Pharma, old economy stocks shine
Mumbai: The markets opened with a cheery note on Monday. And leading the good show is pharma and select old economy stocks. Technology and heavyweight pivotals also opened in the positive territory.

The BSE Sensex started the day at 4,248.0, gaining 3.34 points over the previous close of 4,244.73. The NSE Nifty opened at 1,356.70, gaining 0.15 points over the previous close of 1,356.55.
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LIC, FIs, NRIs may pick up Indian Overseas Bank IPO
New Delhi: LIC, other financial institutions, banks and non-resident Indians may pick up significant stakes in Indian Overseas Bank's Rs 240-crore public offer priced at a discount of Rs 24 a share. The bank, which will hit the market on 5 September, is in talks with major FIs like LIC for investing in its IPO, according to IOB chairman S C Gupta.

LIC currently has about 0.16 per cent stake in IOB, while other banks and FIs like Andhra Bank, Punjab & Sind Bank and Central Bank of India have an aggregate 1.80 per cent. "We have also reserved 10 per cent each for our employees and NRIs," Gupta said. IOB pegged the share prices of Rs 10 face value at a premium of Rs 14 per share based on the market trend. IOB share price is hovering at about Rs 29 at the BSE.
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Sensex to go free float from today
Mumbai: The BSE 30-share Sensex is going free float from today. The Sensex will be calculated using the free-float methodology as against full market capitalisation method. Under the free-float methodology, only the free-float market capitalisation is considered for index calculation.

The free-float market capitalisation is the proportion of total shares issued by the company, which is actually available for trading in the market, reports say. According to rankings based on free-flat market cap on 29 August, Reliance Industries will top the Sensex list with free-float market cap of Rs 33,392 crore and a weightage of 14.7 per cent.
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UCO Bank keeps IPO price low at Rs 12
New Delhi: UCO Bank has priced its Rs 240-crore initial public offer at an attractive Rs 12 a share to attract retail investors. "In the past, most PSU banks had priced their IPOs at Rs 10. All these scrips have shown capital appreciation. We would also like to give some value addition to investors," according to UCO Bank chairman V P Shetty.

Bank IPOs floated in the last few years have been a success as banks like Indian Overseas Bank, Allahabad Bank, Vijaya Bank and Syndicate Bank, had deliberately pegged the price at face value. Only Punjab National Bank priced its IPO at a premium and yet seen significant gain in value. UCO Bank targets to mop up Rs 240 crore from the IPO opening on 3 September and closing on 10 September.
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Mumbai blasts fail to affect rupee's image
Mumbai: The spot rupee opened steady at 45.83/85 per dollar but slipped to 45.86/865 levels following a month-end corporate demand. Nevertheless, it was supported ably by foreign fund inflows. Although the rupee sentiment was bullish thanks to an encouraging economy outlook, which was due to good monsoon and hopes of about 6-per cent growth rate, it was feared that a strengthening of the dollar overseas may limit the local currency's ascent.

Due to the Mumbai blasts last week, the rupee had dived over 10 paise to Rs 45.97/99 from the opening levels of Rs 45.8450/8600, before recovering partly to Rs 45.91/94. On the following days, it was range-bound at 45.88/90 per dollar.
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