Markets: Across the board buying props up markets
Mumbai: There was buying activity across the board and the markets on Wednesday exhibited a strong trend. The index heavyweights, frontline auto, cement, banking, technology, oil PSUs, pharma and power stocks all witnessed hectic activity.

The benchmark Sensex on the BSE gained 48.7 points to finally close at 6,593.53 while the 50-share Nifty gained 12 points to 2,067.

Among the major gainers were index heavyweights State Bank of India, Maruti Udyog and L&T with HDFC Bank, ICICI Bank and HPCL also notching up considerable gains. After Monday's 83-point fall, the mood is cautiously upbeat on the back of strong FIIs inflows and easing of international oil prices.

A flow of positive developments, including the hike in FDI limit in telecom sector and government's approval of National Electricity Policy had boosted the sentiment. The government's decision to give the go-ahead for sourcing gas from neighbouring countries also gave a fillip to the markets.

International Markets
Gain (+) / Loss (-)

Market Counters
Figures in Rupees

BSE 30

Scrip Name	Open	High	Low	Last Price
HINDUSTAN PETROLEUM CORP. LTD.	359.00	374.20	359.00	372.25
MARUTI UDYOG	467.85	491.70	465.50	487.90
HDFC BANK LT	579.00	589.85	576.10	588.05
ZEE TELEF LT	152.40	157.80	151.50	156.20
LARSEN & TOUBRO LTD.	974.00	1,003.00	973.00	996.15
STATE BANK OF INDIA	640.00	654.00	638.65	652.35
BHEL	786.00	806.80	785.10	799.15
TATA MOTORS	497.00	501.65	491.20	499.95
ASSOCIATED CEMENT COMPANIES LT	372.00	376.00	369.55	374.20
TATA IRON AND STEEL CO. LTD.	398.90	403.30	397.35	400.25
ICICI BANK L	365.00	369.00	363.20	366.70
SATYAM COMP	402.65	408.45	402.65	406.15
RELIANCE*	535.05	539.95	534.30	537.15
GRASIM INDUSTRIES LTD.	1,340.00	1,355.00	1,340.00	1,350.25
DR.REDDY'S LABORATORIES LTD.	738.90	740.00	733.85	738.45
GUJARAT AMBUJA CEMENTS LTD.	399.80	457.90	399.80	456.05
I T C LTD	1,327.00	1,335.00	1,312.00	1,327.70
ONG CORP LTD	825.50	831.00	820.60	823.55
HINDUSTAN LEVER LTD.	160.00	163.45	159.00	160.40
INFOSYS TECHNOLOGIES LTD.-ORDI	2,050.00	2,060.10	2,035.00	2,043.60
BHARTI TELE	216.00	216.00	208.15	209.40
RANBAXY LABORATORIES LTD.	1,045.00	1,054.00	1,038.00	1,041.00
TATA POWER	400.00	405.00	389.20	391.60
HINDALCO IN	1,384.90	1,395.00	1,372.00	1,378.00
HOUSING DEVELOPMENT FINANCE CO	815.00	820.00	806.10	813.90
WIPRO LTD.	698.00	699.00	689.35	691.20
BAJAJ AUTO	1,074.00	1,083.00	1,067.00	1,072.40
RELIANCE ENR*	577.25	579.30	572.30	574.45
CIPLA LTD.	273.00	277.00	272.00	273.70

