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Pre-market: Bias still negative
The markets are likely to open on a flat note this morning on the back of mixed global cues. The indices yesterday attempted a pullback but eventually ended with marginal gains as selling pressure persisted on every rise.

Sebi confirms order barring 75 cos in Pyramid Saimira case
Market regulator the Securities and Exchange Board of India (Sebi) today confirmed its earlier order barring proprietors and directors of 75 companies from trading in stock markets for allegedly helping Pyramid Saimira Theatre Promoter Nirmal Kotecha carry out suspicious banking transactions.

News of the day

Composite silk unit in near Guwahati
Assam, which produces three types of indigenous wild silks – Muga, Pat and Eri, today got a composite silk unit at Chaygaon Industrial Growth Centre, near Guwahati. The composite unit, or Eri Spun Silk Mill, came up with an investment of Rs. 5.5 crore, which includes infrastructure for spun silk mill, machineries, looms etc. The unit is expected to go a long way in adding value to the silk industry of Assam. The unit was inaugurated by union minister of textiles, Dayanidhi Maran. For the establishment of the unit, along with additional facilities like weaving processing and dyeing etc., the Central Silk Board (CSB), under the ministry of textiles, and the state government of Assam had provided a subsidy of Rs. 155.30 lakh and Rs. 48.10 lakh respectively to the promoter of the unit, Fabric Plus Pvt. Ltd., for installation of machineries, equipments etc. The promoter also contributed an amount of Rs. 22.60 lakh.
International Business

Fundtech enters Europe

Cash management solutions provider Fundtech India Ltd is entering the European banking sector with its product Global CashPlus. The Pune-based company has already signed deals with 12 Asian banks and a European bank for its product and plans to have 18 to 20 international banks under its belt by March 2010. - Fundtech enters Europe - Dalmia bets big on retail; aims $200-bn turnover in five yrs - GHCL board approves resignation of Jain, Capoor - GHCL ex-director, chief trade charges on share deals - Promoters to hike stake in GHCL: Sanjay Dalmia - Sebi bars GHCL promoters, top brass from stock market Fundtech India Ltd CEO Sanjay Dalmia said, “Japan and Europe are the most advanced markets when it comes to implementation of online cash management solutions. Banks in these countries are constantly upgrading their systems and services, where in we find a huge market for our product Global CashPlus.” The company has already signed a contract with a multinational bank in Greece while Barclay’s Bank-India has extended its deal for Indonesia. Fundtech is also looking at banks in Germany, Switzerland, Italy and France to sign contracts. “We are doing online transactions worth Rs 4,000 to Rs 5,000 crore every day across,” Dalmia added.


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