Gold rises by Rs 310
Mumbai: Precious metals rose further on the local bullion market on Wednesday supported by a strong overseas market. Standard gold prices rose Rs310 to end at Rs10,265 per 10 gm from the previous close of Rs9,955. Pure gold (99.99) was up Rs310 at Rs10,315 from the previous close of Rs10,005. Silver (.999 fineness) price was up Rs710 at Rs21,495 from the previous close of Rs20,785 a kg.
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MF lines up two open-ended debt plans
Kolkata: Benchmark Mutual Fund, specializing in exchange traded funds, plans to launch two open-ended debt schemes. The first is the Benchmark Derivative Plus Fund, which opens for subscription and redemption once a month on the last working day on an on-going basis and seeks to generate absolute returns over and above money market returns by taking advantage in the underlying cash and derivatives markets.

The success of the fund's investment activities will depend on the fund manager's ability to identify opportunities and to exploit price discrepancies in the capital and derivative markets.

The portfolio will comprise equities, derivatives, debt securities and money market instruments. The enhancement techniques will differ in the sense that each method will attempt to exploit a different form of capital, debt and derivatives market pricing and imperfection. The investor concerned will be exposed to different forms of risk.

The second product, Benchmark Derivatives Opportunities Fund, will also be an open-ended debt scheme that will seek "daily investment results", before fees and expenses, with a view to providing absolute returns by taking advantage of opportunities in the underlying cash and derivative markets. The scheme is aimed at investors seeking long-term capital appreciation chiefly through a diversified portfolio.
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Reliance Natural floats FCCB issue
Mumbai: The board of directors of Reliance Natural Resources has approved the issue of zero coupon foreign currency convertible bonds (FCCBs) in the international markets up to $300 million. The issue will consist of three lakh FCCBs of $1,000 each with a tenor of five years.

The conversion price is Rs37 a share, representing a premium of 20 per cent to the closing price of the shares on May 9.

In the event of the FCCBs being fully converted into equity, the equity share capital of the company would increase by about 36.5-crore equity shares of Rs5 each.

The company's scrip closed at Rs31.60 on the BSE.
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Varun Shipping readies for SDS
Mumbai: Varun Shipping Co has filed the draft-amended prospectus with the Monetary Authority of Singapore in connection with the proposed issue of Singapore Depository Shares by the company.

The company is seeking to list its SDSs on the main board of the Singapore Exchange Securities Trading Ltd.
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Malwa Ind plans IPO
Mumbai: Punjab based denim maker Malwa Industries (MIL) plans to come out with an initial public offer and has filed Draft Red Herring prospectus with SEBI, Rishi Oswal, chief executive officer and managing director, MIL, said.

Oswal said the company plans to raise more than Rs160 crore from the market for its expansion plan. The issue would part-finance its expansion plans, which would double its manufacturing capacity from the present 20 million metres to 40 million metres per annum and retire some of its old debts, he said.

The company had fully acquired Third Dimension Apparels in Jordan and had taken up a majority stake in textile firm Emmetre Tintolavanderie of Italy.
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Gangotri Textiles to float public issue to raise Rs 55 cr
Mumbai: Gangotri Textiles plans to enter the capital market with a follow-on public issue of equity shares of Rs5 each through book building process to raise Rs55 crore. The issue opens on May 18 and closes on May 23.

SBI Capital Markets Ltd is the book running lead manager and Intime Spectrum Registry Ltd is the registrar to the issue.

The company proposes to part-finance its Rs351-crore investment plan, covering expansion-cum-integration of facilities in spinning, weaving, processing, garmenting and windmill installation, through this public issue. The remaining requirement of funds for the expansion project would be funded through rupee term loans from banks and financial institutions.

The company plans to expand and forward integrate by setting up two new units — a ring spinning unit of 19,200 spindles and another unit of 31,200 spindles capacity to produce polyester cotton yarn. The company that owns the `Tibre' brand of trousers and other textiles products plans to add 20 new products and improve its market share by selling through its network of 750 retailers across the country.

The company's stocks traded at Rs60.60 on Wednesday.
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