Fidelity MF plans `special' equity scheme
Kolkata: Fidelity Mutual Fund is planning to come out with an equity scheme that will revolve around `special situations' and will invest in undervalued companies keeping in view scenarios that have been described as out-of-the-ordinary, ones that provide "interesting stock picking opportunities".

The fund, the third equity-oriented proposal from the Fidelity MF stable, will aim at companies that are said to have recovery potential or with special products commanding a particular niche and even those that are carrying out corporate restructuring programmes.

Fidelity's offer document filed with SEBI says the fund will include companies with assets whose value may not have been recognised generally by the market as well as those that could later be potential M&A candidates.

Fidelity India Special Situations Fund, which will seek to generate long-term growth of capital, will be benchmarked against the BSE 200 index. Rajesh Singh would the fund manager of the scheme.
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Reliance Capital Ventures to list on Feb 21
Mumbai: Reliance Capital Ventures (RCVL) would be listed on February 21, according to a release from Reliance - Anil Dhirubhai Ambani group. This would make RCVL the first among four companies demerged from Reliance Industries to get listed on the bourses.

It was only on February 13 that RCVL filed a revised memorandum of information with the stock exchanges for listing the company. As per a release from Reliance- ADA group on February 8, the listing of RCVL was slated latest by today.

According to the release, the proposed listing schedule of RCVL was during the week starting February 13, Reliance Energy Ventures Ltd (February 20), Reliance Natural Resources Ltd (February 27), and Reliance Communication Ventures Ltd (March 6). Thus, the listings of the four companies were to be completed by February 17, February 24, March 3, and March 10, respectively.

After listing, RCVL would be merged with Reliance Capital at a ratio of five shares of Reliance Capital for every 100 shares of RCVL.

The Reliance Capital share closed on BSE today at Rs 444, down 3.32 per cent from the previous close of Rs 459.25.
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Fidelity stake rises to 5.03 pc in Satyam
Hyderabad: Fidelity International informed the National Stock Exchange that its direct and indirect subsidiaries and Fidelity International Ltd currently hold about 5.03 per cent equity in Satyam Computer Services. This follows Fidelity's recent acquisition of 5,85,136 shares aggregating to 0.18 per cent of the total paid-up capital the company as on February 15.

The shares were acquired through open market transactions.
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SEBI debars Warner Multimedia
Mumbai: The Securities and Exchange Board of India has debarred Warner Multimedia along with 12 other related entities for rigging the share prices of Warner Multimedia.

In its order dated February 1, SEBI said the promoters of Warner Multimedia deliberately delayed the dematerialisation of shares held by public shareholders with a "view to create artificial scarcity and thereby manipulate the prices of the shares."

The 12 individuals and entities barred include Jagadish Prasad Purohit; Kailash Prasad Purohit, Vaishno Trade Link, Godavari Commerce, Pragati Merchant, Success Merchant, Rolex Merchant, Govardhan Jain, Mumbadevi Finance and Investment Company, Safal Investments, Gaje Singh Chahl and Arun Goyal.
These entities have been prohibited from buying, selling and dealing in the securities market for three years.
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Numaligarh Refinery mulls IPO
Kolkata: Numaligarh Refinery (NRL) a BPCL (62 per cent) subsidiary, is actively considering coming out with a Rs 700-800-crore IPO. The company is discussing the issue prospects with merchant bankers. A final decision on the offering and the issue size will be taken in the next three to four months depending on the firming up of investment proposals.

The investment proposals include a city gas joint venture for supplying CNG in Assam by March 2007, setting up 510 retail outlets of NRL across the country by 2007-08, picking up 10 per cent stake in Assam gas cracker project and expansion of the refinery up to 4.5 million tonnes.
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Sterlite allots 3.87 lakh shares upon FCCB conversion
Mumbai: Sterlite Industries India has allotted 3.87 lakh equity shares of Rs 5 each upon conversion of 4,700 Foreign Currency Convertible Bonds (FCCB).
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