NYSE, three others acquire 20-per cent stake in NSE
New Delhi: The National Stock Exchange (NSE) announced on Wednesday that four foreign institutions including NYSE Group Inc and Goldman Sachs have been inducted as shareholders.

Indian institutions and banks including IFCI (7 per cent), IL&FS (5 per cent), ICICI (5 per cent), PNB (1 per cent) and GIC (2 per cent) have sold 20 per cent stake in NSE to NYSE Group, Goldman Sachs, General Atlantic and Softbank Asian Infrastructure Fund.

The stake sale was in the range of Rs2,250-Rs2,500 per share of Rs10 each, with different prices for different selling shareholders.

All the four foreign buyers have acquired 5 per cent each in NSE. IL&FS coordinated the transactions that involved four foreign buyers and five sellers. The five Indian institutions continue to remain as shareholders of NSE and have offloaded only a part of their holding in the exchange.
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Zee companies list after demerger
Mumbai: Wire and Wireless (WWIL) and Zee News listed on the stock markets on January 10 and faced differing fortunes. On the National Stock Exchange, WWIL opened at Rs100.20 a share, rose to a high of Rs139.40, before closing at Rs120.45, an increase of 20 per cent. A total of 87.4 lakh WWIL shares were traded.

Zee News opened at Rs89 a share, dropped to a low of Rs33.50, before rising marginally to close at Rs34.25. The company lost 62 per cent of its value as 1.6 crore shares were traded.

The situation was same on the Bombay Stock Exchange. WWIL debuted at Rs80 per share, rose to Rs139.80, before settling at Rs120.80, a gain of 51 per cent; 47.9 lakh shares were traded during the day. Zee News debuted at Rs50 per share, saw its value rise to Rs58.85, but dropped to Rs34.05 by the end of the day, a loss of 32 per cent on the opening price as 1.36 crore shares were traded.
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Japan fund Nikko to set up joint venture with Ambit
Mumbai: Nikko Asset Management Company of Japan plans to set up a joint venture asset management company with Ambit RSM and invest an initial amount of $5 million in India. The two companies will apply for the licence this quarter, and the fund house should be operational by the end of this year. Nikko AM will provide 74.9 per cent of the ordinary stock of the new entity and the rest by Ambit.

Ambit will utilise funds from its own resources for the investment, having sufficient net worth for this.

The new asset management company will recruit most of its sales and fund management team from India, while Nikko AM will bring the investment expertise from Japan. The fund house will focus on multi-asset class products with investment in multi-countries. The fund house will offer global funds, as Nikko AM already has a presence in many countries.
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Sundaram BNP Paribas launches `Equity Multiplier' scheme
Mumbai: Sundaram BNP Paribas Mutual has launched Sundaram BNP Paribas Equity Multiplier, a three year close-ended equity scheme, which will invest in up to 40 select stocks at any point of time.

The new fund offer opens on January 10 and closes on January 31 or on collecting Rs500 crore. The fund aims to achieve capital appreciation by investing in equity and equity related instruments across sectors and market caps.

The scheme will collect a maximum corpus of Rs500 crore with the right to retain 10 per cent excess subscription. The scheme will invest 65-100 per cent in equity and equity-related instruments and 0-35 per cent in debt instruments.

The minimum initial application for the fund is Rs5,000 and there is no entry load. The scheme will automatically get converted into an open-ended scheme on maturity. It offers two investment options - dividend and growth option.
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Cinemax plans to float IPO
Mumbai: Cinemax India is entering the capital market with an initial public offering of 89.2 lakh equity shares in the price band fixed at Rs135-155 per share.

The issue opens on January 18 and closes on January 24. The offer comprises a fresh issue of 70 lakh shares and offerings from current shareholders totalling 19.2 lakh shares. Of this, at least 44.3 lakh shares will be allocated to qualified institutional buyers on a proportionate basis, with five per cent reserved for mutual funds.

