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Grasim
offers Rs 130 per share for L&T Cement
Mumbai: Grasim Industries has proposed to make an
open offer for acquiring control of Larsen & Toubro’s
cement business after a vertical demerger, at Rs 130 per
share and have valued the engineering major’s share
at Rs 292.50.
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Murugappa
group co stake in Parry Agro may go up to 31per cent
Chennai: It is speculated that if the open offer by
New Ambadi Investments (Pvt) Ltd, part of the Murugappa
group, to the non-promoter shareholders of Parry Agro
Industries Ltd is fully subscribed,its shareholding in
the company will go up to 31 per cent from 8.3 per cent
now, according to company sources.
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JM
Mutual plans income scheme on floating rate
Kolkata: JM Mutual Fund plans to come out with an
income scheme that will significantly invest in floating
rate instruments. The proposed JM Floater Fund will under
normal circumstances allocate at least 35 per cent of
its assets to floating rate paper or fixed rate securities
swapped for floating rate returns.
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No
threat of closure: PNB Caps
New Delhi: PNB Asset Management Co, the 100 per cent
mutual fund subsidiary of Punjab National Bank (PNB),
has clarified that it is under no threat of closure.
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Freight
cut lifts cement stocks
Mumbai: The cement stocks on Wednesday moved up on
the back of the Railway Budget for 2003-04, which reduced
the freight rates for cement and clinker. For the L&T
counter, an additional trigger was Grasim's price offer
for gaining control of the company.
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Heavyweight
drags Sensex; IT continues to suffer
Mumbai: The markets continued to be in the grip of
selling pressure as the weakness in key index stocks dragged
the benchmark BSE Sensex by 21.44 points closing for the
day at 3260.48 points. The Nifty shed 5.9 points to end
at 1049.65 points.
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Dow
Jones down 103 points at close
London: US stocks fell on Wednesday as surging oil
prices and jitters over Iraq kept sentiment under a cloud
while Hewlett-Packard Co.'s lackluster sales reminded
investors corporate earnings are not that bright.
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Re
firms up; gilts bullish
Mumbai: The rupee firmed up to close at its highest
in over an year and a half at 47.68/6850 per dollar on
Wednesday in a bullish forex market. The domestic unit
on Tuesday closed at 47.7150/72.
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