Crisil downgrades M&M issue
Mumbai: Crisil has informed that the `AA+' rating assigned to the Rs 1,020-crore non-convertible debenture (NCD) issue of Mahindra & Mahindra Ltd (M&M) has been revised downward to `AA'.

However, the `P1+' rating assigned to M&M's Rs 100-crore commercial paper programme has been reaffirmed. The rating revision is on account of a sharper than anticipated decline in M&M's tractor sales volumes and the continuing sluggishness of utility vehicle (UV) volumes, especially the company's traditional models.

Alongside, Crisil also downgraded to `AA' from the earlier `AA+', the three non-convertible debenture issues - one of Rs 75-crore and two each of Rs 25-crore - of Mahindra & Mahindra Financial Services Ltd (MMFSL). The `FAA+' rating assigned to the company's fixed deposit programme was downgraded to `FAA' and a `P1+' rating assigned to MMFSL's short-term debt programme.
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IPOs likely to fetch Rs 6,000 cr
Mumbai: Total funds raised through initial public offering (IPO) is likely to touch Rs 6,000 crore mark in the fiscal ending March 2002, according to the Securities and Exchange Board of India (SEBI) estimates.

The corporate bodies have raised Rs 3,777 crore, mostly through issuance of debt, from the primary market in nine months ended December 2001, a SEBI official told reporters after the primary market committee meeting.

The primary market for the equity offerings was in a moribund state and only five companies had issued equity through IPO at par to raise Rs 101 crore till December last.

Only three equity offerings at premium, raised Rs 88 crore in the last nine months.
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DSE to merge with BSE
New Delhi: The Delhi Stock Exchange (DSE) may soon merge with the Bombay Stock Exchange (BSE). DSE president Vijay Bhushan said he was ready to relinquish his post to facilitate the consolidation.

According to the consolidation plan, a DSE stockbroker will get trading rights at BSE after paying certain amount over and above the surrender value of his DSE ticket. The DSE ticket will be valued by professional valuers of international repute.
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