Markets: Choppy trading - closes on the positive side
Mumbai: The Sensex and the Nifty both ended the day in positive territory closing with minor gains. While the BSE Sensex closed at 5616.87, up by 10.94 points, the S&P CNX Nifty closed at 1753.90 up 3.70 points.

Market Gainers
Zee Telefilms, Maruti Udyog, Canara Bank, Andhra Bank, Union Bank of India, IDBI, IFCI, Bajaj Auto, Hero Honda, TVS Motor, Mahindra & Mahindra, Ashok Leyland, Alstom Projects, Dredging Corporation, Larsen & Toubro, Gammon India, Saw Pipes, Hindustan Zinc, Rajesh Exports, RPG Life Sciences, Kinetic Engineering, Universal Cable, Vindhya Telelinks, Birla Ericcson

Market Losers
Hindalco, Nalco, Tata Steel, SAIL, Tata Motors, Birla Corporation

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

ACC	276.65	+2.00
Bajaj Auto	989.6	+30.4
Bharti Televentures	150.00	+0.10
BHEL	594.35	-1.05
Cipla	284.55	-0.35
Dr. Reddys Laboratories	756.80	+5.05
Grasim Industries	1,151.20	-3.25
Gujarat Ambuja	345.75	+2.85
HDFC	628.35	+0.35
HDFC Bank	411.60	+5.90
Hero Honda Motors	454.85	+5.00
Hindalco Industries Limited	1,257.60	-26.55
Hindustan Petroleum Corp	332.85	-4.05
HLL	123.05	-0.75
ICICI Bank	295.25	+6.50
Infosys Technologies	1,663.80	-12.40
ITC	1,165.85	-11.10
Maruti Udyog	369.35	+9.65
MTNL	122.80	-2.20
ONGC	759.70	-0.30
Ranbaxy Labs	1,122.70	+18.35
Reliance Energy	646.95	+9.45
Reliance Industries	503.20	-3.50
Satyam Computer Services	381.45	-2.35
State Bank Of India	492.85	+12.75
Tata Motors	412.55	-1.05
Tata Power	311.15	-2.05
TISCO	288.35	-2.05
Wipro	605.45	+6.35
Zee Telefilms	156.90	+8.45

Others
Saint Gobain Sekurit up 12.79 per cent at Rs22.05
JK Corp up 9.62 per cent at Rs28.50
Hindalco down 2.07 per cent at Rs1257.60
Nalco down 2.27 per cent at Rs165.55
Alstom Projects India Ltd up 7 per cent at Rs141.7
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SEBI turns down Wealth Management's bid for PMS licence
Kolkata: SEBI has again turned down a bid by Wealth Management Advisory Services, a Kolkata-based outfit, to get a PMS licence. The regulator took a similar stand in June in view of the action taken against certain companies associated with it.

SEBI, while considering the application, had found that SMIFS Securities, SMIFS Capital Markets and SMIFS Capital Services were its associates. Regulatory proceedings against two of these had been started earlier.

The company, which had later urged the market watchdog to reconsider its decision and allow registration, underlined the fact that SAT had stayed the operation of an earlier order passed in the adjudication proceedings against SMIFS Capital Markets and SMIFS Capital Services in the matter pertaining to BSL Ltd.

"The applicant has also stated that the adjudication proceedings and/or adjudication against any associate companies of the applicant cannot be a ground for invoking regulation 6(2) (k) of the SEBI (Portfolio Managers) Regulations, 1993," Mr T.M. Nagarajan, Member, has declared in his latest order, adding that the company could not establish any fresh material on record so as to reconsider the earlier decision.

A mere pendency of appeal against an adjudication order would not mitigate the inhibiting factor, it has been pointed out. SEBI had gathered sufficient evidence to prove that the company was connected with certain entities against which it had already initiated action. Allowing such an outfit would put investors' interests at risk, it was felt.

"As a capital market regulator, SEBI cannot ignore the connections the applicant company has with the persons who indulged in manipulations in the market," Mr Nagarajan has mentioned, adding that the applicant failed to confirm any new material facts.
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JM Morgan Stanley exercises TCS green shoe option
Mumbai: JM Morgan Stanley, the stabilisation agent for Tata Consultancy Services (TCS) IPO, has exercised its green shoe option in full for 83,17,880 shares, aggregating Rs707 crore.

Various Tata group companies had acted as lender to the green shoe option and since the stock price of TCS shares did not fall below the offer price of Rs850, JM Morgan Stanley on Wednesday exercised the green shoe option in full.

At the time of TCS IPO, JM Morgan Stanley acted as stabilisation agent wherein the merchant banker could have bought the shares of the company if the shares of TCS fell below the offer price.
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India Newbridge stake in Matrix goes up to 26.76 percent
Hyderabad: India Newbridge Investments Ltd, has acquired further holding of 14.22 per cent in Matrix Laboratories Ltd (MLL), the Hyderabad-based pharmaceutical major, through open offer route, taking its total holding to 26.76 per cent.

DSP Merrill Lynch informed the stock exchanges on Wednesday that India Newbridge Investments Ltd, India Newbridge Co Investment Ltd and India Newbridge Partners FDI Ltd have acquired 20,68,122 shares amounting to 14.22 per cent of the total paid up capital of Matrix Labs. The date of acquisition was September 20 and the mode of acquisition is through open offer.

The shareholding of acquirer and persons acting in concert after the said acquisition stood at 38,93,122 shares amounting to 26.76 per cent of the total paid up capital of Matrix Labs.
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UTI Mutual scheme to invest in foreign companies
Visakhapatnam: The UTI Mutual Fund plans to launch a scheme next month giving Indian investors an opportunity to invest in foreign companies in the established and emerging markets.

According to UTI, the funds would be invested in the large markets initially and later in the emerging markets. The company has tied up with State Street Global Advisers for the purpose.

UTI is currently managing assets worth Rs21,638 crore and it plans to double it by the end of the financial year.
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Fidelity to launch MF operations shortly
Mumbai: Fidelity Investments, which is close to receiving its registration and final regulatory go-ahead for starting its mutual fund operations in India, will launch its maiden product shortly.

The company, one of the largest mutual fund houses in the world, will focus on equity products in the Indian market.

The sponsor of the Indian mutual fund arm is Fidelity International Investment Advisors, registered at Bermuda. Globally, Fidelity manages assets worth $1.2 trillion, spread across an investor base of 20 million.

While the fund house will launch with an equity fund, the asset management company (AMC) would look at managing other asset classes over a period of time. The AMC would distribute their products through third party distributors, especially banks. The launch is expected to cover 12 major cities in India. The funds would be marketed across a cross section of media including the Internet, print and outdoor media.

The AMC has been doing the groundwork for setting up the mutual fund business for the last nine months. The company has recruited 17 people for the mutual fund business in India. Fidelity already has over 600 employees working in their offshore units in Gurgaon and Bangalore.

According to the company, India is a very big focus market for Fidelity. The company has investments of $1.4 billion in the Indian stock markets as a foreign institutional investor.
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