Last Update : 9 February, 2005, 16:38 PM

S&P CNX Nifty

Symbol	Open	High	Low	Last Price
MARUTI	466.50	489.75	463.00	487.90
TISCO	399.20	404.20	397.25	400.70
SBIN	640.00	653.90	638.00	652.20
RELIANCE	534.25	540.50	534.05	537.15
ONGC	820.55	831.35	820.55	823.90
TATAMOTORS	496.80	502.00	491.20	499.95
INFOSYSTCH	2050.00	2064.40	2038.05	2045.00
SAIL	63.40	64.00	62.85	63.00
PNB	415.00	420.90	408.00	419.35
BHARTI	216.10	216.50	208.25	209.30
SATYAMCOMP	405.50	408.50	403.00	406.40
HINDPETRO	360.30	375.00	360.30	372.50
ACC	370.00	375.75	369.50	374.10
ITC	1310.40	1336.95	1310.40	1327.35
BHEL	442.05	454.70	442.05	452.10
LT	970.55	1002.00	968.00	996.45
IPCL	184.95	187.40	183.50	186.25
TATATEA	524.00	539.45	524.00	534.20
RANBAXY	1054.00	1054.85	1038.00	1042.05
HINDLEVER	161.00	163.30	158.50	160.45
TATAPOWER	399.00	402.90	389.20	392.05
BPCL	442.05	454.70	442.05	452.10
WIPRO	696.00	697.00	689.10	691.55
GRASIM	1344.00	1356.00	1340.00	1349.80
GAIL	243.00	245.90	240.20	243.35
HEROHONDA	529.00	539.70	524.00	529.65
ZEETELE	152.45	157.90	152.45	156.00
ABB	1249.75	1319.90	1241.00	1260.25
M&M	458.60	549.00	458.60	546.50
TATACHEM	165.15	169.00	163.20	167.85
HDFCBANK	572.00	589.90	570.00	588.10
GUJAMBCEM	452.50	458.00	452.05	456.15
MTNL	140.00	141.50	139.20	139.90
HDFC	818.05	822.00	806.15	813.30
CIPLA	275.95	276.60	273.10	274.10
ICICIBANK	365.00	369.00	362.10	366.45
ORIENTBANK	304.90	312.90	302.00	310.90
HCLTECH	349.00	359.00	343.15	344.45
SCI	172.40	173.40	170.25	171.70
HINDALC0	1390.00	1394.70	1373.00	1376.95
NATIONALUM	181.00	182.00	178.00	179.20
GLAXO	680.10	695.00	670.10	673.70
BAJAJAUTO	1063.15	1084.00	1063.15	1073.00
DABUR	103.90	106.00	102.50	104.10
DRREDDY	740.00	740.00	735.00	738.60
REL	575.25	579.90	572.10	574.50
VSNL	221.15	224.45	220.05	221.50
SUNPHARMA	490.00	499.00	485.00	493.20
INDHOTEL	570.00	594.00	570.00	592.10
COLGATE	203.95	203.95	191.20	198.70

Last Update : 9 February, 2005, 16:08 PM
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UTI-I to liquidate part of Rs10,000 crore portfolio
Mumbai: The Specialised Undertaking of UTI (SUUTI or UTI-I) will liquidate part of its Rs10,000 crore equity portfolio in the stock market to make provision for repayment to assured income scheme investors.

SUUTI, which was formed to look after assured return schemes including US64 of Unit Trust of India in 2003, has a total asset base worth Rs30,000 crore, including real estate and government debt paper.

Taking benefit of upsurge in the share market, UTI-I would offload part of equity holdings to make funds available for repayment obligation, without disturbing the upbeat mood in the stock market, UTI-I has said.
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Bajaj Auto challenges winding up of UTI scheme
Mumbai: Bajaj Auto Ltd (BAL) has moved the court in order to restrain Unit Trust of India (UTI) from winding up the UTI Growth & Value Fund-Bonus Plan. UTI wound up the scheme on January 31, as it failed to comply with relevant SEBI norms.

In a petition filed on Monday at the Bombay High Court, BAL has challenged the Securities and Exchange Board of India's December 2003 regulation, which requires every mutual fund scheme to have at least twenty investors, with none having investment in excess of 25 per cent of the fund's corpus. Failing this, the SEBI directive demanded that the scheme be wound up.

The fund came into the UTI fold after IL&FS Mutual Fund decided to exit that business in May 2004. This fund, originally started in March 1999, was renamed UTI Growth & Value Fund - Bonus Plan following the transfer of IL&FS' mutual fund business to UTI.

