BAG Films IPO oversubscribed six times
New Delhi: The initial public offer (IPO) of BAG Films has been oversubscribed six times.
The company was offering 1,48,60,000 equity shares of Rs 2 each for a premium of Rs 8 per chare aggregating to Rs 14.86 crore.

A company press release said over 22,000 applications have been received for more than 850 lakh equity shares of an aggregate value exceeding Rs 21.25 crore.
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Asian Paints' acquisition of Fiji firm has its benefits
Kolkata: The Asian Paints stock on Friday hit the 52-week high on news of acquisition of Taubmans Paints, the fourth largest paint company in Fiji, through its subsidiary Asian Paints (South Pacific) Ltd. It closed at Rs 314 on the Bombay Stock Exchange after touching the day's high at Rs 319.25. On the National Stock Exchange, it recorded a high at Rs 324.

Industry observers were quoted as saying that the recent acquisition will further consolidate the company's position in the South-Pacific region as it would also provide it an entry into Samoan islands through Taubmans' existing operations. Asian Paints has already made its presence felt in the emerging markets after its acquisitions in Singapore (Berger International) and Egypt (SCIB Chemicals SAE). On the domestic front, Asian Paints has planned a capital expenditure of around Rs 90 crore for the current fiscal, of which Rs 65 crore is earmarked for the Pondicherry plant.
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BSE makes changes in A group stocks
Mumbai: The Bombay Stock Exchange has decided to make changes in the A group stocks. The exchange in a statement said it is shifting 22 companies' stocks including some banking stocks such as Canara Bank, Dena Bank and I-flex from B1 to A group, from November 3. Similarly, 20 stocks in A group, including Bata India, LML and SSI Ltd would move to B1 group from that date.

Some of the other stocks in B1 group being shifted to A group, include Alfa Laval, Godrej Consumer, IndusInd Bank, Jindal Iron, Jindal Strips, Punjab National Bank, Sterlite, Tata Infotech and Union Bank, the release said. The prominent stocks being moved from A group to B1 group include German Remedies, ITI Ltd, Mukta Arts, Tata Telecom and Zensar Technologies. On the BSE move to make changes in the A group, stock brokers said this is not likely to have any impact on the trading pattern or stock price. They said A group had importance when the Badla (or carry forward) trading used to take place as stocks in this group were only allowed to have badla trading.
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GIC Fortune scheme registers record gains
Kolkata: GIC Fortune 1994 investor can now heave a sigh of relief. For the first time since launch, the scheme is pushing past the Rs 10-mark. Its net asset value, Rs 10.67 as on 9 September, is at its historic high. The scheme, tucked away in a corner of the market with not too many takers, has already given a one-year return of over 40 per cent. Its returns outperformed the BSE 100 index, its benchmark, which moved up by around 26 per cent during this period.

It's exposure to some of the more active sectors 'oil and gas, auto, banking' has probably helped it to record gains, investment circles indicate, adding that a lot of investors are closely watching its northward move with the hope of getting more from the developing situation. Thomas Panamthanath, chief executive of GIC Mutual Fund, said the rise is a reflection of the advances recorded by the broad market. "The market has been generally moving up and GIC Fortune has tried to take advantage of the situation."
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Birla Dividend Yield Plus to announce dividends
Chennai: Birla Dividend Yield Plus (BDYP) plans to announce it fourth dividend shortly. The scheme has declared three dividends that add up to 25 per cent of the unit face value of Rs 10 since launch in February 2003.

BDYP, an open-ended scheme of Birla Sun Life Mutual Fund, aims at investing in stocks that provide a high return through dividends. A Balasubramanian, Fund Manager, said BDYP has given out Rs 32 crore of dividend since its launch. The size of BDYP is Rs 260 crore.
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Rupee down 10 paise
Mumbai: The rupee slipped by 10 paise to close weaker on Friday at 45.80/81 against the dollar, as compared with Thursday's close of 45.70/7050. The domestic currency opened the day at around 45.70.

Forex dealers were quoted as saying that foreign banks and corporates were buying a good amount of dollars, in order to cover their short positions, and this led to a weakening in the rupee.
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