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StanChart to launch another equity fund
Kolkata: Standard Chartered Mutual Fund is coming out with an equity fund aimed at investors looking for a focused, aggressive portfolio of fundamentally good businesses.

If passed by SEBI, this will be the MF's third equity fund.

Kenneth Andrade has been announced as the fund manager of the new fund. The fund will invest in well-managed companies that are available at reasonable value.

Companies would be identified through a process of forecasting earnings based on an understanding of the industry's growth potential and interaction with the management to grasp the company's core competencies. The MF has said that sustainable company profits drives long-term share value and the fund manager will focus mainly on the fundamentals of the underlying company.

The funds say that stock prices of companies that can sustain periods of high cash profit growth will outperform the markets over the long term. Investors entering this scheme are therefore expected to have a one-year investment horizon, at least.

The fund in normal circumstances will be at least 65 per cent invested in equity and equity-related instruments, an allocation that may be increased to 100 per cent.
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DSP Merrill Lynch chosen advisor for Air India's IPO
New Delhi: DSP Merrill Lynch has been chosen as the advisor for Air India proposed initial public offering (IPO).

The airline has said that the terms of reference of the advisor will include preparing a roadmap for the airline's proposed IPO for submission to the Ministry of Civil Aviation and advising on capital restructuring and various options including the type of issue, timing, size of the offer, valuation methodologies, ESOPs and other corporate governance requirements.

Air India has a share capital of Rs153.84 crore fully subscribed by the central government while its authorised capital is Rs500 crore. The airline at present has a turnover of $1.77 billion (Rs7,795.08 crore).
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Shree Renuka Sugars to issue IPO
Mumbai: Shree Renuka Sugars (SRSL) is coming out with a public issue of Rs10 face value equity shares aggregating Rs100 crore.

The issue is being made through a 100 per cent book building process at a price band of Rs250-300 per equity share.

There will also be a greenshoe option for Rs10 crore and the issue opens on October 7 and closes on October 14.

The net proceeds from the issue would be used by the Belgaum-based company for increasing cane crushing capacity, increasing the distillery capacity, setting up a co-generation power plant and repayment of loans.

JM Morgan Stanley Pvt Ltd is the book running lead manager and Edelweiss Capital Ltd is co-book running lead manager for the IPO.
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SEBI debars more companies from the market
Mumbai: The Securities and Exchange Board of India (SEBI) has debarred the promoter and directors of two more companies - Konkan Tyres Ltd (KTL) and Prime Property Development Corporation Ltd (PPDCL) - from the markets with immediate effect.

SEBI has also suspended certificate of registration of Bangalore Stock Exchange (BgSE) broker Dagaliya Consultant for creating an artificial market in the stock of Home Trade (HTL) for two months.

According to SEBI the regulatory action is based on certain peculiarity in terms of trading and price movements.

SEBI has directed promoters and directors of these two companies not to buy, sell, pledge or deal in securities directly or indirectly, till further directions.

The regulator has also debarred a set of brokers and certain set of clients from dealing in securities of these companies till further orders.
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SBI MF increases stake in Nagarjuna Construction
Hyderabad: SBI Mutual Fund has upped its stake in Nagarjuna Construction Company (NCC) by acquiring 2.5 lakh shares aggregating to a 0.31 per cent holding in the company.

NCC has informed the stock exchanges that the mode of acquisition was market purchase and the date of purchase was September 22.
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