Mirc Electronics stock shines
Mumbai: The stock price of Mirc Electronics, makers of Onida brand of consumer electronics, excelled on Friday. The stock gained 10.99 per cent at Rs 206 on the BSE with volume of 1.65 lakh shares and on the NSE it closed at Rs 203.60, up 8.99 per cent with volume of 64,129 shares.

Dealers said the stock is being bought mainly due to the company able to maintain its market share over the last few years despite increase competition from MNC brands. In addition, there are several growth drivers in future like entering into air-conditioners and washing machines segment that will aid topline and bottom line growth. Reports say the buzz is that the company is likely to enter into contract manufacturing arrangements with leading MNCs for colour TVs. Its thrust into West Asia and Russia would lead to exports increasing to 20 per cent in the next three years from 5 per cent now.
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Kotak Mahindra Bank stock excels
Mumbai: The market players have turned bullish on the Kotak Mahindra Bank stock. The sentiment is not due to the good outlook for the banking sector, but due to increase in business from the stock market related activities, says a report. The bank has a strong investment banking business and its subsidiary Kotak Securities is one of the biggest in the stock broking business.

Several institutional investors, that have been buying the stock, feel that with IPO market set to take-off, the bank's fee-based business would increase. It also has high-yield auto loans with one of the highest net interest margins of around 6 per cent in the industry. On Friday, the stock gained 10.23 per cent at Rs 351.75 on the BSE with volume of 1.78 lakh shares and on the NSE it closed at Rs 350.50, up 9.38 per cent with volume of 3.20 lakh shares.
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Poor results force oil stocks to fall
Mumbai: Oil and gas companies stocks witnessed heavy selling from across the section of the market. However, the fall in the stock of these companies (mainly PSUs) had nothing to do with the disinvestments related news. Dealers said the fall in the stock price was due to not so impressive results in the second quarter, according to a report.

This is mainly due to margins falling, as these firms were not allowed to increase the price in July-August when the international oil prices were high. On Friday, IOC stock was down four per cent at Rs 369, HPCL closed at Rs 334 (down 4.28 per cent), BPCL closed at Rs 351.80 (down 2.47 per cent) and ONGC closed at Rs 613.95 (down 2.47 per cent).
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Canbank MF declares dividend for schemes
Kochi: Canexpo, the equity-oriented sectoral scheme of Canbank Mutual Fund has announced its second dividend for the current financial year at 20 per cent. The aggregate dividend during the year thus works out to 40 per cent, a fax from the company has said. The net asset value under the income plan now stands at Rs 16.85 and Rs 19.44 under the growth plan. The face value of the scheme is Rs 10. Canequity Taxsaver, an equity-linked tax saving scheme has announced the second dividend during the year at 7.5 per cent. The aggregate dividend during the year is 15 per cent.

The NAV of the scheme, which has a face value of Rs 10, is Rs 13.22. The debt oriented balanced scheme, Canpremium also announced its second dividend for the year at 7.5 per cent. The aggregate dividend works to 15 per cent. The NAV of the scheme, which has a face value of Rs 10, is Rs 15.72 under the income plan and Rs 17.82 under the growth plan. Cancigo, the open-ended debt scheme announced its second dividend at 6.25 per cent for the year.
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Kotak Mahindra MF lines up debt scheme
Kolkata: Kotak Mahindra Mutual Fund has lined up a debt scheme whose portfolio will be managed actively. The proposed Kotak Dynamic Income will seek to maximise returns by investing in Government securities, corporate bonds and money market instruments. The scheme, which will under normal circumstances invest up to 95 per cent of its assets in debt securities with maturity of more than one year, will have the Crisil composite bond index as its benchmark. It will also be free to allocate up to 100 per cent in debt and money market instruments with maturity of less than a year.

The fund manager, Sandesh Kirkire, is expected to focus on securities carrying high liquidity in order to churn the portfolio in an aggressive manner. According to the offer document sent to SEBI for clearance, the scheme may also invest in offshore debt and use various derivatives and hedging products in line with regulations. Kotak Dynamic Income will have no definite target with respect to turnover of securities. In view of the investment pattern, where allocations could move across various assets, portfolio turnover may just be higher, it is pointed out. The scheme, which will offer the conventional dividend and growth options, will join several others of its kind, most of them mooted in recent times.
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LIC wins the race for tainted ACC shares
Mumbai: Life Insurance Corporation of India has won the bid for the 1.62-crore block of shares of ACC auctioned by the custodian. LIC's winning bid, at Rs 170 per share is at 16 per cent discount to today's closing market price of ACC, of Rs 203.2 on the BSE. The sale of the shares, which belonged to Harshad Mehta and company, was approved on Friday by the Special Court hearing the Harshad Mehta case.

The approval for the sale went through when the management of ACC, which was given the first right to make an offer for the shares after the highest bid price was ascertained, also expressed disinterest. LIC will now hold around 25 per cent stake in ACC, its existing stake in the company being over 16 per cent. As per the LIC Act, the maximum shareholding the corporation can have in any single company is 30 per cent, although its internal guidelines recommend a cap of 20 per cent.
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Rupee loses lustre
Mumbai: Amidst active mopping up of the greenbacks by state-run banks, the rupee shed Thursday's gains, losing around 11 paise against the dollar on Friday to close at 45.38/39. On Thursday, it closed at 45.2650/27.
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