Infosys Tech enters Nasdaq-100 index
Mumbai: Infosys technologies now figures in the Nasdaq-100 index after the annual re-ranking of the Nasdaq-100 Index, effective from December 18. It is also the first Indian company to figure in the index.

The Nasdaq-100 Index is composed of the 100 largest non-financial stocks on the Nasdaq stock market and dates to January 1985 when it was launched along with the Nasdaq Financial-100 Index, comprised of 100 largest financial stocks on the Nasdaq.

Nasdaq executive vice- president John L Jacobs said the annual re-ranking of the Nasdaq-100 Index is an objective, transparent process that culminates in the formation of a select group of companies in a global benchmark that is the basis of dozens of licensed innovative investment products throughout the world.
Under the re-ranking, the US bourse made three additions into the Index.

In addition to Infosys Technologies, the other two companies which would enter the index are Level 3 Communications Inc and Vertex Pharmaceuticals.

The Nasdaq-100's tracking shares, known by their QQQQ symbol, traded an average 109 million shares a day this year.

On a cumulative price return basis, the Nasdaq-100 Index has risen over1,333 per cent since inception, and it has outperformed several major domestic and international stock indexes for the ten-year period ended November 30, 2006.

As a result of the re-ranking of the Nasdaq-100 Index, the following three companies will be removed: JDS Uniphase Corporation, Lincare Holdings and Urban Outfitters, Inc.

Last year Google Inc, owner of the most-used Internet search engine, joined the gauge three months before it was added to the Standard & Poor's 500 Index.
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Omaxe to raise Rs1500 crore via IPO
New Delhi: Real estate developer Omaxe plans to raise Rs1,000-1,500 crore with an initial public offering and will file the prospectus for its IPO with the Securities & Exchange Board of India (Sebi) in the next 10 days.

Declining to comment on the IPO or any private equity deal, Arvind Parakh, Omaxe's chief executive officer said, "In the last two months we have raised over Rs300 crore as debt from banks and financial institutions. He said the company is also looking to raise onshore and offshore debt through structured instruments.

He added that a combination of debt and equity would tie up the company's long term expansion plans.

Omaxe which is looking at project specific joint ventures with foreign partners recently signed a 50:50 joint venture with Israeli company Azorim International, for a 20-acre township near Surajkund, Haryana.

Based on the current market rates, Azorim has paid the first instalment of Rs121.2 crore for its share in the land that Omaxe had purchased earlier.
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Power IPOs fixed at 10 pc of capital
New Delhi: The size of the initial public offers of the four PSU power companies has been fixed to 10 per cent of their post-issue capital in the first phase with the process expected to be completed by March 2007.

The power PSUs would expand their capital by issuing fresh shares that would account for ten per cent of capital in the first phase, according to Power Secretary R V Shahi.

The government has cleared the IPOs of Power Finance Corporation (PFC) National Hydroelectric Power Corporation (NHPC), Rural Electrification Corporation (REC) and Power Grid Corporation of India Ltd (PGCIL).

For NHPC and PGCIL, the cabinet has approved issuing of fresh shares to the tune of 24 per cent of its capital, while for REC the clearance is for 20 per cent. For PFC the cabinet approval is for 10.22 per cent.

NHPC has received approval to sell its shares in the international markets. PFC's IPO would be the first one to hit the market in January or at most February. Of the entire lot the IPO of NHPC could be the largest.
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Cairn IPO opens today
New Delhi: Cairn India's initial public offer opens today and would be India's biggest ever initial public offering (IPO) that will put the company among the top 25 listed corporates ahead of the recently-listed Reliance Petroleum.

Cairn India is issuing 328.79 million equity shares in the price band of Rs160 to 190 and is expected to garner at least Rs5,260 crore and a maximum of Rs6,247 crore.

If it exercises an option to retain over-subscription of up to 4.9 crore shares, the proceeds would be a minimum of Rs6,050 crore and a maximum of Rs7,184 crore. The issue closes on December 15.

The IPO will be bigger than NTPC's issue that garnered Rs5,368 crore, Tata Consultancy Services' Rs4,990 crore, ICICI's Rs3,528 crore, Reliance Petroleum's Rs2,790 crore and Jet Airways' Rs1,942 crore public issues.
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