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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (965)	3/1/2000 1:55:00 AM
From: Mohan Marette	Read Replies (2) \| Respond to of 1471

Satyam,Penta Media,HDFC surge on relaxation of investment limit by Foreign Institutions. Indian Budget: Foreign Shareholding Limit Raised (Update1) By Ravil Shirodkar (Updates with share price. For a special report on India's budget, type EXTRA .) Mumbai, Feb. 29 (Bloomberg) -- India will relax limits on foreign portfolio investment in local companies, Finance Minister Yashwant Sinha said in his budget speech. The ceiling on ownership by foreign institutions will be raised to 40 percent from the current 30 percent, he said. The limits refer to total foreign portfolio investment. Software developers Satyam Computers Services Ltd. and Pentamedia Graphics Ltd., together with Housing Development Finance Corp., the country's biggest mortgage lender, surged by the maximum permissible 8 percent as investors bet foreign investors would snap up these stocks. At present, foreign investors can't invest more in any of these three companies because they already own 30 percent, according to the central bank. ``There will be a scramble for (these) stocks,' said Gul Tekchandani, chief investment officer at Sun Foreign & Colonial Asset Management in Mumbai, which manages 20 billion rupees ($460 million). India opened up its stock market to foreign investors in 1993. So far this year, foreigners have bought shares worth 32 billion rupees -- nearly half of what they bought in 1999 --adding to the total inflows of $11 billion into the country's stock exchanges since 1993. quote.bloomberg.com