1. Trading in the Bombay Stock Exchange (BSE) was volatile, and at the last hour of trade, the sensex gave up a 200-plus point gain and closed at 16,753, 108 points lower. Oil and gas stocks were big losers. In the bullion market, gold prices declined due to lack of demand at higher levels and closed at Rs.11,955/10gm and silver closed at Rs.23,790/kg.
2. Hewlett-Packard Co has struck a deal o buy Electronic Data Systems (EDS) Corporation for US$12.6 billion, seeking to boost its technology services business to better compete against market leader IBM. The merger may also turn heat on Indian IT industry.
3. Market regulator SEBI approves alternative payment method for IPOs (public and right issues) that will keep an applicant’s money in his bank account till allotment of shares.
4. Ford India begins production of diesel engines at its assembly plant in Chennai. The plant has an annual capacity of 60,000 units and US$26 million has been invested on it.
5. Hundreds of Crores of rupees are invested in the Indian Premier League cricket teams. It is business unusual. Sport is treated as corporate investment! Players were bought by industrial tycoons and film personalities in auctions and companies have paid massive amounts to contract players and cricket officials.
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