Indian ADRs rally on a flat day at Wall Street
Mumbai: The US indices ended on a flat note, with the Dow Jones industrial average marginally (12 points) down at 12,248, and the Nasdaq closing almost unchanged at 2,219.

However, Indian ADRs rallied with Wipro surging 3.6% to $12.34. Tata Motors, Dr. Reddy's and VSNL gained over 3% each at $17.42, $28.45 and $17.06, respectively. Satyam and ICICI Bank were up around 2.5% each at $33.02 and $27.20, respectively.
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FIIs buying in F&Os up at Rs1,939-cr
Mumbai: The foreign institutional investors (FIIs) were net buyers to the tune of Rs1,938.83 crore in the futures option segment on Friday.

As per data from the NSE website, FIIs were net buyers of index futures to the tune of Rs1,468.03 crore and of index options worth Rs78.07 crore. They were net buyers of stock futures to the tune of Rs413.16 crore, even as they sold stock options worth Rs20.43 crore.

As per data available on the Sebi website - FIIs were net sellers of stocks worth Rs282.20 crore in the spot market on Thursday, while domestic funds (MFs) were net buyers of shares worth Rs125.59 crore on the same day.
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Mini-NYMEX energy futures now on MCX
Mumbai: The Multi Commodity Exchange of India Ltd (MCX) and the New York Mercantile Exchange (NYMEX) on Monday entered into an exclusive licensing agreement for launching mini-NYMEX energy contracts on MCX.

The agreement will cover WTI light sweet crude oil, natural gas, heating oil, gasoline, RBOB gasoline and propane futures contracts of NYMEX.

The final settlement of these mini-contracts will be done based on the settlement price of reference contracts on NYMEX adjusted for local duties and taxes and in local currency.
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Open offer for MphasiS BFL from EDS closes
Bangalore: The conditional open offer from EDS to acquire a 52 per cent stake in the Bangalore-based IT services and BPO firm MphasiS BFL Ltd closed on Monday. Details of the response to the open offer, were not known immediately and it is expected that EDS will make a formal announcement soon.

The offer at Rs204.5 a share will be contingent upon EDS acquiring 83 million shares, representing approximately 52 per cent of current shares outstanding. If at least 83 million shares are not tendered in the offer, EDS will not accept any shares tendered.
Attractive pricing.
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Reliance Comm. Ventures AGM clears $1bn GDR/ADR issue
Mumbai: An extraordinary general meeting of Reliance Communication Ventures Ltd has approved the issue of sponsored global depository receipts/American depository receipts of the company for an amount not greater than $1 billion (Rs4,500 crore).

The board will have the right to retain additional equity shares for over-allotment not exceeding 20 per cent of the offer size, said a statement from the company to the stock exchanges.

The change of the company's name to Reliance Communications Ltd was also approved at the EGM.

The shareholders of the company has also approved the schemes of amalgamation of Reliance Infocomm, Reliance Communications Infrastructure Ltd, Reliance Communications Solutions Technologies Ltd, Ambani Enterprises Pvt Ltd, Reliance Business Management Pvt Ltd, Formax Commercial Pvt Ltd and Panther Consultants Pvt Ltd with Reliance Communications Ventures.
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PFC files draft prospectus with SEBI for IPO
New Delhi: Power Finance Corporation (PFC) has filed a draft prospectus with SEBI for a public offering as well as divesting five per cent of the Government stake on Monday.

PFC will offer an aggregate of up to 154,567,500 equity shares of Rs10 each for cash at a price to be decided through the book building process, the company said in a statement.

The issue entails up to 103,045,000 equity shares and an offer for sale up to 51,522,500 equity shares by the Government. PFC has also proposes to reserve up to 2,576,125 equity shares for allotment to its employees.

PFC has appointed Enam Financial Consultants Private Limited, ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd as book running lead managers to the issue.
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NIIT to raise $50mn from overseas markets
Mumbai: The board of NIIT has decided to raise about $ 50 million by way of way of issuance of equity linked foreign securities including foreign currency convertible bonds (FCCBs), American depository receipts (ADRs) and global depository receipts (GDRs).

According to a company release issued to the BSE, the funds raised (with an additional greenshoe option of 25%) in one or more tranches, will be used for pursuing inorganic initiatives in developed countries and requirements related thereto.
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