document.writeln("
FM:
Soaring Sensex not a 'bubble'
New
Delhi: Finance minister P Chidambaram on Monday dismissed
fears that a bubble was building up in the stock market
and said the government and the market regulator, Sebi,
were keeping a close watch.
"I
do not accept these alarming predictions. Ours is one
of the best-regulated markets. That does not mean there
is no scope for improvement," the finance minister
said in the Lok Sabha, responding in the zero hour to
CPI member Gurudas Dasgupta. Dasgupta had expressed concern
over the "super hyper volatility" of the Stock
Exchange, Mumbai (BSE) and had accused the Sebi of not
enforcing rules and also the government of sleeping over
the matter.
Raising
the issue in the house, the CPI member claimed that the
"senseless Sensex has gone mad" as it has nothing
to do with economic fundamentals or performance of the
economy.
Demanding
delivery based transactions, he said the government was
deliberately not taking action as it was getting revenue
of about Rs2,000 crore, and further that the govt. wanted
to create a false illusion so as to attract more funds.
Back
to News Review index page
With
three new DPs, CDSL membership goes up to 283
Mumbai: The Central Depository Services Ltd has
admitted three new depository participants, including
the Development Credit Bank, a press release from CDSL
has said.
The
other PDs are Essar Stocks and Securities, based in Kolkata,
and Anugrah Stock and Broking, based in Mumbai.
With
this the number of DPs registered with CDSL has gone up
to 283.
CDSL
which has witnessed over 100 per cent growth in memberships
in less than one year.
Back
to News Review index page
BEML
public issue slated for September this year
Mumbai: Bharat Earth Movers Ltd (BEML) has said
that it intends to tap the capital market in September
by way of part financing its proposed investment plans.
Company
officials have said that the company needs to invest around
Rs500 crore over the next 4-5 years, and a part of that
would be met through the public issue, which is currently
awaiting Government approval. The remaining funding would
be met from internal accruals.
The
issue involving 70 lakh shares will be of Rs400-500-crore.
While ten per cent of the issue will be reserved for existing
shareholders, another 10 per cent would be reserved for
BEML employees.
As
of now the Government has a 61.2 per cent stake in the
company with financial institutions and the public owning
the remaining 38.8 per cent. After the issue, Government
stake will come down to 54-55 per cent on the expanded
equity base.
At
present the company's equity base is Rs36.87 crore.
A
debt-free enterprise, BEML hopes to have a turnover of
Rs2,200 crore in 2005-2006. It had a turnover of Rs1,862
crore with a profit after tax of Rs172.6 crore in 2004-2005.
Its
vision is to touch a turnover of Rs5,000 crore by 2013-2014.
While Rs2,500 crore of that turnover would come from mining
and construction, Rs1,500 crore would come from the Railways,
including the metro, and Rs1,000 crore from servicing
the defence sector.
BEML
deals in a variety of products in the earthmoving and
mining areas, the railways and defence, with these three
areas, accounting for all its revenues. BEML wants to
both expand and diversify and its plans include equipment
for metro railway operations, underground mining, contract
mining, trading and engineering software and consulting.
Back
to News Review index page
