARKETS

Basics of Nifty futures
A FUTURES contract is a forward contract, which is traded on an Exchange. NSE commenced trading in index futures on June 12, 2000. The index futures contracts are based on the popular market benchmark S&P CNX Nifty index.NSE defines the ... More

Satyam calls remain active
THE spot market edged up in the week ended February 22, following faint signals that status quo would prevail for the moment in the troubled West Asia. The BSE Sensitive Index ended the week at 3,307 points, higher by 2.6 per cent in relation to ... More

COMMENTARY

Nasdaq: Sharp recovery
WITH war related fears receding, the American market sentiment saw some improvement during the week. The trading was curtailed to four days owing to an extended weekend. After a steady trend on Tuesday, the indices ruled weak on the next couple ... More

ITC: Stuck in broad trading range
NIFTY (1066.15): The expected short-term rally in the Nifty materialised during the week. The price action in the next few days would hold the key in determining the trend. The price movement in the recent weeks does not indicate ... More

Further uptrend in Andhra Bank
EXCEPT for a sharp uptrend on Monday, the market was seen groping for direction on the remaining four days of the week. Lack of fresh positive triggers coupled with the lacklustre movement at the American markets did not help the cause. As a ... More

Pact with Lockheed pushes M&M up
Jindal Iron & Steel (Rs 93): The stock price of Jindal Iron & Steel surged this week by 21.5 per cent. This has to be viewed in the context of reports that the producers are likely to raise the price of hot-rolled products by Rs 1,500 - ... More

RECOMMENDATION

SSI-Aptech deal: Will it strike the right key?
SSI: Hold/Avoid fresh exposures
Aptech: Hold More

SKF Bearings India: Hold
REFLECTING the overall improvement in business prospects for the earnings industry, market major — SKF Bearings — has come up with improved numbers for the year ended December 2002. Being a dominant player in the bearings industry, ... More

Swaraj Mazda: Hold
THE revival of demand in the commercial vehicles industry has led to a surge in volumes and revenues of companies in the sector this year. Swaraj Mazda Ltd (SML), which is present in the lower end of the medium and heavy commercial (M&HCV) ... More

Karnataka Bank: Subscribe
INVESTMENTS in the rights offer of Karnataka Bank can be considered. The offer is priced at Rs 25 per share even as the ex-bonus, ex-rights market price is around Rs 55. This 1:2 rights offer is being made on top of the recently declared 1:1 ... More

Tata Steel: Hold
THE resurgence in fortunes of the steel industry has had a positive effect on stocks in the sector. While this has largely been due to the improved revenue streams for these steel companies, most of them continue to be in the red. An exception to ... More

BHEL: Electrifying prospects
POWER sector stocks have been racing ahead in the last few days breaching new highs. Reason, the Electricity Bill, which proposes power reforms, is proposed to be taken up in the Budget session of Parliament. In a nutshell, the Electricity ... More

Madras Cements: Hold
SHAREHOLDERS of Madras Cements can stay invested in the stock at the current price levels of around Rs 3,600. Any decline of around 10 per cent from these levels can be used to build small exposures in the stock. Business Line had in the ... More

BSEL Info: Accept
CONTACT Consultancy Services Pvt. Ltd, along with persons acting-in-concert, is making an open offer for BSEL Information Systems, the target company. The offer is being made by the acquirer to comply with SEBI orders, following the violation ... More

RIGHTS ISSUES

Chettinad Cement: Avoid
SHAREHOLDERS can avoid the rights offer of Chettinad Cement. The offer is unattractive on two grounds: One, the rather weak financial position of the company. And, two, the stiff pricing, at Rs 36 per share. The rights offer is in the ratio of ... More

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