Non-institutional buyers will receive 13.29 lakh shares with 31.01 lakh shares available to retail investors, both on a proportionate basis. Sixty thousand shares have been reserved for subscription by employees. The net issue constitutes 31.86 per cent of the fully diluted equity capital of Cinemax.

The issue is expected to raise between Rs120 crore and Rs138 crore to build 19 theatres, totalling about 15,864 seats, around the country. Cinemax currently operates 10 properties with 33 screens and 9,220 seats, the majority of which are in Mumbai. The company owns eight of the properties and leases the other two.
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Shree Ashtavinayak lists at 19 pc premium
Mumbai: The stock of Shree Ashtavinayak Cine Vision debuted on the BSE at Rs189.90, a premium of 18.69 per cent over its issue price of Rs160.

The company is an integrated film production, distribution and exhibition house. The stock reached an intra-day high of Rs248.10 before closing at Rs226.5 on the BSE.

It opened at Rs193 on the NSE, a premium of 20.6 per cent, touched an intra-day high Trading volume on the BSE was 1.60 crore shares while on the NSE was 1.73 crore shares.
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Yogindera Worsted plans Rs14 crore IPO
Mumbai: Yogindera Worsted, which manufactures acrylic and blended yarn, proposes to enter the capital market with a public issue of 60 lakh equity shares of Rs10 each at a premium of Rs14 per share aggregating Rs14.4 crore.

The IPO would constitute 40.26 per cent of the fully diluted paid up capital.

The issue proceeds will go to raise the production capacity by 825 metres per annum from the existing capacity of 2,695 metres and to set up a unit for the manufacture of ready-to-wear garments with an annual capacity of 2.52 lakh pieces.

The IPO opens for subscription on January 16 and closes on January 22.
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MCX to offer course in commodity trading
Mumbai: The Multi Commodity Exchange of India (MCX) plans to start a one-year full-time certificate course on commodities in March this year in Mumbai.

Sources in MCX said the course was aimed at bridging the gap between the high-end (degree holders) and low-end (diploma holders), and will be the first of its kind in the world -- different from the training programme provided by the leading commodity exchanges like London Metal Exchange (LME) and the New York Merchantile Exchange (NYMEX).

The purpose of this programme is to create young professionals with basic understanding of commodities at grassroots level and practical training on trading which is in acute shortage today in India.

Initially the course will be available to only those who can physically attend lectures delivered by internal and visiting lectures, some of them ex-students for training programme at Welingkar Institute of Management Development & Research, Mumbai. Later the course will be extended through correspondence.

MCX started creating young talents for commodities in April 2006, and has so far tied with the Indian institutes including IIMs and others including Symbiosis Institute of International Business (SIIB), GB Pant University for Agriculture and Technology, Pantnagar.

IIM Ahmedabad led the pack by accepting the proposal and reportedly 42 students have opted for commodities as an elective subject for study.

Within nine months of existence, MCX has trained 700 professionals through diploma and correspondence courses (a 3-month part time programme) and 2,000 professionals through Management Development Programme (MDP - a 2-day programme) and Multi Commodity Exchange Certified Commodity Professional (MCCP - a 15-day programme).
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Idea IPO launch by month end
Pune: AV Birla's telecom company Idea Cellular said its IPO is on track with its plans to raise Rs2,500 crore through its initial public issue and plans to clear all formalities by the month-end
The IPO marks the entry of the Aditya Birla group into the public market after nearly a decade.

The Aditya Birla venture had recently got approval from the Foreign Investment Promotion Board (FIPB) for 74 per cent foreign direct investment (FDI) in Idea.

Idea has filed its red herring prospectus with the Securities and Exchange Board of India (Sebi) for the book-built IPO.

Idea has already divested 33 per cent stake to handful of investors such as US-based Providence Equity Partners, ChrysCapital, UK-based TA Associates, GLG Partners and Citigroup.

The funds gathered from the IPO will be used to roll out the Idea network in the Bihar and Mumbai circles by mid-2007 and to go mainstream with its National Long Distance licence in the next three months, besides expanding its reach in the existing circles.
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