Reliance Mutual Fund again tops MFs list
Mumbai: The month of March saw asset values of most fund houses getting eroded due to market volatility Reliance Mutual Fund went against the trend and grew 10 per cent to become the country's top fund house, toppling ICICI Prudential MF.

Reliance MF received huge fund inflows in its fixed maturity plans (FMPs) in the final weeks of 2006-07.

Besides Reliance, the only other fund to register gain was Quantum MF. The small-sized fund house grew 12 per cent to Rs60.42 crore from Rs53.80 crore a month ago, as per data released by the Association of the Mutual Funds.

Reliance MF now leads assets under management with a total AUM of Rs46,306.77 crore for March. The asset value of the fund house grew 9.7 per cent during the month from Rs42,209.76 crore in February. ICICI Prudential, which had regained the top position two months back, saw its AUM eroding by 12.5 per cent to Rs37,869.58 crore from Rs43, 280.67 crore.

ICICI Prudential, which has changed its name from Prudential ICICI, witnessed a robust 25 per cent growth in February, as it garnered around Rs10,000 crore from liquid funds towards the month-end to topple Reliance MF from the number one position. However, Reliance had maintained its top position by average AUM.

UTI MF maintained its third position with Rs35,582.65 crore, even though its AUM fell by 7.82 per cent from Rs38,602.99 crore.
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Advanta India sets issue price at Rs640 a share
Mumbai: Advanta India., a subsidiary of United Phosphorus Ltd has set Rs640 per share as the issue price of its initial public offering. The issue closed on March 30 and was subscribed 3.98 times, the company said in a statement. The price band for the IPO was Rs600-650 a share. The company is raising Rs216 crore in its initial offer.
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UTI gold fund nets 26,000 investors
Mumbai: The new fund offer of UTI Mutual Fund's gold exchange traded fund (ETF) received overwhelming response from investors across the country raising nearly Rs250 crore from 26,000 investors, in what is possibly the biggest number of investors for an NFO.

UTI's ETF will list on the NSE by the third week of April. The minimum subscription for the scheme is Rs20,000, while its was Rs10,000 for Benchmark's gold ETF.

Other mutual funds that have also lined up to launch their gold ETF schemes include Reliance Mutual Fund, Tata MF, Escorts and ICICI-Prudential Mutual Fund.
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FT Group offloads stake in Dubai Gold Exchange
Mumbai: Dubai Multi Commodities Centre (DMCC) has acquired a one per cent stake in Dubai Gold and Commodities Exchange (DGCX) from India's Financial Technologies Group for $12.5 mn (Rs 55 crore) to become the majority stake-owner in the joint venture. DMCC now holds 51 per cent and FT Group 49 per cent in DGCX, Financial Technologies (India).

DGCX was started as a joint venture between DMCC, Government of Dubai, FTIL and Multi Commodity Exchange of India Ltd (MCX).

DGCX is an electronic futures and options exchange which utilizes trading, clearing and settlement technology developed by FT Group.
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Uttam Galva plans Singapore listing
Mumbai: Uttam Galva Steels, which produces galvanized and cold-rolled steel, has raised $20 million via global depositary receipts (GDRs) to fund expansion plans. The issue was priced at about 92 cents (Rs40) per GDR, which represents one local share. The GDRs will trade on the Singapore Exchange Securities Trading.

Uttam galva recently entered into a joint venture with Liberty Commodities, a UK-based trading company, to construct two new steel re-roller mills in Ghana with an investment of $60 million (around Rs270 crore).
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SEBI may impose price band on first day of trading in stocks after corporate action
Coimbatore: The Securities and Exchange Board of India (SEBI) is proposing fixing of a price band on the first day of trading of shares after corporate action like de-merger, amalgamation, capital reduction etc.

The market regulator's action comes in the wake of price spike witnessed in some counters on the first day of trading after such corporate actions.

At present, the stock exchanges do not apply price bands or circuit filter in respect of trading in shares on the first day of listing of Initial Public Offerings (IPOs), commencement/re-commencement of trading following a scheme of de-merger, amalgamation, capital reduction, scheme of arrangement, restructuring etc, and in the case of scrips listed/permitted on any other exchange where the scrip is not actively traded.
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