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Sensex sniffs the 9000-mark - touches 8970.28 in early trades
Mumbai: The Sensex on Monday started sharply higher and rose further to a high of 8,970.28 within the first ten minutes of trading at the Bombay Stock Exchange (BSE) due to sustained heavy buying activity.
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Peninsular Capital sets out expansion plans
Hyderabad: Kochi-based, Peninsular Capital Market Ltd (PCML), a leading investment and financial services firm, plans to double its customer base to one lakh from its current 50,000, and also up its trading branches to 500 from the existing 240 across the country in the next 16 months.

PCML also proposes to set up another 50 trading branches in the State of Andhra Pradesh before March 2007.

According to the PCML managing director, Akshay Agarwal, the company has decided to move from a franchisee-supported organisation towards a hybrid system by adding to its list both business associates and direct branches. Of the proposed network of 500 trading branches by March 2007, the company plans to have at least 100 directly owned branches, he said.

PCML said the company has recently obtained approval from the Securities and Exchange Board of India for offering portfolio management services. The company has set a target of managing around Rs100 crore of funds under the PMS scheme by March 2007.

Having obtained membership of the Dubai Gold and Commodities Exchange recently, the company also proposes to focus on investors in West Asia for its PMS operations.

To raise funds required for meeting its aggressive expansion plans, the company also proposes to tap the markets, and PCML accordingly may go in for private placement of equity for raising around Rs20 crore in the next couple of months. The company also proposes to mobilise around Rs200 crore through initial public offering sometime next fiscal, PCML said.
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