Respondents named in BAL's petition were UTI, UTI Mutual Fund, UTI Trustee Company Pvt Ltd, UTI Asset Management Company Pvt Ltd and the SEBI.
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Kotak Mid-Cap IPO mops up Rs577 crore
Mumbai: The Kotak Mid-Cap, an open-ended Equity Growth Scheme, which intends to invest in equity and equity-related securities of mid-cap companies, has mopped up a record Rs577 crore in its recently concluded Initial Public Offering, according to a company press release.

The IPO, which closed on January 28, received over 65,000 applications, with an average application size of Rs88,000, from around 100 locations, the release said.

The fund managers of Kotak Mid-Cap will invest in mid-cap companies picked through a bottom-up process, where each company will be evaluated individually and not just on the basis of the sector.

The mid-cap fund can invest up to 95 per cent of its portfolio in equities, with mid-cap investments ranging between 65-95 per cent. Upto 30 per cent of the portfolio can be invested in other equities, while 5-35 per cent of the portfolio can be invested in debt and money market securities.
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Canbank MF launches open-ended debt scheme
Mangalore: Canbank Mutual Fund has launched the 'CanFloating Rate', an open-ended debt scheme, on Tuesday. A press release by the Canbank Investment Management Services Ltd said the initial public offer would be kept open up to February 22.

It said that the investment objective of the scheme is to generate income as well as capital appreciation by mitigating interest rate risk through investments in floating and fixed rate debt securities.

The scheme offers short-term plan and long-term plan with dividend and growth options. The entire initial issue expenses of the scheme will be borne by Canbank Investment Management Services Ltd, the release added.
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Vishal Exports Overseas' splits shares to Rupee one
Mumbai: Vishal Exports Overseas Ltd has split its equity shares from face value of Rs5 per share to Re 1 per share. The decision to split the shares was approved at EGM held on Tuesday.

The company has reported a 16 per cent rise in total revenues at Rs1,752.4 crore for the nine months period ended December 2004. Net profit was up 4 per cent to Rs26.1 crore during the same period.

Vishal Exports's core competence is in agro-based commodities mainly in soyabean extracts, wheat, rice, and sugar. The company also has presence in wind farm activities through its 18 MW wind power generation project at Tamil Nadu and Rajasthan.
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Apollo Tyres delists from Ahmedabad SE
New Delhi: The Rs2,300-crore Apollo Tyres Ltd (ATL) has voluntarily de-listed its securities from the Ahmedabad Stock Exchange (ASE) from January 28.

The company has sent a communiqué to this effect to the Stock Exchange, Mumbai.
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3i Infotech files for IPO
Mumbai: 3I Infotech Ltd, (earlier ICICI Infotech Ltd) intends to offer 39.21 per cent of its paid-up capital through an initial public offering, according to the draft red herring prospectus filed by the company with the Securities and Exchange Board of India. If the green shoe option is exercised in full, the issue will constitute 42.59 per cent of the paid up capital of the company.

According to the prospectus, the company may issue up to two crore equity shares with a possible green shoe option for an additional 30 lakh equity shares through a 100 per cent book building route. While up to 50 per cent of the net issue is expected to be allocated on a discretionary basis to qualified institutional buyers; and not less than 25 per cent on a proportionate basis to non-institutional bidders; and not less than 25 per cent on a proportionate basis to retail individual bidders.

JM Morgan Stanley Pvt Ltd and DSP Merrill Lynch are book running lead managers to the issue, and ICICI Securities Ltd a co-book running lead manager.

Shareholders of ICICI Infotech Ltd at an EGM a few weeks ago approved an increase in its capital through an IPO, and also gave their consent to changing the company's name to 3i Infotech Ltd. The change of name, said a company official, had been done to create an independent brand identity for the company as a technology entity.

ICICI Bank currently holds less than 30 per cent stake in 3i Infotech. ICICI Ventures holds a stake of around 63 per cent. The rest of the stake in the company is owned by Emirates Financial Services.
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UTV IPO price band at Rs115-130
Mumbai: UTV Software Communications Ltd (UTV) is looking at a price band of Rs115-130 for its public issue of 69.99 lakh shares of Rs10 each. The issue will be done through a 100 per cent book-building route in order to part-finance its expansion plans.

