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Aurobindo
Pharma excels as US hopes soar
Mumbai: The stock of Aurobindo Pharma, a leading
cephalosporins player, held firm amidst good volumes.
The stock ended the day at Rs 387.85, up 5.47 per cent,
with around 85,259 shares traded on the BSE.
On
the NSE, the stock closed at Rs 389.30, up 5.79 per cent,
with around 3.18 lakh shares traded.
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BSE
raises membership fee
Mumbai: The Bombay Stock Exchange has decided to
raise the minimum bid price for its membership from Rs
65 lakh to Rs 75 lakh. Earlier, the exchange had offered
27 new membership rights at a minimum bid price of Rs
65 lakh.
In
a statement, the BSE said it has received a very encouraging
response for the new membership and considering the demand
and the current market conditions, the governing board
of the exchange has decided to revise the minimum bid
price upward to Rs 75 lakh for the remaining membership
rights with effect from March 1.
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StanChart
MF offer document for Grindlays scheme
Mumbai: Standard Chartered Mutual Fund has filed
the offer document for the Grindlays fixed savings scheme
with SEBI. This is a closed-end income scheme investing
100 per cent in debt instruments. The scheme will open weekly
between January and April. This is the third year of the
Grindlays fixed savings scheme and the term of the last
one ended in December 2003, according to company officials.
The target for the scheme is Rs 5 crore for each weekly
offer and the offer document has been updated to include
the minimum 20-investors rule.
Naval
Bir Kumar, managing director, Standard Chartered Mutual
Fund, said this is only a prospectus renewal exercise
and the timing of the public offer will depend on factors
including the equity market trend. "Investors should
asset allocate and historical data indicates that retail
investors have not made money in any of the past equity
market booms. "They must learn to book profit and
move into asset classes that protect investments, like
the Grindlays fixed savings scheme," he said.
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Kotak
Mahindra MF gathers Rs 344 cr from IPO
Kolkata: Kotak Mahindra MF has mobilised Rs 344
crore from the initial public offer of Kotak Global India,
which opened for subscription on December 22. The IPO
has drawn over 28,000 applications, with the average size
of subscription at more than Rs 1 lakh.
Retail
participation in the IPO was high, according to a release.
Kotak Global India is an open-ended equity fund, focused
on internationally competitive Indian companies. The fund
is the first of its kind and retail investors' interest
in it could mark the start of a trend, said Mr C. Jayaram,
Director of Kotak Mahindra Asset Management Co.
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Rupee
at a range-bound state
Mumbai: The domestic currency closed at 45.4050
on Thursday, unchanged from Wednesday's closing levels
at 45.40/4050 in a dull forex market.
Dealers
said the rupee remained range-bound between 45.3950 and
45.41 on lack of any significant demand for the greenback.
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