The Telegraph
Since 1st March, 1999
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Business Briefs

Sensex rally loses steam

Mumbai, July 28: Stocks ran out of steam after early sharp rally and pared gains even as the BSE sensex extended its winning streak to the fourth session in a row today on late profit booking by operators and local funds. Riding piggyback on an initial buying spree, the sensex rallied sharply to a 28-month high at 3775 but later fell back due to a strong resistance to end at 3739.76 as against last Friday’s close of 3726.46, a net gain of 13.30 points.


Mumbai, July 28: IDBI Bank has filed a draft offer document with the Securities and Exchange Board of India for its proposed rights issue of over Rs 150 crore. “We have filed draft document last week for the rights issue offering (in the ratio of 1:2 of Rs 10 each at a premium of Rs 12) to existing shareholders,” IDBI Bank sources said today.

SSI plan

Mumbai, July 28: Software solutions and consultancy firm SSI has received shareholder’ approvals to double its authorised capital to Rs 50 crore and raise up to $ 50 million through convertible securities or equities. “The restructuring will result in the education and training business being integrated with Aptech,” chairman and chief executive Kalpathi Suresh said.

Silver purity

New Delhi, July 28: The government may introduce a voluntary scheme for hallmarking silver jewellery along with gold items. Hallmarks show that a silver article has been evaluated and tested at an assay office and is certified that the metal conforms to the standards of fineness or purity.

Lupin drug

Mumbai, July 28: Lupin Ltd has received US Food & Drug Administration’s approval for its abbreviated new drug application (ANDA) for Cefuroxime Axetil tablets.

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