UTI Mutual Fund to offer VRS
Mumbai: The board of trustees of UTI Mutual Fund at its meeting here has decided to offer a voluntary retirement scheme (VRS) for its employees. The proposal will be forwarded to the government for approval, according to K Madhava Kumar, a spokesperson for UTI Mutual Fund. He said details of the scheme would be disclosed only after government approval. UTI Mutual Fund currently has over 2,400 employees.
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Huge block deal helps Nestle
Mumbai: Reports suggest that a large mutual fund sold a block of about 5.5 lakh shares to the promoters of Nestle in the afternoon trade. The promoters have already increased their stake in the company to about 60 per cent. The deal was reportedly done at around Rs 585 per share. The counter saw total trades of about 7.07 lakh shares on the BSE on Wednesday compared to its five-day average trading volume of about 63,000 shares. The share closed at Rs 590.50, a gain of 4.31 per cent from its previous close on the BSE.
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Sun Life Fin to exit stock broking business
Mumbai: Sun Life Financial is exiting from the joint venture stock broking firm Birla Sun Life Securities, reports say. The stock broking firm is a joint venture between Aditya Birla Group (51 per cent) and Sun Life Financial Inc (49 per cent). S K Mitra, financial services director, Aditya Birla Group, said Sun Life is exiting from the stock broking joint-venture. But he said there are various issues to be resolved before the final decision was taken.
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Sensex 24 points down
Mumbai: The markets had to be happy with losses for the second consecutive day on Wednesday as technology major Infosys Technologies led the markets downwards after an attempted price rally around mid-session. Dealers were quoted as saying that mutual funds turned sellers on the technology counters under redemption pressure following overnight weakness in the US markets.

Moving in an intraday range of 77 points between an intraday low of 3,722.08 and a high of 3,798.87, the BSE Sensex settled with a loss of 24.16 points at 3,741.66. The NSE Nifty lost 13.40 points to close at 1,171.05.
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TCIL plans Rs 300-crore IPO
New Delhi: The Telecommunications Consultants India Ltd (TCIL) plans to raise at least Rs 300 crore through an initial public offering (IPO). "The board has approved the IPO and it is under consideration by the government," TCIL chairman Govind Das Gaiha said.

He said no firm date or price had been finalised yet. Gaiha said the New Delhi-based company planned to offer 25 per cent of its Rs 14.4 crore equity capital to investors and use the proceeds to fund overseas expansion. The 25-year-old TCIL, which also implements projects and manages telecoms networks, is wholly owned by the government. "We expect to mop up around Rs 300-400 crore and then buy management control in overseas companies," Gaiha said.
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