Nahar Industrial to raise US$40mn through FCCBs
Mumbai: Oswal family promoted Nahar Industrial Enterprises, engaged in manufacture and trade of soaps, cotton yarn and woven fabrics of cotton, has decided to raise US$40mn from the international markets through the issue of foreign currency convertible bonds or other equity linked financial instruments.

The recently held EGM of the company authorised the board to raise the amount by way of FCCBs, GDRs or through private placement of securities, the company informed the Bombay Stock Exchange. The FCCB offer will also entail a green shoe option of US$5mn.

An increase in the company's authorised share capital to Rs65 crore from Rs50 crore has also been approved at the EGM.
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Report on multiple accounts to be submitted by Feb. 15
Mumbai: National Securities and Depositories (NSDL) has asked depository participants (DPs) to report about the individuals behind the 7,000 multiple demat accounts, found non-compliant to the client identification norms, by February 15.

NSDL chairman and managing director C B Bhave said, "Of the 55,000 multiple accounts that were found by these 220-odd depository participants, only 7,000 do not comply with the 'Know Your Client Norms' (KYC) norms. We have asked them to trace these and report to us in 10 days. They will complete it by February 15."

The depository participants, who were asked to find instances where 20 accounts or more had the same address, had come up with 1,000 such instances amounting to 55,000 multiple accounts.
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Wheat imports to hit futures
New Delhi: The government's decision to import wheat stocks after a seven-year hiatus will dampen market sentiment and pull down prices.

The government has asked its trading agency, STC Ltd, to import 5 lakh tonne of wheat at zero duty to ward off any price rise driven by speculation in the next 2-3 months.

Spot wheat on the National Commodities & Derivatives Exchange Ltd. (Ncdex) closed higher at Rs931.85 per quintal against Rs918.40 per quintal Wednesday.

February and March contract closed range bound at Rs847 per quintal and Rs799 per quintal, while April and May contract closed at Rs733.40 per quintal and Rs749 per quintal, respectively.

At present, India levies a 70 per cent duty on wheat imports, making it an unviable proposition. India last imported 15 lakh tonne of wheat in 1998-99.

The new consignments are expected to arrive in about 60 days, around the time the domestic harvest of wheat will also begin. As of Thursday, the official buffer stock stood at about 47 lakh tonne while the monthly requirement across the country is estimated at 13 lakh tonne.

The government is expecting 2006-07 wheat procurement to be about 160 lakh tonne compared with 147.8 lakh tonne in 2005-06 and 168 lakh tonne in 2004-05.
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