MFs, FIIs can now participate in gold, silver and crude futures
Mumbai: The Forward Markets Commission (FMC) has said mutual funds and foreign institutional investors can participate in bullion and crude oil futures at the national commodity exchanges.

FMC has recommended that the Securities and Exchange Board of India make the necessary amendments to allow MFs and FIIs to trade in these commodities.

SEBI is required to make amendments to the provision of the SEBI Act, numbers 15 and 43, to allow FIIs and MFs to trade in commodity futures.

The committee set up by FMC to study the entry of these entities into commodity futures had earlier recommended their participation.

However, the FMC has decided to limit the participation to three commodities — gold, silver and crude oil.
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FM clarifies on ELSS
New Delhi: The Finance Ministry has clarified that tax benefit under Section 80C of the Income Tax Act would be available to the investments made on or after April 1, 2005, in the units of a mutual fund issued under any plan formulated in accordance with the three equity-linked savings (ELSS) schemes — ELSS 1992, ELSS 1992 as modified in 1998 and ELSS 2005.
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ABG Shipyard lists at 47 per cent premium
Mumbai: ABG Shipyard has listed on the Bombay Stock Exchange with a 47.24 per cent premium on the issue price.

The stock opened at Rs280, touched a high of Rs298 and closed at Rs272.40, with 71.7-lakh shared traded on the first day. The issue price was Rs185.

The company will use the IPO proceeds to fund its Rs450-crore project which involves setting up of its second shipyard at Dahej. The new yard, which is likely to be completed in two years, will be capable of building bigger vessels of 1.2-lakh DWT Aframax and Panamax tankers.
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Ginni Filament up before follow-up issue
Ginni Filament, a textile company, stock price rose as a precursor to its follow on issue expected to be launched next week. The stock closed at Rs37.70, up 10.23 per cent on the BSE with a volume of 2.82 lakh shares and on the NSE, the closing price was Rs37.80, up 10.36 per cent, with a volume of 5.55 lakh shares.

Dealers said some players are pushing the price ahead of the issue. The issue price is likely to be at a discount to the market price.
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'Buy' report drives Tata Motors up
Tata Motors' stock rose 6 per cent at Rs626.30 on the BSE with a volume of 18.19 lakh shares; on the NSE, closing at Rs 625.55, up 5.69 per cent, with a volume of 54.04 lakh shares.

Dealers said the stock price rose after a broking firm, which caters to a large number of nstitutional investors, came out with a `buy' report on the stock.

The firm said the increase in the price for medium and commercial vehicles of the company provides a positive outlook.

Also there was news that a leading FII had given order to buy shares of Tata Motors worth Rs100 crore leading to a sharp rise in its stock price.
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Gateway Distriparks rises on 'buy' report
Gateway Distriparks' stock price rose on Tuesday by 5.02 per cent to Rs271.85 on the BSE with a volume of 7.56 lakh shares; on the NSE, it closed at Rs271.15, up 4.51 per cent, with a volume of 27.83 lakh shares.

Dealers said the stock price rise came after a leading domestic broking firm came out with a `buy' report on the company. The rise is attributed to the good growth of the company's business after the expansion.

The company recently raised around Rs350 crore from a global depository receipt issue. Funds from the issue would be used for expansion.

The broking firm expects sharp growth in earnings after the expansion and this has led it to recommend a `buy' on the stock.
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