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(25/4/2009 - Indian Market Updates) - SEBI on Friday reduced the timelines for the notice period by listed companies for all corporate actions like dividend and bonus, to name
a few. The notice period for the record date has been brought down to seven working days while that for board meetings has been reduced to two working days. It has also introduced a uniform procedure for companies in dealing with unclaimed shares. The new clause relates to those shares that could not be allotted to the rightful shareholder due to insufficient information.
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“It has been brought to the notice of the board that there is a large quantum of shares issued pursuant to the public issues, which remain unclaimed despite the best efforts of the registrar to issue or issuers, and that there is no uniform practice for dealing with such shares,” the release said.
The unclaimed shares will be credited to a demat suspense account opened by the issuer with one of the depository participants and any corporate benefit, such as dividend, bonus shares, will also be credited to such account. The allottee’s account will be credited as when he/she approaches the issuer, after undertaking the proper verification of identity. The voting rights of these shares will remain frozen till the rightful owner claims the shares. The details of the shares in the suspense account will be disclosed in the annual report.
Also read -
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In order to bring about uniformity in the manner of declaring dividend among listed companies, Sebi has made it mandatory for companies to declare their dividend on a per share basis only. This means that irrespective of the face value of the share, the company will have to mention the dividend on an absolute basis.
posted under - SEBI, SEBI news, indian markets news, bse news, nse news and views, Security exchange board of india, SEBI
source - www.economictimes.com
Tuesday, April 28, 2009
SEBI asks cos to declare dividend on a per share basis
Friday, April 24, 2009
Nifty ends higher due to strong global developments
(24/4/2009 - Nifty Updates) - Indian equity benchmarks rallied to end higher on Friday as bulls came out in the open following a strong opening of European markets. Traders also continued to cover short positions leading to further spike in the indices.
National Stock Exchange’s Nifty ended at 3480.75, up 57.05 points or 1.67 per cent from the previous close. The broader index touched high of 3491.35 and low of 3402.90 Bombay Stock Exchange’s Sensex ended at 11,329.05, up 194.06 points or 1.74 per cent. The index touched an intra-day high of 11362.88 and low of 11070.33.
-BSE aims at internationalization of listing business
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BSE Midcap Index outperformed the Sensex ending 1.86 per cent higher while BSE Smallcap Index closed up 1.71 per cent.
Market breadth was positive on the BSE with 1536 advances and 970 declines. Thanks to some good results shown by companies mainly Maruti Sazuki, Cipla and Ranbaxy labs
Maruti Suzuki India reported 18.5 per cent drop in quarterly net profit, missing the forecast, due to higher raw material costs and inventory. Maruti’s net profit rose to Rs 2.43 billion in the fourth quarter ended March from Rs 2.98 billion reported in the same period year earlier. The stock ended flat at Rs 802.25 on the BSE.
-BSE aims at internationalization of listing business
-Effect of Recession on Indian Economy
-Economies hit by recession
-World's Strongest economies list
Ranbaxy Laboratories’ Q1 standalone net sales was down at Rs 802.22 crore against Rs 987.29 crore in the same period a year ago. Standalone net loss was at Rs 777.78 crore against net profit of Rs 103.42 crore during the same period previous year. The share closed 2.42 per cent lower.
Cipla’s Q4 standalone net profit was up 40.89 per cent at Rs 252.9 crore from Rs 179.5 crore in the same quarter a year ago. Standalone net sales was up10.08%, to Rs 1,235.2 crore from Rs 1,122.1 crore. The scrip closed 3.59 per cent higher.
Thursday, April 23, 2009
BSE News - BSE aims at internationalization of listing businesses
(April 23/2009 - BSE News) - BSE(Bombay Stock Exchange) with a cooperation agreement with Deutsche Börse aims at internationalization of listing businesses of both Exchanges, thereby benefiting all the participants including exchanges, issuers and investors.
This cooperation combines the expertise and brand recognition of each partner exchange with the opportunities of gaining global reach and attention. Therefore we offer worldwide visibility and investors' awareness by joint marketing initiatives and a common online portal to promote listings and data disseminations. Above that there is an option on cross listings opportunities.
