Angel Broking to expand in South
Visakhapatnam: Angel Broking is planning to open 11-12 more branches in South India before the end of the financial year, four of them in Andhra Pradesh, in addition to the existing network of 126 sub-brokers and franchisees in the State. The company has branches in Hyderabad, Secunderabad, Vijayawada and Visakhapatnam and is planning to set up branches at Guntur, Nizamabad, Tirupati and Nellore.

The company's daily volumes are of the order of Rs1,500 crore and its aim is to increase it to Rs2,500 crore in the next eight to ten months.
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'Penalty' imposed on Jhaveri Securities
Mumbai: SEBI has imposed a `major penalty' on Jhaveri Securities (JSPL) and has restrained the brokerage from opening fresh demat accounts for a period of nine months. This follows the investigation on fictitious demat accounts conducted by SEBI and its investigations into the buying, selling and dealing in shares through Initial Public Offerings (IPO) of companies during the period between 2003 and 2005.

The investigation found that many demat accounts in fictitious and benami names were opened by certain operators to corner shares of companies coming out with fresh issues.

JSPL, a SEBI-registered depository participant, had received 27,667 shares of Suzlon Energy from 1,009 demat accounts.

It also found that out of a total of 37,240 similar accounts, as many as 598 were held by JSPL, the order said.

During the course of verification of 20 or more demat account holders sharing common addresses, it was noticed that 686 demat account holders of JSPL were sharing a few common addresses.
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Rowe Price acquires 7 pc stake in Saregama
Mumbai: Foreign fund T Rowe Price International has acquired a 7.20 per cent stake in the entertainment company Saregama Industries for Rs19.14 crore.

T Rowe Price acquired 10.57 lakh equity shares of Saregama at a price of Rs181 per share through a bulk deal on the Bombay Stock Exchange today.

According to information available on the stock exchange, Arisaig Partners Asia Pte has sold off its stake in Saregama to T Rowe Price.
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Sula to tap capital markets
Kolkata: Indian wine maker Sula Vineyards has laid out a fund raising programme to fund its aggressive growth plans. This includes a combination of fresh capital infusion by promoters, private placements and an initial public offer (IPO).

To maintain its pace of growth of 30 pc over the past three years the company has planned a Rs30-crore capital expenditure.

To part-finance the Rs30-crore expansion, the promoters have infused Rs5 crore a fortnight ago. The Samant family holds 55 pc in the closely-held company. Gem India, a Mauritius-based private equity fund, controls another 30 pc in Sula, while the rest is held by friends and associates of the Samant family.

The Samant family also plans to divest 5 pc to 10 pc equity of Sula soon and also would initiate a fund raising programme. It also plans to come up with an IPO sometime in '08.
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