Morgan Stanley looks at $1bn investment in Indian realty
New Delhi: U.S. investment bank Morgan Stanley is looking at investing $1 billion in Indian construction companies and projects over five years. Morgan Stanley has already invested just over $140 million in three Indian developers this year including more than $60 million in buying a stake in Delhi-based residential and commercial developer Alpha G:Corp. The bank's investment will touch $1 billion in five years in India.

Foreign investors are eyeing India's booming construction sector mainly due to a concerted effort being made to build infrastructure capable of sustaining economic growth rates of more than 8 per cent.
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Tech Mahindra sets price band for its IPO
Mumbai: Tech Mahindra has set a price band of Rs315 to 365 for its forthcoming IPO. Tech Mahindra is a venture between India's Mahindra and Mahindra and UK's BT Group Plc.

The public issue comprises 12,746,000 equity shares, and fresh issue of 3,186,480 equity shares and offer for sale of 9,559,520 equity shares by M&M and BT. The issue price is 31.5 times the face value at lower end of price band, and 36.5 times at top of the band. The issue opens on August 1 and closes on August 4.
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Daiwa Securities SMBC commences operations in India
Mumbai: Japanese company Daiwa Securities SMBC an investment banking joint venture between Daiwa Securities Group, and Sumitomo Mitsui Financial Group has started operations in India and will advise on fund raising and acquisitions.

According to officials it would be a representative office initially.

Recently investment banking firms like Lehman Brothers, Credit Suisse, and Goldman Sachs have entered the growing but competitive market as Indian companies raise funds for expansion and buy companies overseas for growth.
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ONGC announces bonus issue
Mumbai: Oil and Natural Gas Corporation. (ONGC) ha sreported a turnover of Rs14,677 crore for the quarter ended June 30, 2006 as against Rs10,954 crore in the corresponding period last year. The company said the higher turnover was due to higher price realization for crude oil, natural gas and naphtha, and also marginal increase in production.

The company earned a net profit of Rs4,119 crore for the quarter after providing tax liability of Rs2,176 crore.

ONGC has also declared a bonus issue in the ratio of 1:2 i.e. one share as bonus for two equity shares held by capitalization of reserves.
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SEBI rejects acquisition in Agarwal Holdings
Mumbai: The Securities and Exchange Board of India (SEBI) has rejected the acquisition of 39.22 per cent (1,56,900) shares of Agarwal Holdings by three entities on the basis of the judgment passed by the takeover panel to whom the case was referred.

Dr T C Nair, whole time member, SEBI in an order rejected the application dated December 31, 2005 filed by Hitesh G Somani, Namrata Kabra and Geetaben Kabra for the proposed acquisition seeking exemption from some specific takeover regulation norms.
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Consumer group asks Sebi to postpone GMR IPO
New Delhi: Consumer Education and Research Centre (CERC), a consumer rights group based in Ahmedabad has asked market regulator Sebi to postpone the initial public offer of GMR

Infrastructure on the grounds that a case was pending before the Supreme Court on the modernisation contract of the Delhi Airport.
The group said the case could have a negative implication on the company's proposed IPO to raise Rs928 cr, scheduled to open on July 31, about one-third of which would be invested in

modernisation of Delhi Airport. In a representation to Sebi chairman M Damodaran, CERC argued that if the Supreme Court annuls the contract of the Delhi International Airport a substantial part of the project, for which the IPO is being brought out, will be jeopardised, it said.

In such a scenario, the investment of lakhs of investors would be either lost or diminished, CERC said.

The case pending before the Supreme Court pertains to the case filed by ADAG-led Reliance consortium challenging the Union government's decision of awarding the modernisation contract of Delhi International Airport to GMR-led consortium in the Delhi High Court.
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