No room for sentiments - Markets dump CMP
Mumbai: The BSE Sensex was down by 223.16 points (4.4 per cent) at 4835.39 and NSE's S&P CNX Nifty fell by 77.65 points (4.8 per cent) to 1,508.75 as the markets dumped the wishy washy sentimentalism of the CMP document with across the board selling. On the BSE, out of 1,811 scrips traded, 1,420 declined, 343 advanced and 48 maintained status quo. Within the Sensex, 28 stocks lost value, while just two gained. SBI despite announcing a dividend payout of 110 per cent lost Rs.46 in trades. SAIL has declared profits of over 2,000 crore, wiping out all its accumulated losses and yet shed 6.4 per cent yesterday.

Market Gainers
Zee Telefilms, Hindalco, Corporation Bank, HDFC Bank, Castrol, Hughes Software, Power Trading Corporation, Hindalco, Sterlite Industries

Market Losers
Oriental Bank of Commerce, HDFC Bank, Hindustan Lever, ITC, Tata Power, Reliance Energy, Tata Motors, Maruti Udyog, Dishman Pharmaceuticals, Nalco, Malco

Market Counters
BSE 30
Figures in Rupees
Gains (+) / Loss (-)

ACC	249.25	-7.75
Bajaj Auto	881.90	-14.10
Bharti Televentures	147.50	-6.10
BHEL	462.80	-18.80
Cipla	240.25	-6.00
Dr Reddy	887.55	-17.45
GACL	288.40	-8.25
Grasim	1,025.45	-77.55
HDFC	568.90	-6.90
HDFC Bank	369.75	-3.90
Hero Honda	452.20	-36.05
Hindalco	925.80	+11.10
HLL	137.25	-3.10
HPCL	313.50	-9.80
ICICI Bank	246.35	-18.35
Infosys	5,056.85	-245.65
ITC	882.90	-33.25
L&T	444.55	0.00
MTNL	111.70	-8.85
ONGC	649.55	-46.60
Ranbaxy	989.80	-29.05
Reliance	431.05	-18.30
Satyam	305.05	-15.35
SBI	484.85	-46.05
Tata Motors	386.75	-24.70
Tata Power	274.90	-21.45
TISCO	302.70	-16.25
Wipro	1,504.50	-101.70
Zee Tele	128.90	+1.75

Others
SBI down Rs 46 at Rs 484.8
Bank of Baroda down 10.7 per cent at Rs.165.7
Corporation Bank up 3.4 per cent at Rs 291
SAIL down 6.4 per cent at Rs 29.2
Hindalco up 1.2 per cent at Rs 925.8
Cummins India down Rs 1.6 at Rs 109.8
Union Bank down Rs 4.8 to close at Rs 56.2
Vishal Exports Overseas debuted with a discount of 20.56 per cent to the offer price of Rs 45 closing at Rs 35.75
Sri Adhikari Brothers Television up 1.28 per cent at Rs 59.30
Cummins India down 1.44 per cent at Rs 109.80
Tata Power down 7.24 per cent at Rs 274.90
Reliance Energy down 8.01 per cent at Rs 494.10
Graphite India down 5.6 per cent at Rs 77.80
HEG down 3.44 per cent at Rs 68.80
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SEBI: New amendments to DIP guidelines
Mumbai: As per new amendments made to the Disclosure and Investor Protection guidelines the Securities and Exchange Board of India (SEBI) has restricted companies from executing share splits just before an initial public offering (IPO). The existing provisions regarding minimum application size in terms of number of shares has also been modified. The retail investor has now been defined as an investor who applies for bids for securities of value that is not more than Rs. 50,000, and accordingly, the minimum application size provision has been replaced with minimum application value and this value has been fixed at a range of Rs 5,000-7,000. The amendment also stipulates that under post-issue obligations, allotment of shares on proportionate basis will be within the specified categories (retail, HNI, Institutional etc.), subject to a minimum allotment being equal to the minimum application size as fixed and disclosed by the issuer.

With regard to public issue of tax savings bonds the guidelines have been amended to provide that once the issue size and oversubscription limits are disclosed in the shelf prospectus, issuers can raise and retain any amount through tranche issues, so long as they are within the limits prescribed by the shelf prospectus. Since these bonds receive heavy oversubscription, the market regulator feels that returning the excess subscription would adversely affect the investors whose tax planning measures normally take into account such investments. SEBI has also clarified that the green-shoe option is available for both initial public offers and follow-on offers. The option is also available irrespective of whether the offer is through the book-building or fixed- price route. The amendments are valid with immediate effect.
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Fund of Funds from Benchmark
Mumbai: Benchmark Mutual Fund has launched its fund of funds scheme based on index investing. According to the fund this is the first product in its category in India, The fund of funds schemes allows investors who do not have demat accounts and other requisites of trading in the stock markets to participate in these schemes. The initial public offer of the fund remains open till June 22 and the minimum investment requirement is Rs 10,000.
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Alok Industries offers FCCBs
Mumbai: Alok Industries Ltd has informed the BSE that the company proposes to make an international offering of unsecured foreign currency convertible bonds (FCCBs) convertible into equity shares. The offering is for the issue of equity / equity linked instruments of up to $ 50 million as passed at the EGM held on March 29.
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London Stock Exchange targets Indian companies
Bangalore: The London Stock Exchange (LSE) has chosen China, India and Russia as its future growth markets and has stepped up advisory and brand building exercises in these economies to attract new listings. The LSE is advising close to 10 mid-cap Indian companies for possible listing on AIM - the bourse's platform for growing companies.

The LSE hopes that the success of Vedanta Resources is likely to propel Indian firms for possible listing on the exchange.
Though GDRs of 18 Indian companies are currently traded on the London Exchange, none of them are primary listings. The average mop-up through listing on the AIM is $10 million-$80 million.
Currently, 819 companies are listed on AIM of which 69 are international firms with a market capitalisation of $39 billion spanning