The size of the issue will be Rs91 crore at the upper end of the price band and Rs80.5 crore at the lower end of the band. The book-running lead manager to the issue is Enam Financial Consultants Pvt Ltd and co-book running lead manager is IL&FS Investsmart Ltd.

The issue is scheduled to open on February 21and close on February 25. The issue comprises fresh equity of 45 lakh shares and offer for sale by CDPQ (a Canadian private equity investor) of 24.99 lakh shares.

The net issue to the public would constitute 34.11 per cent of the fully diluted post issue paid-up capital of the company.

The proceeds from the IPO will be used for enhancement of production facility and office infrastructure, investment in the `Kids Channel' (Hungama TV) project, funding of SFX and post-production expansion, investment in movie production and distribution initiatives and general corporate purposes.

The equity shares are likely to be listed on the Mumbai Stock Exchange and the National Stock Exchange
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Gokuldas Exports IPO to fund expansion
Mumbai: Gokuldas Exports Ltd has announced that it will enter the capital market with a public issue of 31.25 lakh shares of Rs10 each at a price to be determined through the 100 per cent book-building route. This is to finance the setting up of new manufacturing facilities and the modernisation and expansion of existing factories.

The company has filed its draft red herring prospectus with SEBI, according to a press release. The issue will constitute 18.18 per cent of the fully diluted post-issue, paid-up capital of the company. The book-running lead manager to the issue is Enam Financial Consultants Private Ltd and IL&FS Investsmart Ltd. Members of the Hinduja family are the promoters of this company. Post-IPO, the promoters holding will be 76.29 per cent.

Sixty per cent of the issue (18.75 lakh equity shares) will be issued on a discretionary basis to qualified institutional buyers. Fifteen per cent (4.69 lakh equity shares) will be available for allocation on a proportionate basis to wholesale bidders and not less than 25 per cent of the issue (7.81 lakh equity shares) will be available for allocation to retail bidders.

Gokuldas Exports reported revenues of Rs382.8 crore with net profits of Rs24.7 crore in the six months ended September 30, 2004. The company manufactures and exports clothing. Its buyers include brands such as Nike, GAP, Banana Republic, Tommy Hilfiger, Abercombie and Fitch, and retailers such as Wal-Mart, Sears and The Metro Group.

It has 43 factories and employs over 30,000 people.
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IVRCL plans Rs.145 crore public issue
Coimbatore: The Hyderabad based IVRCL Infrastructures and Projects Ltd plans to come out with a public issue to raise nearly Rs145 crore through the book-building route.

The company has filed a draft red herring prospectus with the Securities and Exchange Board of India. The net issue to the public will be for Rs118.5 crore, reservation for employees Rs7.5 crore and the greenshoe option will be Rs18.9 crore, totalling Rs144.9 crore.

In its prospectus, the company, which came out with an IPO in 1995, has stated that the net proceeds of the issue would be used for investment in BOT/BOOT projects, purchase of capital equipment and repayment of debt/loan.

IVRCL has estimated that the investment in BOT/BOOT projects would need Rs 40 crore, purchase of capital equipment Rs 30 crore, repayment of debt/loan Rs 49.7 crore and issue expenses Rs 6.3 crore. While loan repayment and issue expenses totalling Rs 56 crore would be met from the proceeds of the public issue before March 31, 2005, project investments and purchase of capital equipment would be spread over two years - 2005-06 and 2006-07.

Giving details of the fund requirement, the company, in its draft prospectus, pointed out that the Government had framed policies to channel private investment in infrastructure development projects.

The National Highways Authority of India had recently invited participation in road projects on a BOT/BOOT basis. This will pave the way for private sector investment in the form of capital investment, with freedom to operate and generate revenue.

The Chennai Metropolitan Water Supply and Sewerage Board has floated a tender for a mega desalination plant to supply drinking water to the city. Most construction companies are bidding for such projects, and entry into BOT/BOOT projects will help IVRCL augment pre-qualification.

The IVRCL share closed at Rs 349.50 on the NSE today.
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