MRO TEK to buy back shares
Bangalore: MRO TEK may go in for a buyback of its equity shares at the prevailing market price as its market price has fallen below its current book value, MRO TEK in a notice to the stock exchanges said Tuesday that its board of directors would meet on March 30 to consider a buyback at prevailing market rates through the stock exchange mechanism. The company proposed to fund the buyback through internal accruals. Shares of MRO TEK rose some 20 per cent on the BSE on Tuesday to close at Rs48.05. The MRO TEK stock has gained some 16 per cent in the past week. Promoters held 35.78 per cent stake in the company, while the public shareholding stands at 64.22 per cent as of December 31, 2006.
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Essar Shipping plans to delist fizzle out
Mumbai: Essar Shipping's attempts to delist its shares from the Bombay Stock Exchange have fizzled out, as it has not been able to garner the minimum number of shares needed to be tendered by public shareholders. The company needed to collect a minimum of 7.18 crore shares from its shareholders to meet the mandatory 90 per cent shareholding required for delisting. But at the end of the Reverse Book Building (RBB) process, it could get only 6.09 crore shares, which fell short of the minimum delisting requirement by about 15 per cent.

The company will now continue to be listed on the BSE. The public shareholding is about 24 per cent. The book- building process opened on March 5 and closed on March 16.
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SEBI amends debenture listing agreement
Mumbai: The Securities and Exchange Board of India has made amendments to the listing agreement for debentures to rationalise the provisions of continuous disclosures made by issuers who have listed their debt securities and not their equity shares.

As per the amendments, issuers whose debentures have been issued on private placement basis shall submit unaudited half-yearly results subject to a limited review instead of half-yearly audited results, as required at present.

Issuers whose debentures have been issued on public or rights issue basis shall be required to submit unaudited quarterly results subject to a limited review, instead of unaudited quarterly results without limited review required at present. The results are to be submitted to the exchange within one month from the end of the reporting period and a copy of the limited review report prepared by the statutory auditors of the company (or in the case of public sector undertakings, by any practicing Chartered Accountant) is to be submitted within two months from the end of the period.
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Credit Suisse begins broking operations
Mumbai: Credit Suisse has begun its agency securities brokerage operation in India. Credit Suisse holds a broker dealer licence in the BSE and NSE and will focus on equity sales and trading, and research in India.

Credit Suisse was banned in India from April 2001 - April 2003.

Credit Suisse forecasts the Indian economy to grow by 10 per cent in fiscal year 2007-08, on the back of strong investment spending driven by large power and highway infrastructure programmes as reform in these sectors gathers pace. Investment spending is also likely to be driven by a pick-up in economic activities in the eastern and western regions of the country.

The financial service major will also enter the asset management and private banking area in the future.
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Advanta India files for IPO: price band at Rs600-650
Mumbai: Agronomic seed company Advanta India proposes to raise at least Rs220 crore through an initial public offering that is scheduled to open on March 26. The company is offering 33.8 lakh equity shares of Rs10 each. The price band has been fixed at Rs600 to Rs650 per equity share. The issue would constitute 20.08 per cent of the post-issue paid-up capital of the company.
Advanta India Ltd is a wholly owned subsidiary of United Phosphorus Ltd.
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Astral Poly closes at discount on listing day
Mumbai: The stock of Astral Poly Technik, manufacturer of plastic pipes and plumbing products, listed at the issue price of Rs115 on the BSE. The shares touched an intra-day low of Rs100.20 before closing at Rs104.55. On the NSE, the stock opened at a discount of 11.65 per cent at Rs103, reached a high of Rs113.65 and a low of Rs100 before closing at Rs105.35.

Total traded quantity of shares was 54.19 lakh and 48.26 lakh on the BSE and NSE respectively. Astral Poly Technik Ltd entered the capital market with a public issue of 29.71 lakh equity shares to part finance the expansion of its existing facilities in Gujarat and Himachal Pradesh.
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