MSCI India adds five cos to index
Mumbai: Morgan Stanley Capital International Inc (MSCI) has added five stocks — Bajaj Hindustan, Reliance Capital, Jaiprakash Industries, Siemens India and Indiabulls Financials — into its India index. Bharti Tele and Suzlon Energy failed to gain entry into the index. After the India index recast, the India weightage in the MSCI Emerging Market Asia Index has also gone up.

The MSCI Web site says that Castrol India is the only deletion from the India index. The recast will be effective from the close of markets on May 31, 2006.

Analysts said the inclusions on MSCI India index might be based on the free float of shares available for foreign investors. MSCI indices are widely tracked by global fund managers and an inclusion would see more foreign interest in those particular stocks.

The leading stocks in the MSCI India index include Reliance Industries, Infosys, ICICI Bank, ONGC
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Deccan Aviation IPO price band at Rs.150-175
Mumbai: Deccan Aviation, operating budget airline Air Deccan, plans to enter the capital market on May 18 with an initial public offer of 2.45 crore equity shares of nominal value of Rs10 each through a 100 per cent book building process. The price band for the issue has been fixed at Rs150-175. The issue closes on May 23.

The company proposes to raise Rs368.19 crore at the lower end of the price band and Rs429.55 crore at the higher end. The issue would constitute 25 per cent of the fully diluted, post-issue, paid-up capital of the company.
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Reliance Petro debuts at 70 pc premium on BSE
Mumbai: Reliance Petroleum (RPL) shares debuted at a 70 per cent premium on the BSE Thursday. The RPL shares opened at Rs101.95 against its issue price of Rs60 on the BSE in the morning but went down to Rs81.10 before closing at Rs85.45. RPL raised Rs 2,700 crore through initial sale of shares to Indian and foreign investors for setting up a greenfield refinery at Jamnagar in Gujarat.

On the NSE, RPL opened at Rs99.95 and touched a high of Rs105 before closing at Rs85.40. On the NSE, 31.51 crore RPL shares were traded while on the BSE, the volume was lower at 7.27 crore.

Mukesh Ambani, chairman, RPL, addressing brokers at the BSE said the company would become the sixth largest refinery in the world with almost 2 per cent of the entire crude in the world being processed in Jamnagar. It is the company's first public issue in nearly a decade-and-a-half.
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Principal Mutual to offer FMP scheme
Kolkata: Principal MF is offering close-ended scheme offering fixed maturity plans. The proposed Principal PNB Long Term Equity Fund will have two investment plans with three and five year maturity periods which will be converted into an open-ended product on maturity. However, the trustees will have the right to roll it over for a further period. Under normal circumstances, at least 70 per cent of the assets will be invested in equity and equity related instruments.
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