Mitsubishi UFJ's brokerage arm opens India office
Mumbai: The investment banking and brokerage arm of Japan's Mitsubishi UFJ Financial Group, has entered India with the opening of its first representative office in Mumbai.

The Mumbai office will act as a communication channel between MUS and Indian companies and will focus on market research in areas such as mergers and acquisitions, corporate finance and asset management business.

MUS' past ventures in India-related business include the launch of the PCA India Infrastructure Equity Fund in Japan, having investment advisory from Prudential ICICI Asset Management Company.

The fund is offered through MUS' distribution network of 125 retail branches in Japan. Thes fund is focused on infrastructure related companies.
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Bank stocks hit after CRR hike
Kolkata: The Reserve Bank of India's move to increase CRR by 50 basis points hit bank stocks predictably. The Bank Nifty, constituted by a dozen stocks, declined 4.61 per cent to close at 5,672.45 points. The Oriental Bank of Commerce dropped a massive 7.22 per cent on the National Stock Exchange while State Bank of India, ICICI Bank and HDFC Bank also recorded marked declines fell by 6.06 per cent, 4.34 per cent and 4.81 per cent respectively. Canara Bank and Bank of India also dipped by more than 4.5 per cent.

The only exception in the banking pack was the UTI Bank stock, which more or less maintained its level to close at Rs 518, a minor 0.53 per cent gain. It opened at Rs506.30 on NSE.
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MindTree public IPO oversubscribed 92.55 times
Bangalore: The IPO of MindTree Consulting, which closed on Wednesday, was oversubscribed 92.55 times. The company is offering 55.93 lakh shares, forming 15 per cent of the fully diluted post-issue paid-up capital, as part of the IPO. The total bids received stood at over 51.76 crore shares, while the total bids at cut-off price stood at over 3.12 crore shares.

At the upper end of the price band of Rs365-425 a share, MindTree would raise Rs237.5 crore through the IPO.

MindTree expects to utilise Rs120.7 crore to acquire land in Chennai, while Rs18.77 crore will go to repay a loan from HSBC.

Kotak Mahindra Capital Company Ltd, JM Morgan Stanley Pvt Ltd and JP Morgan Pvt Ltd are the book running lead managers, while Macquarie India Advisory Services Pvt Ltd is the lead manager.
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AIG to start MF operations
Mumbai: American International Group Inc has received regulatory approval from the Securities and Exchange Board of India to start its wholly owned asset management operations and mutual fund business in India. AIG Global Asset Management Company (India), a member company of AIG Global Investment Group received the license. It will act as Investment Manager of AIG Global Investment Group Mutual Fund.

The senior management team in India is led by Saurabh Sonthalia as CEO and Tushar Pradhan would be chief investment officer, equities and Sridhar Narayan as chief investment officer, fixed income.
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Cinemax lists at marginal premium
Mumbai: The stock of Cinemax Industries debuted on the NSE at a premium of 7.09 per cent at Rs166 against the offer price of Rs155. The stock touched an intra day high of Rs167.40 and closed at Rs151.60. A total of 1.32 crore shares were traded on the NSE.

On the BSE, the stock opened at a premium of 12.90 per cent. It reached an intra day high of Rs178.90 and a low of Rs145 before closing at Rs152.35. The total traded quantity on BSE was 1.09 crore shares.
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Deutsche Borse acquires 5 pc holding in BSE for Rs189 crore
Mumbai: German stock exchange group, Deutsche Borse AG, will acquire five per cent equity stake in Bombay Stock Exchange Ltd for Rs189 crore. The Frankfurt-based leading European exchange will buy 3.63 lakh BSE shares at a price of Rs5,200 per share. This would be the first divestment of BSE's equity after the 132-year-old exchange became a corporate entity last year.The transaction puts the value of the BSE at Rs3,777 crore, said Rajnikant Patel, MD director and CEO of the BSE.

Including the five per cent additional capital infusion, the enterprise value of the BSE will go up to $910 million from $854 million, he said.

BSE is the second Indian stock exchange in which foreign investors have picked up stakes after the capital market regulator SEBI announced FDI norms for stock exchanges. As per SEBI norms, the BSE will have to dilute its members' stake to 49 pc by May 19 this year.
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