Big buyer in ACC
Mumbai: Trading volumes in the counter of the cement maker surged on Monday by about 40-45 per cent. According to dealers, one big buyer has picked up a few lakh shares of the counter. The market grapevine has, on and off, reported an "imminent corporate development" in ACC.

Dealers speculate that a couple of multinational cement companies are trying to gain control of the company, which dominates the cement market of the western region. There are also rumours that the multinationals have been sending feelers to the Gujarat Ambuja group for their 14.5 per cent equity holding in the company.

The stock closed the day at Rs 228.80, up nearly 7 per cent from its previous close on the BSE. Altogether about 1.1 crore shares were traded on the BSE and NSE as compared to Friday's combined volume of about 70 lakh shares.
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ING Mutual plans index-linked equity scheme
Kolkata: ING Mutual Fund has lined up an index-linked equity scheme based on the S&P CNX Nifty, the 50-share index of the National Stock Exchange. The Fund, which has proposed to call it the Nifty Plus Fund, will invest in companies whose securities are part of the Nifty.

It will, however, not strictly be an index fund, which, by definition, seeks to exactly replicate the chosen index by following a passive style. Instead, a maximum of 20 per cent of its net assets will be invested in an active manner, by taking overweight or underweight exposure to stocks in the Nifty. The scheme will invest chiefly in Nifty stocks or in exchange traded derivatives on the Nifty. This will be partly done by investing 80-100 per cent of the assets in all stocks comprising the Nifty in approximately the same weightages that they represent in the index. A small part, up to 10 per cent, will be put in cash and money market instruments as well in order to meet liquidity requirements. Investors, according to the offer document sent to SEBI for clearance, will be given three options - growth, dividend and bonus.

Under the last named option, the fund may issue through bonus units, any surplus by realised profit, dividend and interest (net of losses, expenses and taxes) to unit holders, provided such surplus is adequate for distribution. ING MF, it may be mentioned here, has been lying relatively low in the recent past. It has now undergone significant changes, including addition of new personnel in critical areas. Its stable includes a few other schemes. The ING group, however, is a global institution of Dutch origin, which offers banking, insurance and asset management in many countries.
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Maharashtra Scooters up on divestment proposal
Kolkata: The Maharashtra Scooters Ltd stock on Monday moved up by 14 per cent to close at around Rs 119 on disinvestments trigger. According to brokers and dealers, the move is likely to unlock the valuation of the stock as the Maharashtra Government wishes to sell its 27 per cent stake in the joint venture. The stock's 52-week high is Rs 121 on the BSE.
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Bulls surge ahead
Mumbai: Bulls were in total control of Monday's trading activity. Bears were unable to make any impact during the day's trading. The market sentiment reading of the tradable counters continues to remain bullish. Irrespective bull or bear domination on Tuesday, the prevailing bullish sentiment is likely to continue with a slight change in its value.
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BSE special margin on 73 scrips
Chennai: The Bombay Stock Exchange has imposed special margins on 73 scrips from Monday. Special margins have been revised keeping in view the closing price of the scrip on the last trading day, the BSE statement said. The scrips which have attracted a special margin included ACC, Aftek Infosys, Andhra Bank, Arvind Mills, BEML, Digital GlobalSoft, Divis' Lab, Essar Steel,.andMatrix Lab.
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Forwards move up; rupee gains 3 paise
Mumbai: The foreign exchange market on Monday was quite unaffected by the Credit Policy. However, forward premiums moved up a tad intra-day due to corporate demand. In the spot market, the rupee moved in narrow band of a mere 4 paise. The domestic currency closed at 45.3050/3150, up 3 paise from the previous levels of 45.3225/3275. The rupee moved between an intra-day low of 45.3375 on corporate demand for greenbacks and touched an intra-day high of 45.2900 on good dollar supplies.
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