Bizbits

FII fund outflow in JanuaryMUMBAI: Net investments by foreign institutional investors turned negative at 81.1 million Rs 301.8 crore in ...

FII fund outflow in January

MUMBAI: Net investments by foreign institutional investors turned negative at 81.1 million Rs 301.8 crore in January, 1998. FII investment reported a positive figure only in the week ended January 23 at 4.1 million Rs 15.3 crore. A chunk of the FII activity in January was in the equity segment, with the debt segment recording sales of 0.7 million Rs 2.5 crore. Total equity purchases stood at Rs 772.9 crore and sales at Rs 1,074.7 crore in January, a Sebi release said on Tuesday.

BSE to take BOLT to 100 centres

MUMBAI: SEBI has cleared BSE8217;s application for expanding to another 100 cities in the states of Andaman amp; Nicobar, Andhra Pradesh, Assam, Bihar, Chandigarh, Goa, Gujarat, Haryana, Jammu amp; Kashmir, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Tamil Nadu and West Bengal. With this clearance, investors will be able to trade on the BSE from 399 centres.

Silver prices shoot up, gold down

MUMBAI: Silver prices shot upsharply by Rs 100 per kilo on the bullion market Tuesday on heavy industrial buying amidst poor arrivals. Better overseas advices also boosted the sentiment. Ready silver of .999 fineness opened higher and rose steeply to Rs 8690 against the last close of Rs 8590. Similarly, raw silver of .916 fineness and tenderable silver rallied to Rs 8580 and Rs 8695 respectively from the last close. Standard gold reacted by Rs 10 to end at Rs 4050. 22-carat gold was nominally quoted lower at Rs 3745 from Rs 3755 and ten-tola gold bar of .999 purity fell by Rs 100 to Rs 47,400 from Rs 47,500.

SMC challenge

NEW DELHI: Suzuki Motor Corporation SMC has challenged the government at the International Court of Arbitration ICA for continuing its nominee as chairman of Maruti Udyog Ltd MUL.

The Japanese partner in the Rs 8,000 crore company has written to the Paris-based dispute settlement body that the Indian government cannot continue with its nominee Prabir Sengupta as part-time chairman beyond1997.

SMC has sought to include the dispute over the chairman issue in its original petition questioning the appointment of R S S L N Bhaskarudu as managing director. While SMC could not be contacted, Sengupta said he would not like to comment on the matter.