Tatas sell 0.84-per cent stake in TCS for Rs1,000 crore
Mumbai: Tata Sons, the holding company of Tata Group, has offloaded a 0.84 pc stake in Tata Consultancy Services for more than Rs1,000 crore taking the total amount raised so far to about Rs2,800 crore (about $622 million).

The proceeds are likely to be used for part funding Tata Steel's $12.1-billion acquisition of Corus.

TCS informed the BSE that Tata Sons had sold 8.1 million equity shares of the software company to an undisclosed buyer. The statement didn't mention the price at which the transaction was concluded, but going by Thursday's closing price of Rs1,300 per share, the value of the deal could total Rs1,035 crore ($230 million).

Tata Sons has diluted its stake in TCS for the third time in three months. On December 31, 2006 the holding company's stake 2006, stood at 78.3 per cent.

On 6 February, Tata Sons sold 6.9-million equity shares raising Rs900 crore. In a similar transaction in November 2006, Tata Sons raised another Rs900 crore by diluting 0.86 per cent of its stake in TCS.

A bulk of it was sold to Mauritius-based HSBC Global Investment Fund.
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Infosys may soon have more weightage on Sensex than Reliance
Mumbai: Infosys Technologies may soon have higher weightage than Reliance Industries among the Sensex pack of 30. The difference in closing price of the two companies' is expected to be over 135 basis points (bps), based on Thursday's closing price.

The change in the weightage of the Sensex constituents-based on the revised free-float market capitalisation (M-Cap)-is effective February 12.

The Bombay Stock Exchange issued the revised free-float factor of companies based on their M-cap, in accordance with the new shareholding patterns for the quarter ended 31 December, 2006.

At present, RIL has the highest weightage in the Sensex at 11.46 pc and Infosys Technologies stands at second position with 11.28 pc. The revised data shows that the free-float factor of Infosys has increased 50 bps from 0.80 per cent to 0.85 per cent.

The free-float M-cap of RIL dropped 50 bps from 0.55 per ccent to 0.50 per cent.

This means that Infosys will now have a weightage of nearly 12 pc and RIL will be pushed to the second slot with a weightage of 10.41 per cent. While this may not impact the companies some mutual fund schemes dedicated to the Sensex will have to realign their portfolio in line with the new free-float M-cap of companies.
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Avendus floats $200-million India specific fund
Mumbai: Indian investment bank Avendus Advisors is in the process of floating a $200 million India specific fund for investing in diversified sectors.

A company official said the India specific fund floated in association with US-based Mayfield, is likely to be deployed within next three years. The investment bank is looking at across all sectors including auto components, IT, BPO, media and also retail.

He added that the focus is on mid-size unlisted entities and Avendus plans to stay invested for seven to 10 years.

He said about 80-90 companies are actively considering acquisitions abroad and the momentum would continue for another two years.
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Pochiraju lists at 50-per cent premium
Mumbai: Floriculture player Pochiraju Industries debuted at Rs 45 on the Bombay Stock Exchange with 50-per cent premium over its issue price of Rs30.

On the National Stock Exchange, the scrip was listed at Rs45.10, with a premium of 50.34 per cent over its issue price. The company entered the bourses with 1.79-crore equity shares having a face value of Rs10 each.

Pochiraju Industries is planning to raise Rs34.57 crore (excluding promoter contribution of Rs three crore) through this public issue.
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