Stocks rebound on FI support

Battered Indian stocks today bounced back on domestic institutional buying and news of strong recovery in the global markets. Equities witnessed a strong rebound on the buying support from domestic institutions, especially the Unit Trust of India (UTI). The NSE-50 recovered by 74.40 points (7.20 per cent) to end the session at 1107.00 points, reflecting a 85 per cent gain over Tuesday’s close. BSE remained closed on account of Diwali holidays.

Industrial slowdown temporary: Gujral

The Prime Minister, Mr. I.K. Gujral, termed the industrial slowdown as “a temporary phase” and asked captains of industry not to get disheartened by the “ups and downs” faced by the economy in the shortterm, while assuring them that their demand for a level-playing field was under serious consideration. Addressing the 77th annual general meeting of Assocham, the Prime Minister called for all-round development of the economy. He said: “Unless a four per cent growth is attained in the agriculture sector, a seven per cent overall growth is impossible.”

SEBI panel on disclosures moots extensive changes

The SEBI-appointed committee on disclosures standards of corporates has recommended far-reaching changes in the disclosure to be made by companies in their financial statements and to stock exchanges. The committee, headed by Mr. C.B. Bhave, Managing Director, NSDL, has recommended that it be made compulsory for companies to present consolidated accounts of the holding companies and their subsidiaries. For this purpose, a new definition of a holding company and a subsidiary company under Section 4 of the Companies Act has been recommended.

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