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Chidambaram:
Market movement orderly
New
Delhi: After the BSE Sensex crossed the landmark 9000
points on Tuesday finance minister, P Chidambaram said
the market movement was orderly and it reflected the strong
fundamentals of the economy.
The
finance minister quoted SEBI chairman M Damodaran as saying
that the movement was orderly.
The
BSE 30-share sensitive index opened today at 9,065 points
as against yesterday's close of 8,994.94, but soon nose
dived to a low of 8,904.50 within an hour.
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Dabur's
Burmans pick up 11 per cent stake in Punjab Tractors
New Delhi: The Burman family, which owns the Dabur
Group of companies, has acquired 11 per cent stake in
Punjab Tractors. The purchase makes the Burman family
one of the largest shareholders in Punjab Tractors.
Company
sources said the decision to pick up the stake in the
tractor firm was purely an investment-led one.
The
Punjab Tractors stock has been buzzing since the beginning
of the month with speculation about the purchase. The
stock has steadily risen from Rs189 on November 1 to close
at Rs220 on Tuesday on the Bombay Stock Exchange. The
stock closed at Rs209.15 Monday.
According
to information available on BSE private equity firm Actis
is the largest shareholder with a stake of about 23.5
per cent, followed by LIC with 15.6 per cent and GIC with
11.26 per cent.
The Burman family commenced picking up stake in PTL in
August 2005, sources added.
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ICICI
Bank issue price band fixed at Rs.505-545
Mumbai: ICICI Bank has fixed a price band of Rs505-545
per share for its public issue of shares opening on December
1, an ICICI Bank spokesperson said.
The
bank is raising Rs5,750 crore (including a green shoe
option of Rs750 crore) from the domestic market.
ICICI
shares closed Rs536.40 on the BSE on Tuesday, down by
Rs2.95 from the previous close.
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CSE
fixes Nov.28
as due date for
demutualisation
Kolkata: The Calcutta Stock Exchange (CSE) has
fixed Nov 28 as a `due date' for its demutualisation programme.
T.K.
Das, the administrator, appointed by Securities and Exchange
Board of India (SEBI) has informed members that November
28 will be the due date in accordance with the relevant
clause of the Calcutta Stock Exchange Association Ltd.
(Demutualisation) Scheme, 2005.
The
due date will have wide implications, especially for those
who will subsequently hold CSE shares. A member (registered
as a stockbroker on the day preceding the due date) will
become a trading member on that date. Also, a member who
is not registered as a stockbroker on the day preceding
the due date will become a trading member on being registered
as a stockbroker under SEBI (Stock Brokers and Sub-Brokers)
Regulations, 1992, within three months.
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NSE
introduces corporate governance course
Mumbai: The National Stock Exchange's Certification
in Financial Markets (NCFM), which conducts online tests
on skills required to operate in the financial markets,
has introduced a `Corporate Governance Module'.
The
NSE and the Institute of Company Secretaries of India
jointly developed the module to strengthen knowledge on
corporate governance, a press release by the NSE said
here.
Market
participants and companies need to have comprehensive
knowledge and proper understanding of the issues related
to corporate governance and therefore this module would
be useful for organisations to equip their company secretaries,
officers in the compliance and legal departments with
adequate knowledge on corporate governance, it said.
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UB
group plans Kingfisher Airlines' IPO in 2006
New Delhi: UB Group chairman Vijay Mallya has said
that the Group would raise a total of US$400mn over the
next one year, including an IPO for its aviation business,
Kingfisher Airlines.
Mallya
told the press on the sidelines of the World Economic
Forum, "The IPO from Kingfisher Airlines will be
coming next year and we intend to raise US$200mn through
this."
Regarding
the spirits business, he said the company would be raising
US$200mn, which would be used for reduction of debt raised
for purchasing Shaw Wallace and Company, as well as for
funding the merged spirits entity 'United Spirits'.
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Franklin
Templeton largest institutional holder in Pricol
Coimbatore: Franklin Templeton Mutual Fund (FTMF)
has emerged as the largest institutional shareholder in
the dashboard instruments and automotive component manufacturer,
Pricol. The mutual fund's total stake, under the various
schemes of the fund, has crossed 9 per cent of the Rs
9-crore equity of the company.
FTMF,
under its scheme Franklin India Flexi Cap Fund (FIFCF),
acquired 4,76,898 shares aggregating to 0.53 per cent
of its share capital on November 22 through market purchase.
The total shareholding of FTMF under its various schemes
after the said acquisition is 81,31,575 shares, aggregating
to 9.04 per cent of Pricol's total share capital.
