UTI MF to launch offshore funds in 2006
Mumbai: UTI Asset Management Company will launch three offshore funds next year for investing in the Indian equities market. It will also launch three debt and equity funds in the short-term.

The AMC's existing offshore funds sizes range between $30-60 million. The proposed three new offshore funds will be of a much bigger size. UTI MF currently manages four offshore funds.

UTI AMC has been able to grow its total assets under management (AUM) from Rs 15,000 crore to Rs 25,000 crore over the last one year. During the next year, UTI AMC is confident of maintaining a 25 per cent growth in the total assets under management.

The UTI AMC has four sponsors - State Bank of India, Life Insurance Corporation of India, Punjab National Bank and Bank of Baroda but is independent in its day-to-day decision making process.
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Raj Rayon price band fixed at Rs.55-65
Mumbai: Polyester yarn manufacturer, Raj Rayon has fixed the price band at Rs 55-65 for its public offer of 85 lakh equity shares. The company plans to raise about Rs 46-55 crore through the issue of 85 lakh shares of Rs 10 each to be offered at a price determined through the book-building process.

The issue price will be 5.5 times the face value at the lower end of price band and 6.5 times of the face value at the higher end of price band.
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Sugar companies to see sweet days ahead
Mumbai: Sugar companies are set to see some sweet days ahead with the domestic stocks of sugar having fallen below the minimum stock levels and the global supply-demand mismatch pushing up sugar prices in international market.

Raw sugar prices globally are hovering around a 10-year high of $300 per metric tonne and are expected to move up further. Expectedly share prices of major sugar players in the industry have surged more than 21 per cent during the past month.

Industry leaders like Bajaj Hindustan and Simbhaoli Sugars have gained 27.72 per cent and 36.53 per cent respectively while shares of Riga Sugars, K M Sugar Mills and Pratappur Sugars have touched unexpected peaks.

Riga Sugars' shares jumped 73.5 per cent during the month from Rs 44.90 to Rs 77.90 while K M Sugar Mills registered a gain of 53.22 per cent. Pratappur Sugars was up 52.72 per cent while Shree Renuka Sugars was up 43.19 per cent and Sakthi Sugars was up 42.78 per cent.

The closing stock levels in the country are expected to hit a low of three-lakh mt in 06-07, which is below the normal minimum stock levels.
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Kolkata broker suspended
Mumbai: The Securities and Exchange Board of India (Sebi) on Tuesday suspended the certificate of registration of Kolkata-based broker Mukul Bhattacharjee for manipulating the share prices of Blue Print Securites and Offshore Finvest Limited through a series of cross and matched deals.

Between July 5, 2001 and October 31, 2001, the average price of the scrip Blue Print Securities on the Kolkata Stock Exchange shot up from Rs 4.45 during Rs 21.40. It was found that many cross deals were executed between two CSE brokers namely Mukul Bhattacharjee and J T Amirthasingh & Co.

Price of the OFL shares at CSE shot up from Rs 15.70 to Rs 50.95 between July 2001 and October 2001. It was found that 93.22 per cent of the trading volumes were traded through three members, including the said broker, Sebi said in its order.

Sebi has banned the broker for a period of six months in the case of Blue Print Securities (BPS) and four months in the case of Offshore Invest Ltd (OFL) case, both effective from 20 days since the order date.
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