Chidambaram: Thursday's market crash "a manufactured crisis"
New Delhi: Describing Thursday's tumble of the stock market indices as a "manufactured crisis," finance minister, P. Chidambaram, clarified that no FII has so far been assessed as a trader.

"No FII has been assessed as a trader as they are investors and have no permanent residence here (for tax purposes)," Chidambaram told newspersons. He also said that "uninformed reporting" by a section of media on the draft supplementary instructions issued by the Income-Tax Department led to the "manufactured crisis" of fall in stock indices.

The Central Board of Direct Taxes (CBDT) is considering supplementary instructions to assessing officers of the Department to help them distinguish between share traders and investors so as to plug tax avoidance and has invited comments on the proposed instructions from all stakeholders by May 25.
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BSE allows Prudential ICICI SPIcE to trade on the bourse
Kolkata: Barred by the Bombay Stock Exchange (BSE) last year, Prudential ICICI SPIcE, the Sensex based exchange-traded fund, was revived on Thursday, after BSE decided to revoke its suspension on the trading of its units.

Now, SPIcE has re-entered the bourse with a circuit limit of 10 per cent of the base price (1/100th of the previous day's closing of Sensex) to be set on a daily basis, rounded off to the nearest rupee.

SPIcE, in line with what characterises an exchange-traded fund, can now be purchased and offloaded like any other listed stock on the bourse, subject to the current modalities.
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HSBC Global Investment hikes stake in RCVL
Mumbai: HSBC Global Investment Funds has increased its stake in Reliance Capital Ventures Ltd to 5.11 per cent.

HSBC Halbis Partners (Hong Kong) Ltd has informed the National Stock Exchange that HSBC Global Investment Funds has acquired 20 lakh shares of Reliance Capital Ventures Ltd on May 16 through market purchases.
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Sunstar Overseas gets approval for IPO
New Delhi: Sunstar Overseas Ltd, exporters of conventional and organic basmati rice, has said that SEBI approval has been received for its initial public offering. The company will enter the capital market with an IPO through a 100 per cent book built issue.

The offer consists of 56 lakh equity shares of Rs10 each. The issue comprises reservation of 2.8 lakh equity shares and the net issue to public of 53.2 lakh equity shares. It would constitute 34.96 per cent of the fully diluted post issue paid-up capital of the company.
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Rathi Udyog's public offer price band set at Rs.50-55
New Delhi: Rathi Udyog Ltd has fixed a price band of Rs50-55 for its follow-on public offer, due to hit the market on May 19. The company intends to raise Rs98 crore through the offer.

Of the total amount the promoters would invest Rs40 crore.

The proceeds of the issue would be used for the construction of the company's proposed Rs277 crore steel plant in Orissa.

"As part of our backward integration plan, we are setting up a steel plant at Sambalpur in Orissa to manufacture sponge iron and steel billets at a cost of about Rs210 crore," the company's chief executive, Udit Rathi, told reporters here. The company would also install a 20 MW captive power plant there.
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