-BSE aims at internationalization of listing business
-Effect of Recession on Indian Economy
-Economies hit by recession
-World's Strongest economies list
-Trouble in Indian Forex
-US Economic recession-how it started
Indian issuers can meet the European investor base on various occasions like the German Equity Forum or international road shows with globally operating investors hosted by Deutsche Börse.
for details on Deutsche Börse and listing on Deutsche B - CLICK HERE
posted under - BSE News,BSE updates, Bombay stock exchange, BSE live, BSE stocks, BSE rates
Wednesday, April 22, 2009
Indian stocks/equity market third biggest in Asia
According to the Asian Development Bank's 'Asia Capital Markets Monitor'report, the combined market capitalisation of all the equity markets in the Emerging Asia region stood at $5,770 billion (about Rs 290 lakh crore) at end of March 2009.
-BSE aims at internationalization of listing business
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-US Economic recession-how it started
Indian equity market's capitalisation at the end of March 2009 stands at $598.3 billion (Rs 30.13 lakh crore) which accounts for about one-tenth of the combined valuation of the entire emerging Asia region.
However, People's Republic of China is at the top of the chart with a marketcap of $2,347.4 billion followed by Hong Kong with $1,293.7 billion, the data compiled in the ADB report revealed.
The other markets in the emerging Asia region are - Indonesia, Korea, Malaysia, Philippines, Singapore, Taipei, Thailand and Vietnam.
posted under - Asian Markets, Indian Stocks updates, Indian shares, BSE stocks, NSE stocks, Asian Markets, Indian equity, Indian Markets updates
SEBI tightens investment norms
(22/4/2009 - SEBI news ) - Market regulator SEBI imposed a ceiling of 30 per cent on resources a mutual fund can invest in the debt instruments of a single entity, a move that will help asset managers to diversify risks.
"The Board decided to amend the Seventh Schedule of SEBI (Mutual Fund) Regulations to provide that no mutual fund scheme shall invest more than 30 per cent of its net assets in money market instruments of an issuer," SEBI said in a statement after the Board meeting.
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The schemes may, however, continue to invest up to 15 per cent or 20 per cent of its net assets, in other investment grade debt instruments of an issuer as already provided in the regulations, it added.
Welcoming the decision, AMFI Chairman A P Kurien said " the move was suggested by us as it will help in reducing risk by cutting down overexposure in a single entity."
Valueresearch CEO Dhirendra Kumar said it is a modest initiative by the regulator and will lead to reducing systemic risks. It will ensure safety of investors' money although it will be bit tough for fund houses to comply with.
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-World's Strongest economies list
-Trouble in Indian Forex
-US Economic recession-how it started
However, it said, these limits will not cover investments in government securities, T-Bills and Collateralized Borrowing and Lending Obligations (CBLO).
posted under - SEBI, SEBI updates, indian markets updates, Securities exchange board, Indian stocks, BSE, BSE stocks, NSE stocks
Monday, April 20, 2009
Sensex closes below 11K - 20/4/2009
(20/4/2009 BSE NSE stocks updates) - Bombay Stock Exchange’s Sensex ended at 10,979.50, down 43.59 points or 0.4 per cent. The 30-share index touched an intra-day low of 10863.28 and high of 11209.66.
National Stock Exchange’s Nifty closed at 3377.10, down 0.22 per cent or 7.3 points. The broader index hit a low of 3339.45 and high of 3441.10 during the day.
The BSE Midcap Index closed 1.62 up and BSE Smallcap Index ended 1.51 per cent higher.
-BSE aims at internationalization of listing business
-Effect of Recession on Indian Economy
-Economies hit by recession
-World's Strongest economies list
-Trouble in Indian Forex
-US Economic recession-how it started
“Long term trend of the market has turned positive but the short-term trend is volatile. Traders are betting on the long term trend and accumulating midcaps and smallcaps which were beaten down badly and are still available at attractive prices,” Sharma said.
Biggest Sensex gainers were Reliance Infrastructure (5.83%), Jaiprakash Associates (5.02%), Tata Motors (4.15%), Sterlite Industries (2.81%) and Larsen & Toubro (2.01%).
ICICI Bank (-3.38%), NTPC (-3.37%), Grasim Industries (-2.42%), Tata Power (-2.39%) and Tata Consultancy Services (-2.21%) were the losers.
posted under - sensex updates, BSE stocks, BSE updates, NSE updates, Indian markets updates, Bombay stock exchange, sensex live updates, indian stocks updates