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SEBI
files writ against Sterlite
Faced with several
complaints from investors, the Securities and Exchange Board of India
(SEBI) on Wednesday filed a writ petition against Sterlite Industries
(India) Ltd in the Bombay High Court seeking a stay on the company's
scheme to purchase 50 per cent stake from the shareholders.
The SEBI Chairman, Mr
G.N.Bajpai, said "We have filed a petition against the `investor
unfriendly practice' of Sterlite in the scheme of arrangement to
purchase shares from shareholders.''
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Mangalore
Chem denies rumours of sell-out
UB Group company
Mangalore Chemicals and Fertilizers Ltd squashed market talk that it
is close to a sell-out.
Riding the talk, the
company's otherwise thinly-traded stock jumped 20 per cent and stayed
limit-locked at Rs 10.40 on the Bombay Stock Exchange.
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Atlas
Copco scrip moves up
Shares of Atlas Copco
have been moving up on market talk of the parent company the $3.7
billion Atlas Copco AB Sweeden going in for a buyback at Rs 150.
Sources said that a couple of
buy reports are doing the rounds in the market thereby enhancing
interest and value.
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Decision
on BPCL, IOC float next month
The Government is set
to take a decision on the proposed Initial Public Offerings (IPO) of
Bharat Petroleum Corporation Ltd (BPCL) and Indian Oil Corporation (IOC)
by next month, according to the Union Petroleum Minister, Mr Ram Naik.
Addressing a press conference
on Wednesday, Mr Naik said that so far only BPCL's proposal for a Rs
1,000-crore domestic public issue and IOC's proposal for a Rs 1600
crore ADR issue have been received by the Government.
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LIC
sells IBP shares
LIFE Insurance
Corporation of India has sold 3,57,179 equity shares of IBP Co Ltd at
Rs 1,551.10 per share.
According to a press release,
this constituted 1.61 per cent of the paid-up capital of the company
in terms of the open offer given by Indian Oil Corporation Ltd.
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