FIIs turn the spotlight on ITC counter

With FIIs digging into the ITC counter, the scrip witnessed interesting movements in price and volumes in May. Brokers guess FIIs are buying for the UK promoter of the company though there is no evidence to back the impression. It could just be an investment in a scrip on some indication that the annual results would be good. The results were declared on May 20. Some clues could be provided by the settlement data on volumes and deliveries on the BSE over the last month. The accompanying table throws up four discernible patterns in May.

Futures trading may be allowed soon

The Government is expected to shortly grant permission for the introduction of futures trade in cotton and castor oil, Mr. N.N. Mukherjee, Secretary, Ministry of Civil Supplies, said at a meeting here on Saturday. He was addressing delegates to the All India Cotton Trade Association meeting organised by East India Cotton Association (EICA). He said that his Ministry was holding discussions with various agencies to pave the way for re-introducing cotton futures and commencing afresh castor oil futures in the country. Futures trade in cotton has been banned since September 1966.

DSE chief files defamation suit against SEBI

The Delhi Stock Exchange (DSE) President, Mr. Paramjeet Singh, has filed a Rs. 1-crore defamation suit against the SEBI. Mr. Singh, who is also the Chairman of the Federation of Indian Stock Exchanges which governs around 20 bourses in the country, was allegedly charged with defaulting in payment of Rs. 15,03,250 to Sino Securities. A leading financial daily had concluded that the DSE president “may be declared as a defaulter” by DSE. Later, Mr. Singh denied the report and accused several other officials of DSE and SEBI of conspiring against him.

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