Bizbits

Sify gains on Citibank tieup
MUMBAI: The Satyam Infoway ADRs Sify soared to a high of 168 on Nasdaq during early trades on Friday on the news of its tie-up with Citibank for building a payment gateway for the bank. Against its previous close of 146, Sify was up 22 15 per cent at 8.30 pm IST. Earlier, during Friday8217;s pre-market hours on the US bourse, the stock had soared upto 163 up 17 after the Satyam Infoway8217;s chairman refused to comment on a probable stake purchase by America Online in the company.

SEBI eases curbs on hand delivery trades
MUMBAI: The Securities and Exchange Board of India SEBI on Friday said hand delivery trades would be permitted beyond January 15, 2000. Hand delivery trades refer to transactions where brokers take up delivery of shares on behalf of foreign institutional investors FIIs and local funds for which they collect a charge.
SEBI, India8217;s stock market regulator, in September had said all orders executed on behalf of FIIs and mutual fundsmust necessarily be settled directly by custodians through the clearing house with effect from January 15. It said transactions costs were higher in hand delivery trades and it did not have the security of clearing house and settlement guarantee funds. SEBI on Friday said hand delivery mechanism will be allowed if there is a discrepancy in quantity or price between the order executed by the broker and the confirmation by the institutions.

Silverline gets SEI-CMM certification
MUMBAI: Silverline Technologies Ltd was assessed at SEI-CMM Level 4 on December 7, 1999. Silverline, an ISO certified company for the last 6 years, is a global information technology services company specialising in e-integration, customer relationship management and software development/maintenance for clients worldwide. Its entry into the league of CMM Level 4 organizations brings Silverline among the front runners in the IT industry.