Infosys included in Nasdaq global select market group
Mumbai: Infosys Technologies has been included in the select group of around 1200 companies that qualify for the NASDAQ Global Select Market.

The Nasdaq Stock Market has named the companies that are included in its new listing tier in the new NASDAQ Global Select Market tier, effective on July 3. The tier has the highest listing standards in the world.

In conjunction with the creation of the new tier, NASDAQ will rename the NASDAQ National Market to the NASDAQ Global Market.

The NASDAQ Capital Market will remain as it is with approximately 550 companies within this segment.
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UTI MF to tie up with Central Bank
Mumbai: UTI Mutual Fund and Central Bank of India have entered into a tie-up for distribution of UTI Mutual Fund schemes. Central Bank of India will distribute the entire bouquet of UTI MF's schemes across the bank's selected branches.
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BILT allots shares to Dutch firm
New Delhi: Ballarpur Industries (BILT) has approved allotment of 8,00,638 equity shares of Rs10 each to a Netherlands-based firm through part conversion of an earlier FCCB issue of $45 million. This translates into less than one per cent stake in BILT for Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden NV (FMO). Earlier in November 2003, BILT's $45-million FCCB issue was subscribed by three multilateral agencies — IFC (Washington), FMO (the Netherlands) and DEG (Germany) — with FMO receiving $15 million of the issue.
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FIIs turn net sellers of Rs27-cr on Monday
Mumbai: Foreign institutional investors (FIIs) were net sellers of equities worth Rs26.80 crore on Monday June 26, according to data released by Sebi.

While FIIs made gross purchases of Rs2161.30 crore, gross sales totalled Rs2188.10 crore.

Mutual funds (MFs) were net sellers of Rs127.54 crore of equities on Monday. MFs made purchases of Rs185.20 crore and sales of Rs312.74 crore.
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Tech Mahindra to enter capital markets soon
New Delhi: IT solutions company Tech Mahindra plans to stick to its schedule for the Initial Public Offer, despite the turbulent stock market and decreasing demand for IPOs.

Tech Mahindra CEO Vineet Nayyar told the media that SEBI clearance was likely to come by the third week of next month and the company will approach the market soon after.

The company would offer 11 per cent of equity through the IPO to mobilise funds for expansion of its services delivery infrastructure.

Tech Mahindra is planning to have centres in Noida, Chennai, Hyderabad, Kolkata and Chandigarh with an investment of Rs350 crores. The centres in Kolkata, Chandigarh and Noida will have capacity to seat 2,000 professionals each.

The company is developing its centres in Kolkata, Chandigarh and Pune as special economic zones, which offer a host of tax concessions. It recently acquired Axes Technologies and is open to more acquisitions and joint ventures, if they fit in the overall strategy of growth.

Nayyar said the company is gradually reducing reliance on British Telecom and expanding its client base including in geographies as diverse as Egypt, Qatar, Singapore and China.
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Videocon to raise Rs5,000-cr via securities
Mumbai: Consumer durables major, Videocon Industries plans to raise Rs5,000 crore through the issue of equity shares or other securities in one or more tranches, with or without a green shoe option, the company informed the Bombay Stock Exchange.

The shareholders yesterday, it added, also approved a borrowing limit of Rs20,000 crore. The shares of the company were trading at Rs390.75, down 0.09 per cent at the BSE.
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