SEBI issues gold ETF guidelines
Mumbai: Securities and Exchange Board of India, issuing guidelines for the valuation of gold to be held by gold exchange traded funds has said that the valuation of gold held by a gold exchange traded fund scheme shall be at the AM fixing price of London Bullion Markets Association (LBMA) in US dollars per troy ounce for gold having a fineness of 995 parts per thousand.

Amending the mutual fund regulations, it said the valuation of gold will be subject to the adjustment for conversion to metric measures as per standard conversion rates and adjustment for conversion of US dollars into rupees as per the RBI reference rate declared by the Foreign Exchange Dealers Association of India.
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Federal - Mogul Goetze plans rights issue
New Delhi: Federal-Mogul Goetze (India) plans to come out with a rights issue to raise Rs115 crore and would fix the price band for the issue on January 22.

Currently, Federal Mogul Vermogensuverwaltungs GmbH and Federal Mogul Holdings hold 50.1 per cent stake in the Indian company. The company's erstwhile promoter, Anil Nanda last month sold his 2.85 per cent residual stake in an open market transaction. In June 2006, Federal Mogul Group acquired 25.4 per cent shares from Nanda.

Federal Mogul is amongst the top three suppliers of pistons, piston pins, rings, cylinder liners, valve train components, gaskets and sealing systems.
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Income funds see huge outflow
Mumbai: The outflow in the money market category of mutual funds stood at Rs25,907 crore in December and have brought the total industry outflow for the month to Rs21,117 crore, according to data released by The Association of Mutual Funds in India.

The same category had witnessed net inflows at Rs16,445 crore in November. Industry players said that the redemptions were due to corporates withdrawing funds for payment of advance taxes.

The outflow from income funds were to the tune of Rs1,416 crore, against net inflows of Rs6,976 crore in November. The industry asset base had shrunk over the month by 4.8 per cent, to stand at Rs3, 23,598 crore in December.
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Lumax Auto lists at 6.66 pc premium
Mumbai: Lumax Auto Technologies has debuted on the NSE at a premium of 6.66 per cent at Rs80 against the offer price of Rs75. The stock touched an intra day high of Rs143 and closed at Rs110.70.

A total of 72,42, 230 shares were traded on NSE. On BSE, the stock opened at a marginal premium of 0.66 per cent. The stock saw an intra day high of Rs142.10 and a low of Rs75.50 before closing at Rs110.60. The total traded quantity on BSE was 62,75,593 shares.

The company entered the capital market with an initial public offer of 30,12 lakh equity shares of Rs10 each at a premium of Rs 65 per share.
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