Indraprastha
Gas gets SEBI approval for IPO
New Delhi: Indraprastha Gas Ltd (IGL), a leading
producer and marketer of compressed natural gas (CNG)
for the automotive sector as also marketer and distributor
of piped natural gas for domestic and commercial use,
has obtained the approval of the Securities and Exchange
Board of India (SEBI) for its proposed maiden public issue.
IGL, promoted by the two energy sector leaders - GAIL
(India) Ltd and Bharat Petroleum Corporation Ltd (BPCL)
is expected to come out with its initial public offering
(IPO) by the end of November.
JM
Morgan Stanley, Enam Financial Consultants and Kotak Mahindra
Capital Company are the book running lead managers for
the IPO. This being a sale offer of equity shares, the
shares on offer, according to an IGL statement here, will
be those currently held by IL&FS Trust Company Ltd,
Infrastructure Development Company Ltd (IDFC) and Unit
Trust of India (UTI). Talking about the SEBI approval,
the IGL managing director, A.K. De, said: "This takes
us a step closer to the opening of the IPO. The issue
will now hit the market after completion of all formalities".
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Bharat
Forge scrip improves on bonus talk
Mumbai: Rumours of a bonus issue propelled the
stock of Bharat Forge Ltd into higher ground on the bourses
on Monday. The market grapevine was also abuzz with another
probability, that of a stock split by the company being
on the anvil to improve liquidity. However, senior company
officials refused to comment on the issue, says a report.
The
stock has been in the limelight of late, following talk
of a revival in the US markets in the year 2004 and the
announcement of the company having procured two new orders
from Ford and Daimler Benz for machined crankshaft. However,
market opinion remains divided over whether at these levels
valuations are a bit `overstretched'. On the BSE, the
stock ended the day at Rs 548.45 up 5.62 per cent with
around 87,298 shares traded. The stock hit a new high
of Rs 569.75 intra-day on the BSE. On the NSE, the stock
ended the day at Rs 547.85 up 5.48 per cent with around
2.63 lakh shares traded.
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Graphite
India hits 52-week high
Kolkata: The Graphite India stock made gains on
the major bourses in anticipation of a robust growth in
Q2 bottomline, to be announced on Wednesday. The stock
went up by 2.16 per cent to close at Rs 73.45, its 52-week
high, on the NSE. On the BSE, it closed at Rs 73.50, after
touching a day's peak of Rs 75.40. Its volumes also shot
up three fold. The stock traded at six times its trailing
four quarters earnings per share of Rs 10.70. According
to C V Desai of C D Equisearch, the conservative market
estimates of Graphite India's net profit growth is around
50 per cent for the second quarter.
In
the first quarter, it had reported a net of Rs 8.18 crore
(30 per cent jump) and Rs 33.36 crore for 2002-03. The
broking firm's client, Kolkata-based Patton group holds
more than four per cent. Among the other positives for
its fundamentals was a plan to launch aircraft nozzle
and brake lining, he pointed out. With the revival in
the global steel market, the company is showing better
topline growth. Also a debt restructuring exercise has
seen a reduction in annual outgo on repayment by Rs 7
crore.
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Sensex
loses 104 points
Mumbai: Major stocks wilted under sustained selling
pressure from speculators as well as cautious investors
who booked profits wherever they could and refrained from
taking new exposures at overstretched counters. Even though
the indices decidedly suggested a bearish trend, Monday's
trading may not be a good indicator as the Diwali weekend
has extended to Monday for many. Even institutional investors
were not very active, dealers said. Pivotal stocks were
hammered shearing off 104 points or 2.17 per cent from
the 30-share Sensex of the BSE, which closed at 4,698.28.
The
biggest loser among the major BSE indices was BSETECk,
which lost 3.23 per cent to close at 1,000. Another big
loser was BSEPSU, which tracks the performance of PSU
stocks on the exchange, which closed at 2,974.03, lower
by 2.32 per cent. The broader 50-share S&P CNX Nifty
of the National Stock Exchange lost 36.65 points to close
the day at 1,485.30. The selling was so broad-based that
in the BSE `A' group, for every advancing share, more
than five others declined.
In the `B1' segment, for every advance more than three
declined. A dealer with a domestic mutual fund said that
he expected the stock market to stay range-bound for a
while.
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Special
margin on 75 stocks
Mumbai: The Bombay Stock Exchange (BSE) on Monday
imposed special margins on 75 stocks, 21 of them belonging
to the `A' group and including pivotal ones such as ACC,
Satyam, Nalco and State Bank of India. The stock exchange
said in an announcement that the special margins are being
introduced keeping in view the closing price of the scrip
on the last trading day.
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IndusInd
Bank gets bourses' nod to list new shares
Mumbai: IndusInd Bank has received an `in principle'
approval from the Bombay Stock Exchange (BSE) and the
National Stock Exchange (NSE) for the listing of new equity
shares arising out of the merger of the erstwhile IndusInd
Enterprises and Finance Ltd (IEFL). Subsequent to the
scheme of amalgamation of IEFL with the bank being sanctioned
by the High Court of Judicature at Mumbai on June 5, 2003,
the shareholders of IEFL were allotted one fully paid-up
equity share of the bank of Rs 10 each for one fully paid-up
equity share of IEFL, said a press release.
The
physical share certificates have been dispatched to all
the eligible shareholders of the erstwhile IEFL, who surrendered
their physical valid share certificates of the erstwhile
IEFL within stipulated period and not opted for equity
shares of the bank in demat form. The process for credit
of beneficiaries accounts for the equity shares in demat
form to those of the shareholders of IEFL, who were holding
shares in demat form as well as to those shareholders
who have opted for this, and have given a valid DP ID
and client ID number has already been completed.
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Rupee
slips
Mumbai: The rupee closed weaker by around 8 paise
on Monday at 45.39/40 against the dollar, as compared
to Friday's close at 45.32/33. The domestic currency opened
the day at 45.32/33 and almost immediately started slipping
on account of substantial corporate demand for the greenbacks.
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