Realty shares zoom on SC ruling
Mumbai: Shares of textile and real estate companies jumped on Tuesday after the Supreme Court held the sale of land by NTC to be valid and lifted a stay by a lower court to allow defunct textile mills to sell their land to developers in the city.

Shares of Bombay Dyeing rose 20 per cent to Rs472. Morarjee Realties jumped 20 per cent to Rs521. Shares of Mahindra Gesco Developers jumped 12 per cent to Rs434 and Indiabulls Financial Services, which has bought mill land to develop real estate, climbed 13.4 per cent to 228.50 in a flat Mumbai market.

The Supreme Court set aside a Mumbai court ruling last October that stayed the sale of surplus land by five textile mills to developers. The issue has pitted former mill workers against the owners of the mills, which are no longer productive.
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BHEL announces Rs. 8.50/shr interim dividend
Mumbai: The board of directors of Bharat Heavy Electricals (BHEL) has approved a proposal to pay an interim dividend of 85 per cent i.e Rs8.50 per share for the financial year 2005-06.

According to a release issued by BHEL to the BSE, March 23, 2006 has been fixed as the record date for the payment of the dividend.
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Jubilant Organosys to split stick in 1:5 ratio
Mumbai: Specialty chemicals company Jubilant Organosys said that it would split the equity shares of the company in the ratio of 1:5. The shareholders of the company have approved the split of each equity share of Rs5 into five equity shares of Re1 each, the company informed the Bombay Stock Exchange.
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Himachal Futuristic FCCB issue raises $33 million
Mumbai: Himachal Futuristic Communications Ltd has raised $33 million through the issue of foreign currency convertible bonds (FCCBs).

The company informed Bombay Stock Exchange that the subscription to the FCCBs issue closed on March 06 at London and received subscription for 330 bonds (Series 'A' FCCBs) of $1,00,000 each fully paid aggregating to $33 million.
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Tatas displaces ONGC as most valued group
Mumbai: The Tata group has crossed the Rs2 lakh crore ($46.1 billion) mark in market capitalization replacing public sector giant Oil and Natural Gas Corporation group, that includes ONGC and Mangalore Refinery & Petrochemicals, whose market capitalisation is at $39.4 billion now.

In the last two years, the 2.8 million investors of the Tata group have gained hugely from Tata Consultancy Services (TCS) that was listed in August 2004 and now has a market capitalisation of $18.8 billion.

The Mumbai-based Tata group is spread across seven sectors and has 29 listed companies under its fold. Companies that are leading in the current rally are Tata Consultancy Services, Tata Steel, Tata Motors, Tata Power and Videsh Sanchar Nigam.
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Reliance Petro to borrow Rs10,000 crore
New Delhi: Reliance Petroleum, controlled by Mukesh Ambani, which is coming out with an IPO to raise Rs6,000 crores, is borrowing about Rs10,000 crore to finance its mega refinery project, which when completed in December 2008 would be the sixth largest refinery globally.

RPL, a wholly-owned subsidiary of Reliance Industries, is building a greenfield Rs 27,000 crore refinery at Jamnagar in Gujarat and has filed a draft prospectus with market regulator SEBI for the public offer.

The company would pump in Rs11,250 crore as equity, including about Rs5,500-6,000 crore that it would get from the IPO. The company had also recently mobilized Rs6,750 crore through a syndicated loan deal.
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