FII inflows top US$10bn in 2005
Mumbai: Investments by FIIs in the Indian equity markets have crossed US$10bn for the calendar year 2005. This is the highest ever investment by foreign funds in a single year in Indian markets, ever since the FIIs were allowed to make portfolio investments in the country's stock markets in the early 90s.

As per SEBI figures, FIIs made net purchase of US$587.3mn on Friday, taking the total net investments in the 2005 calendar to US$10.11bn. The FIIs also made record purchase of US$1.458bn in the first 16 days of December, compared to last month's figure of US$902mn.

The net FII investments stood at US$8.518bn in the 2004 calendar, US$6.594bn in 2003, US$740.30mn in 2002, and US$2.843bn in 2001, according to SEBI data.
Back to News Review index page  

Warburg Pincus affiliates sell stake in GACL
Mumbai: Through two bulk deals in the markets, Elm International, an affiliate of Warburg Pincus and Affinity Investments sold a total of 5.08 equity stake Gujarat Ambuja Cements Ltd on the BSE.

Company officials said the sellers would have made a two-to-three fold gain on their investments that were made in 2001. Both the deals were done at Rs82 a share.

These investors had bought their shares in 2001 at Rs200 a share, but since then the GACL stock's face value has also changed, to Rs2 a share.

The buyers were Capital Income Builder that acquired 5.6 crore shares, and T Rowe Price International, which acquired 2.21 crore shares.

As on September 30, FIIs held 30.29 per cent stake in GACL. The total foreign shareholding in the company was 43.3 per cent.
The GACL stock gained slightly over the day, closing at Rs81.65, up from Friday's closing price of Rs80.
Back to News Review index page  

FIIs receive highest allotment in ICICI Bank issue
Mumbai: Foreign institutional investors (FIIs) have been allotted the highest number of shares in the recently concluded follow-up issue of ICICI Bank. ICICI Bank had come out with a public issue of 11.14 crore shares.

While FIIs were allotted 4.41 crore shares for Rs525 each, for a total value of Rs2,315 crore, the second highest number of shares, i.e. 2.88 crore, was allotted to retail investors.

Overall, the issue received six times more bids than the issue size, with the highest number of bids being received in the institutional investor segment.

ICICI Bank shares closed on Monday at Rs584.80, down 0.51 per cent on the BSE.
Back to News Review index page  

DSQ Biotech barred from markets till April 2008
Mumbai: Market regulator, the Securities and Exchange Board of India (SEBI), has barred DSQ Biotech Ltd from accessing the capital market or dealing in securities till April 9, 2008, after the Securities Appellate Tribunal (SAT) rejected an appeal from the company against a five-year ban imposed on the DSQ promoters from April, 2003.

SEBI had imposed the ban after finding the promoter Dinesh Dalmiya guilty of insider trading and manipulation of the stock prices of DSQ Biotech during September 1994. The stock prices moved up from Rs20 in June 1994 to Rs112 by end November 1995.
Back to News Review index page  

Fidelity to launch Tax Advantage fund in Jan. 2006
Mumbai: The Fidelity Fund Management has announced that its Fidelity Tax Advantage Fund will open on January 5, 2006.

The company had received SEBI clearance for the launch of the fund in October itself, but held back the launch in order to await clarification with regard to tax rules.

The fund will be an open-ended growth scheme aimed at generating long-term capital growth from a diversified portfolio of predominantly equity and equity-linked securities, said a statement from Fidelity.

This is in accordance with the regulation that allows tax savings on investments in open-ended ELSS of up to Rs1 lakh. The fund will have a lock-in period of three years, as in all ELSS funds.
Back to News Review index page  

Franklin India's Smaller Companies Fund raises Rs.1,200 crore
Kolkata: Franklin India Smaller Companies Fund has collected about Rs1,200 crore during its new fund offer (NFO), which closed on December 14.

The fund, a five-year close-end scheme that seeks to provide long-term capital appreciation by investing in mid and small-cap stocks, has mobilised this amount from roughly 1.47 lakh investors, a release issued by Franklin Templeton has mentioned.

This is the largest amount raised by a close-end diversified equity fund from the private sector, it is pointed out.
Back to News Review index page  

Tuticorin Alkali to issue shares to South Indian Bank
Chennai: Tuticorin Alkali Chemicals & Fertilisers Ltd (TAC) has informed the stock exchanges that the Board of Directors of the company at its meeting held on Monday has approved the issue of 5,62,430 equity shares, with a face value of Rs10/- each, on a preferential basis to The South Indian Bank Ltd, Trissur, at the rate of Rs17.78/- per share.

The issue is in line with the Provisions of Preferential issue Guidelines, 2000, subject to approval of the members of the company at it's meeting to be held on January 18, 2006.
Back to News Review index page