MRO-TEK board approves buyback
Bangalore: MRO-TEK's board of directors have approved the company's proposal to buyback the company's equity shares of up to a maximum of 25.6 lakh shares of Rs5 each. The buy-back will be based on the ruling prices at that particular time, subject to a maximum price of Rs55 per share, a six per cent premium over closing price on March 29, said MRO-TEK in a notice to the stock exchanges on Friday. The pricing has been arrived at after considering the stock market quotation, book value per share and the possible impact of the buyback may have on the earnings per share, the company said.

MRO-TEK has earmarked up to a maximum of Rs8.25 crore for the buy-back, which will be financed from the free reserves of the company. MRO-TEK says he buy-back was likely to happen in mid-April.

Shares of MRO-TEK ended 1.45 per cent higher on the BSE to close at Rs52.50 on Friday.
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Advanta IPO oversubscribed four times
Mumbai: The Initial public offer of Advanta India, a subsidiary of United Phosphorous (UPL), on Friday was subscribed nearly four times and got 1.34 crore bids for its offer of 33.80 lakh equity shares, the company informed the Bombay Stock Exchange. The price band has been fixed between Rs600 and Rs650 per equity share and the issue constitutes of 20.08 per cent of the post-issue paid-up capital of the company.

Advanta India, an international agronomic seed company has principal operations in India, Australia, Thailand and Argentina and conducts business in 14 other countries across the globe.

The issue, which closed today, received robust response from Qualified Institutional Buyers especially Foreign Institutional Investors.
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Warburg Pincus' arms ups stake in Moser Baer
New Delhi: Warburg Pincus and associates hiked their stake in Moser Baer India by 4.26 per cent taking the total equity to 33.75 per cent in the company.

Moser Baer told the BSE that the affiliates of Warburg Pincus include Woodgreen Investment Ltd, Bloom Investments Ltd, Ealing Investment Ltd, Randall Investment Ltd and Elm International Ltd, which have converted 47,500 of their global depository receipts with the company into 4.75 million equity shares.
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ICICI Bank, HDFC Bank ADRs fall 5 pc
Chennai: The ADRs of ICICI Bank and HDFC Bank fell by almost five per cent on the NYSE within a few minutes of trading hours after the RBI announced a sudden hike in cash reserve ratio and repo rates by the central bank. ICICI Bank's ADR fell by 4.96 per cent or $1.96 to $37.53, while the latter lost 4.73 per cent or $3.18 to $64.07 at 8.15 p.m. IST. However, the Dow Jones Industrial Average was up by 0.29 per cent at 12,385.04, while the tech-focused Nasdaq moved up by 0.35 per cent to 2,426.3.

All ADRs were in negative territory except MTNL, which too gained only 0.15 per cent. Tata Motors was the other biggest loser (3.02 per cent) at $16.35. Infosys also fell below the psychological $50 mark; it was trading at $49.27, down 1.8 per cent.
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