Precious metals plunge
New Delhi: Precious metals - silver and gold - saw a free fall across the board in the opening session on Friday due to brisk selling by stockists led by weak overseas trends.

Gold crashed in the first 30 minutes of trading, dropping by Rs650 at Rs9,050 per ten gram while silver fell by Rs4,400 at Rs18,500 per kilo.

In Chennai gold lost Rs420 at Rs9,160 per ten gram and silver by Rs3,190 at Rs18,630 per kilo. However, Kolkata depicted almost negligible change in prices of precious metals.

Gold in New York market last night fell to $613 from its 25-year high level of $647 while silver traded at $11.84 from $14.75.
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SUN TV IPO price fixed at Rs.875
Mumbai: Sun TV's, to be listed on Monday, issue price for its recently concluded IPO has been fixed at Rs875. At 68,89,000 equity shares, the size of the fresh equity issue, works out to Rs602.78 crore.

Sources said the Sun TV issue was oversubscribed 46.92 times. The retail portion was oversubscribed 2.9 times, that of non-institutional buyers 35.48 times and the portion for qualified institutional buyers, 70.8 times.

Sun TV is part of the Sun Network, which runs 14 TV channels, four FM radio stations, two daily newspapers and four magazines. According to the prospectus, the issue proceeds would be used to beef up Sun TV's subsidiaries, launch more TV channels, construct its own corporate office, set up studio facilities and up-linking infrastructure, purchase new equipment and upgrade existing ones.
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D.S. Kulkarni Developers plans FPO
Chennai: D.S. Kulkarni Developers, a real estate development company, is re-entering the capital market with a follow-on public issue of 55 lakh equity shares to raise funds for its new residential and commercial real estate projects. The company hopes to raise Rs550 crore.

The price of the shares, with a face value of Rs10, would be determined through the book-building process and would be part of a composite issue of 110 lakh equity shares. The issue opens on April 25, and closes on May 3. Of the 55 lakh shares, the promoters' contribution would be 6,40,155 equity shares, and employees' reservation is set at 1.1 lakh, resulting in a public offering of 4,749,845 equity shares.

The company has nine projects at various sites in Mumbai, Pune and Bangalore, and comprise over 39 lakh sq ft in total. The projects are in various stages of construction, and would be completed by 2009. The estimated cost of these projects is Rs555.23 crore, of which the company has already deployed Rs115.79 crore as of February 28.
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