BOMBAY, 1 September — On Monday, the BSE closed at 3,123.60. Satyam Computer was up on news that it has entered into a partnership with Ireland-based IONA, a leading e-business company. Hexaware Tech soared on reports that it had bagged a 22-million euro order from Deutsche Leasing, to be completed by December 2004.

Balaji Telefilms plummeted despite the decision to hike the equity ceiling for foreign funds to 40 percent from 24 percent to enable more investment in the company. Nalco was up as there were reports that Tata Steel was in talks with French giant Pechiney for a joint bid for the aluminum major. Karnataka Bank spurted on news of a 1:1 bonus issue of shares and a dividend of Rs.6 per share.

On Tuesday the BSE ended the day at 3,097.85. Selling pressure was felt across the board, encompassing new as well as old economy stocks. Among the major stocks of the day, Castrol India slumped after the company denied rumors that its parent plans to buy out the remaining shareholding in the company.

On Wednesday the BSE closed at 3,099.38. An early weakness was due to investors unwinding their positions in the derivatives segment ahead of the expiry of August 2002 series contracts on Thursday. Tata Steel was down after the US International Trade Commission rejected its steel industry’s request for steep new anti-dumping duties on cold-rolled steel imports from five countries including India.

Centurion Bank firmed up on reports that IndusInd Bank is in talks with the bank for a possible merger.

On Thursday the BSE closed at 3,114.16. Selling pressure was seen in select old economy stocks. PSU stocks were depressed following the postponement of the Cabinet Committee on Disinvestment (CCD) meet to early next month. Satyam Computers was a major gainer of the day amid rumors that it had received a large overseas order.

ITC surged on reports that British American Tobacco is tying up with India’s Nusli Wadia group to buy a 12 percent stake in ITC. L & T gained further ground on reports that the Aditya Birla group is understood to be in talks with UTI to buy its 10.70 percent stake in the company. If this happens, Birla’s stake in L&T would go up to 25% percent, triggering an open offer for another 20 percent. HPCL and BPCL plunged amid fears over the delay in its divestment plans. IPCL crashed following the conclusion of the open offer by Reliance Industries. The offer was oversubscribed and there is the perception that equity shares not accepted in the offer may find their way into the open market. Bombay Dyeing was steady on selective buying after it decided to buy back shares at a maximum of Rs.65 per share.

On Friday, the markets settled at 3,181.23. Buying was seen almost across-the-board amid good volumes. Speculators as well as institutional investors were active. FIIs have also been active and till Aug. 28 have put in a net Rs.1,762 million.

Zee Telefilms was the top gainer on reports that it would repay the balance Rs.1,550 million owed to the company over the next two years.

Federal Bank saw activity on news that ICICI Bank will take over management control in the private sector bank.

Gold was at Rs.5,120/- per 10 gms and Silver was at Rs.7,800/- per Kg.

US dollar was at Rs.48.42, pound sterling at Rs.75.18, euro at Rs.47.50, UAE dirham at Rs.13.18, Kuwaiti dinar at Rs.160.35, Bahraini dinar at Rs.128.41, Saudi riyal at Rs.12.91, Qatari riyal at Rs.13.30 and Omani riyal at Rs.125.75.