BSE selects 5 foreign bourses for stake sale
Mumbai: The Bombay Stock Exchange (BSE) has selected five foreign stock exchanges; London, Nasdaq, Deutsche Borse, New York, and Singapore stock exchanges for the proposed sale of its 26 per cent stake. The BSE has also decided to privately place some equity with domestic institutions and banks, provided they do not have their own broking outfits, in compliance with the guidelines of the Securities and Exchange Board of India (Sebi).

The BSE, Asia's oldest and the country's premier exchange, would be offering the stake to a maximum three strategic investors, sources said.

Sebi guidelines prevent a single entity from taking more than 5 per cent in a stock exchange.

BSE is learnt to be interested in those overseas bourses that have better technological know-how on derivatives trading, in which it currently trails its rival National Stock Exchange (NSE) by a big margin. Private equity players such as IDFC Private Equity and ICICI Ventures and insurance behemoth Life Insurance Corporation (LIC) are likely to invest at a later stage in the BSE.
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MFs can now invest upto $3bn in overseas markets
Mumbai: The Security and Exchange Board of India has said that mutual funds can invest in ADRs/ GDRs/ Foreign securities up to the overall limit of $3 billion, following the enhancement in overseas investment limits by the Reserve Bank of India. It has also said that individual mutual funds cannot invest more than 10 per cent of the net assets managed by them as on March 31 of each relevant year and will be subject to a maximum of $150 million per mutual fund.
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Tanla Solutions lists at a premium
Mumbai: The stock of Tanla Solutions listed on the BSE at Rs379.80, at a premium of 43.32 per cent over its issue price of Rs265 on the BSE. The stock went to a low of Rs365 and closed at Rs379.80. On the NSE, the stock opened at Rs377.40, a premium of 42.41 per cent to the issue price. It peaked at Rs379.85 and went to a low at Rs364.95 before settling at Rs379.85. The company had entered the capital market with an initial public offering of 1,58,85,000 equity shares of Rs2 each.
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Pyramid Saimira lists at 35 pc premium on BSE
Mumbai: The stock of Pyramid Saimira Theatre debuted on the BSE at Rs135, a premium of 35 per cent to the issue price of Rs100. The stock went to a high at Rs163.85 and a low at Rs 125 before settling at Rs158.20. Total of 1,69,69,613 shares were traded on the BSE.

The stock listed at a premium of 6 per cent on the NSE at Rs106 and shot to an intra-day high at Rs163.80.

It closed at Rs163.10 and the total traded quantity was 1,57,71,480 equity shares. The company had entered the capital market with an initial public issue aggregating Rs84.44 crore to expand their theatre chain.
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UTI to launch overseas fund by March-end
New Delhi: UTI Mutual Fund (UTI MF) has launched two new fund offerings — UTI Capital Protection Oriented Scheme- Series I and UTI Long-Term Advantage Fund. UTI is planning to offer the Global Navigator Fund, by March-end. This would be the first overseas fund of UTI MF, which is the country's largest mutual fund.

The UTI Global Navigator Fund would collect money from domestic investors and invest in foreign securities/ Global Depository Receipts (GDRs) and American Depository Receipts (ADRs). Officials of UTI MF said the UTI Global Navigator Fund would invest in developed markets such as the US and Europe as well as in developing economies, especially in South-East Asian countries. However, UTI MF is yet to obtain Sebi's approval for the overseas fund.

UTI officials said the overseas fund would try and use the annual investment limit of $150 million. Sebi has raised the overall limit for investments in ADRs/GDRs/foreign securities by the mutual fund industry to $3 billion from $2 billion earlier and has also stipulated that individual mutual fund houses can invest in foreign securities up to 10 per cent of their assets under management as on March 31 of the relevant year, with an upper limit of $150 million per annum. UTI MF's assets under management at December-end 2006 stood at Rs38,100 crore.
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