The
company's Indian promoters hold the largest stake in the
company at 36.43 per cent, while its Japanese collaborator
DENSO Corportion holds a 12.50 per cent stake. The shareholding
of the Indian public, stood at 33.58 per cent at the end
of March 31, 2005, and had dipped to 31.64 per cent at
the end of September.
Mutual
funds/UTI have nearly doubled their stake in the first
six months of this fiscal in Pricol.
Pricol's
shares closed at Rs 44.40 on the BSE and the NSE on Tuesday.
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Loss
making Ramco plans rights issue
Mumbai: Ramco Systems, which has been running into
losses, plans to raise Rs64.49 crore through a rights
issue of 30.70 lakh shares.The company attributes its
losses to significant expenditure on R&D, coupled
with employee and administrative expenses.
Ramco's
losses on a consolidated basis aggregated Rs67.92 crore
during 2004-05, up from Rs50.79 crore during the previous
fiscal, according to a letter of offer filed with the
market regulator SEBI. Its losses on unconsolidated basis
aggregated Rs40.36 crore last fiscal against Rs34.86 crore
during 2003-04, the letter said.
"These
losses were on account of significant expenditure on R&D
and incurring fixed operational costs like employee and
administrative expenses," the company said.
The
company says it cannot assure its investors of being able
to reverse this position in the future. It adds this may
continue to adversely affect its results of operations
and financial conditions.
Ramco
Systems' subsidiaries have also incurred losses on a standalone
basis in the past. In fiscal 2003-04, the subsidiaries
suffered losses aggregating Rs15.94 crore against Rs32.54
crore in the previous fiscal.
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Ramsarup
to come out with an IPO for expansion
Mumbai:
The Kolkata-based Ramsarup Group, a leading player
in the steel wires market, is coming out with an initial
public offer of Rs30 crore as part of its Rs120 crore
modernisation-cum-expansion plan. The IPO comprises public
offer of 50 lakh equity shares of Rs10 each at a premium
of Rs50 per equity share. The total issue is of the size
of Rs71.5 crore, the company said. The promoters would
contribute Rs41.15 crore.
The
company would also raise Rs45.5 crore-term loan from banks
and financial institutions including banks and infuse
Rs3.37 crore from internal accruals in order to meet capital
requirements for expansion plan.
Ramsarup
Group would invest Rs67.36 crore for setting up of a structural
mill and Rs9.5 crore for modernisation and expansion of
TMT plan.
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Bharati
Shipyard's FCCB raises US$85mn
Mumbai:
Bharati Shipyard has raised US$85mn through the issue
of foreign currency convertible bonds.
The
FCCBs are convertible into equity shares and were issued
in two tranches of US$15mn and US$70mn, having a tenor
of 3 years, 1 day and 5 years, 1 day respectively, the
company informed the Bombay Stock Exchange.
Bharati
Shipyard Limited is a leading Indian private sector shipyard
engaged in design and construction of sea-going, coastal,
harbour, inland crafts and vessels.
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ACC
to amalgamate Damodar Cement
Mumbai: Associated Cement Companies plans to amalgamate
Damodar Cement and Slag Ltd (DCSL) with itself.
The
shareholders at their meeting have approved the scheme
of amalgamation of DCSL with the company, with requisite
majority, ACC informed the Bombay Stock Exchange.
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Aban
Loyd to raise Rs.165 crore through debenture issue
Mumbai:
Aban Loyd Chiles Offshore is raising Rs165 crore through
issue of debentures.
The
board of directors has approved the issue of debentures
that are optionally convertible into cumulative redeemable
preference shares of up to Rs165 crore on private placement
basis, the company informed the Bombay Stock Exchange.
The
company also informed that it has been assigned a rating
of A+(ind) for the proposed Rs165 crore long-term debenture
programme from Fitch Ratings India.
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Eveready
Ind. raises US$33mn from GDRs
Mumbai: Eveready Industries India has raised US$33mn
by way of global depository receipts (GDRs).
The
GDR issue opened on November 25 and closed on November
28, the company informed the Bombay Stock Exchange.
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RS
Software plans rights issue
Mumbai: RS Software will issue 24.59 lakh equity
shares on rights basis to the shareholders in 1:2 ratio
and 5 lakh convertible warrants on a preferential basis
to the promoters.
The
equity shares would be issued at a price of Rs65 each,
it said.
The
board also approved the issuance of warrants, where each
warrant is convertible into one share of the company at
a price of Rs87 per share.
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