Gold set to soar
Mumbai: The yellow metal is getting good support and prices have broken through the psychological $580-an-ounce-mark.

Analysts remain positive in the near term on gold and are targeting a move back above $600/oz. Belief is now gaining ground that the downside in both oil and dollar is rather limited and that both are set to reverse direction in the month ahead.

Base metals also are setting fresh historical highs. Supply disruption is the theme. Importantly, market fundamentals continue to provide strong underlying support to prices.

A further upside in the light of a combination of factors - market tightness, seasonally strong fourth quarter demand and downtrend in inventory levels - is clearly anticipated.

Lead, nickel and tin prices were seen powering ahead last week while price action in aluminium and copper was muted. Lead has continued to set a series of fresh all time highs and touched a new peak of $1,512 a tonne on Friday.

Nickel prices have held on to gains to strengthen further, also setting fresh all time highs at $30,800/tonne as LME stocks declined.
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IID Forgings shareholders approve bonus
Mumbai: City-based IID Forgings has received got shareholders' approval for bonus shares in the ratio of 3:2. The shareholders of the company passed a special resolution for issue of three bonus shares of Rs 10 each for every two equity shares, the company informed the Bombay Stock Exchange.
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Matrix move to give 10% more to Mylan
Mumbai: Matrix Laboratories is planning a $100 million foreign currency convertible bond (FCCB) issue that will let its new promoters Mylan Laboratories pick up an extra 10 per cent stake.

According to sources close to the development, the timing of the FCCB issue is likely to coincide with Mylan's open offer for Matrix. Mylan's open offer for a 20 per cent stake held by the public in the Indian pharmaceutical company begins on October 20 and ends on November 3.

According to the plan, Mylan will offer to buy a significant portion of the FCCBs, which will be priced at a premium to the open offer price of Rs306 per share.

Investment banking sources said there was no regulatory hurdle to Matrix coming out with FCCBs, provided it gets due approval from the shareholders.
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