Tata Tea hits new year-high
Kochi: Shares of Tata Tea Ltd hit a new-year high of Rs 224.25 during early trade on the Bombay Stock Exchange on hopes that the March quarter results will be impressive following the rise in tea prices. Market sources said that a perception that the stock is undervalued had seen the scrip being accumulated by institutions over the last 3 months. This is evident in the fact that the stock has risen by 43 per cent from Rs 157.05 levels on January 30. The stock ended the day at Rs 220.10 up 1.50 per cent with 65,910 shares traded on the BSE. On the National Stock Exchange, the stock ended the day at Rs 220.60 up 1.68 per cent with around 3.68 lakh shares traded.
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CAS prospects revive Zee stock
Mumbai: There seems to revived interest in the media major Zee Telefilms stock ahead of the introduction of CAS in mid-July. Dealers said there was huge buy order for Zee stocks from various institutional investors.The main factor for the interest in Zee counter is on expectations of revenue for the media major to increase in the post-CAS period. According to Enam Securities estimates, Zee's pay revenues, depending on the extent of improvement in declarations (for cable subscribers), could rise by Rs 150 to 445 crore. Another factor for interest is that there is no mega event to disturb ad spends (like Cricket World Cup in first quarter of 2003) and this could lead to Zee ad revenues to rise marginally. With the fourth quarter results of the company better than market expectations, the institutional interest has further gained momentum and there was active interest from a few institutional investors on Wednesday. The stock gained 1.08 per cent at Rs 79.35 with a volume of 19.85 lakh shares on the BSE and on the NSE it closed at Rs 79.60, up 1.60 per cent with a volume of 43.49 lakh shares.
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Roadshows for Maruti IPO to start next week
The Disinvestment Ministry has planned a series of roadshows both within and outside India to lure investors to the forthcoming public issue during which the Government will offload 25 per cent of its 45 per cent residual stake in the car major. The roadshows would be held in Mumbai and Delhi between May 29 and June 1, and later in London, Amsterdam, Boston, New York, Singapore and Dubai to take the domestic issue to an international platform. The roadshows abroad are to be held between June 2 and June 15, Government sources said.
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Tata Engg active ahead of result announcement
Tata Engineering contracts were active ahead of their financial performance announcement, which is scheduled for May 27; the May contract on Tata Engg closed the day at Rs 164.95 (Rs 163.55). The contract saw a steady build-up in open interest positions since May 12, except on Tuesday when the positions declined by 167 points. However, on Wednesday open interest improved by 6.6 per cent to 1,087 contracts. The underlying equity closed at Rs 164.60. The unmatched order book on the NSE suggests traders were willing to go short as the short side orders overwhelmed the buy side.
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Unclaimed funds: AMFI may get regulatory say
New Delhi: The Securities and Exchange Board of India (SEBI) Advisory Committee on Mutual Funds has decided that all unclaimed funds of the asset management companies (AMCs) that have been wound up should necessarily be transferred to Association of Mutual Funds of India (AMFI). A recommendation to this effect is to be made to the market regulator, sources said.
"AMFI could appoint registrars or transfer agents to manage these funds. Whenever a unit holder approaches them to claim the money, they would pay," the sources said. They further added that the interest income from the unclaimed funds could be utilised by AMFI for investor education.
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Indo Rama Synth out of indices
Chennai: Indo Rama Synthetics will be excluded from the National Stock Exchange's S&P CNX 500 and the CNx Midcap 200 indices from May 23 following its demerger of its spun yarn unit. While Punjab Mohta Polytex replaces it in CNX 500, and Sonata Software takes its place in Midcap-200, the NSE said in a press release. Similarly, the Bombay Stock Exchange has also replaced Indo Rama with Rajasthan Spg Wvg Mills in the BSE-500 index, which will be effective May 22. According to a BSE press release, in all 26 companies has been replaced in the BSE-100, 44 in the BSE-200, 94 in the BSE-500 and 4 companies in the BSE TECk indices. These changes will come into effect from May 26, the BSE release added.
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Bharti Tele plans delisting from DSE; demands refund
New Delhi: The Delhi Stock Exchange (DSE) has become the first victim of the delisting spree among Indian corporates from regional stock exchanges. Bharti Tele-Ventures has applied for delisting from the bourse. The company has also demanded refund of the advance listing fee that the DSE had taken as deposit at the time of listing of its public issue last fiscal. According to sources, Bharti's move has come as a major shock to the exchange authorities as the DSE is completely dependent on listing fee for its day-to-day survival. Adding to the confusion, the Securities and Exchange Board of India (SEBI) has told the DSE that it should take listing fee for only one year at a time. The company has also complained against the DSE to SEBI that the exchange has taken advance listing fee for three years whereas the two big exchanges — the BSE and the NSE — have taken only one year's deposit.
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Rupee gains 3 paise; gilts firmer
Mumbai: In the currency markets, there was heightened volatile activity, with the rupee ending the day 3 paise higher at 46.87/88 against the dollar on Wednesday. The rupee opened the day at 46.86/87 and moved over 17 paise between the intra-day high of 46.7550 and an intra-day low of 46.93 against the dollar. "There was good amount of trading despite the absence of nationalised banks,'' said a forex dealer in a private-sector bank. Thirty-two banks, mostly nationalised banks, observed a one-day strike against the disinvestment policy of the Union Government.Some nationalised banks like Bank of India, Canara Bank and Union Bank were said to have carried out forex trading activities on Wednesday.
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IDBI perks up on conversion hopes
Mumbai: IDBI shot up 20 per cent on Wednesday on news that the development financial institution would soon convert to a bank. The stock closed at Rs 22.30, or 19.57 per cent higher than its previous close on the Bombay Stock Exchange. The BSE and National Stock Exchange reported a combined turnover of more than 90 lakh shares on the IDBI counter. Unconfirmed reports also suggested that the Government is mulling buying back IDBI shares from the public and re-offering them after strengthening the balance sheet. Speculative reports in the market also suggested the buy-back could be at a substantial premium.
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