Sensex in bear grip
Mumbai: The BSE Sensex tumbled 179.74 points to close at 5520.66 points on across-the-board selling pressure The S&P CNX Nifty declined by 48 points to close at 1763.40.

Counters
Essar Steel declined by Rs 1.80
Jindal Steel declined by Rs 3.6
Nestle India gained by Rs 15.55 to close at Rs 598.95.
Marico Industries gained by Rs 8.1 to close at about Rs 283.
Apollo Tyres declined by Rs 7.3 to Rs 229.80
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ONGC cut-off price at Rs 750
New Delhi: The government has fixed a cut-off price of Rs 750 per share for the sale of its 10-per cent equity in Oil and Natural Gas Corporation (ONGC) through a public offer, which closed on March 13. In the process it has mopped up Rs 10,534 crore from the market.

Of the total offer, qualified institutional bidders would be allotted 46.2 per cent, high net worth individuals 24 per cent, retail individual bidders 17.8 per cent, shareholders 10 per cent and permanent employees 1.8 per cent.

With the conclusion of the ONGC public offer and with the Rs 1,300 crore raised by the Government through the public offer in Maruti Udyog Ltd and stake sale in Hindustan Zinc Ltd last year, the total realisation is expected to touch Rs 15,426 crore.
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Canbank MF schemes declare dividends
Mangalore: Canbank Mutual Fund has declared dividends in Canequity Taxsaver, Canpremium, Cancigo, and Can Short-term Plan schemes under the income plan.

The dividends range from 15 per cent in the Canequity Taxsaver scheme to a dividend of 10 per cent in the Canpremium scheme. A dividend of 6.25 per cent has been declared in Cancigo scheme while in the Can Short-term Plan, it has declared the maiden dividend of 1.5 per cent.

According to a press release March 26 is the record date for income distribution of these schemes.
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LICMF to launch three new funds
Hyderabad: The Jeevan Bima Sahayog Asset Management Company Ltd, managers to LIC Mutual Fund, have lined up three new funds for the next quarter, two of them being equity funds. The fund expects to mobilise around Rs 400 crore in the IPO of the first two schemes and around Rs 300 crore through a dynamic fund.

While the equity funds are being planned to enable more exposure to the equity markets, the dynamic fund would have the option of switching between debt and equity instruments.

Currently operating 12 open-ended and two close-ended schemes, LIC-MF expects to close the current financial year with assets of around Rs 5,500 crore.
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Aftek to move SAT
Mumbai: THE promoters of Aftek Infosys Ltd will move the Securities Appellate Tribunal with an appeal to set aside a recent order of the Securities and Exchange Board of India which prohibits the company from buying, selling or dealing in securities for a period of one year.

SEBI found the promoters guilty of violating several clauses in the SEBI regulations chiefly pertaining to the artificial increase or decrease in the prices of securities in a 1999 case that also involved the Ketan Parekh entities.
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