Gold recovers on firm global trends
New Delhi: Gold recovered and made good gains on the bullion market on Friday, on buying by stockists following reports that metals rose in Asia as crude oil gained for a fourth day.

Standard gold and ornaments shot up by Rs65 each at Rs9,590 and Rs9,440 per ten gram respectively. Sovereign was unchanged at Rs7,850 per piece of eight gram.

Silver ready rose by Rs100 at Rs19,900 per kilo while weekly-based delivery fell by Rs25 at Rs20,085 per kilo on lack of support from speculators.
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BSE awaits approval for selling stake
Mumbai: The Bombay Stock Exchange (BSE) has agreed to sell 41-per cent stake to a clutch of domestic and foreign investors for about $385 million but could not disclose the names as it is waiting for approval from SEBI, FIPB and RBI.

The BSE has received interest from over 20 leading domestic financial institutions, foreign funds, domestic corporate houses and reputable high net worth individuals which was substantially more than required for the de-mutualisation of the exchange, BSE had said after its board meeting yesterday.

The exchange said it would sell a 25-per cent stake to domestic investors and 16 per cent to foreign investors at a price of Rs5,200 per share, aggregating to about Rs1655 crore ($385 million).

The BSE has to meet the deadline of May 19 to bring down member brokers' stake to 49 per cent as part of the de-mutualisation process. The BSE has already offloaded a 10-per cent stake in the exchange to Deutsche Boerse and Singapore Stock Exchange at Rs 5,200 per share.
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ICICI Prudential decreases minimum investment limit
Mumbai: ICICI Prudential Asset Management has lowered the minimum investment amount through systematic investment plan (SIP) to Rs50 from Rs1,000 earlier.

Such investments would attract an entry load of 2.25 per cent and an exit load of 3 per cent depending on investment amount and time of exit, the country's second largest fund house with assets under management of Rs37,900 crore at March-end, said.

Early this month, Reliance Capital Asset Management Ltd., lowered the minimum monthly and quarterly investment limits through SIP to Rs100 and Rs500, respectively.

UTI Asset Management Co. had lowered minimum limit through SIP to Rs 50 in April last year under UTI-Retirement Benefit Pension Fund via its micro-pension initiative.
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UTI Asset sets Rs1.50 a unit dividend in equity fund
Mumbai: UTI Asset Management Co will pay Rs1.50 per unit dividend in UTI-Master Equity Plan Unit Scheme and has fixed April 17 as the record date. The fund house managed assets worth about Rs35,500 crore at the end of March, data from Association of Mutual Funds in India showed.
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SBI Mutual launches 60-day close-end debt fund
Mumbai: SBI Funds Management has launched a 60-day close-end debt scheme under the SBI Debt Fund Series (SDFS).

SDFS-60 Days Fund would be open for subscription till April 16 and would invest in debt, money market instruments and government securities, the fund house said.

It would not charge an entry load but would levy an exit load of 0.50 per cent for redemption before maturity. The minimum investment in the fund was set at Rs50,000, it said.
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ICRA soars 141 pc on debut
Mumbai: Shares of ICRA, a credit rating agency part-owned by Moody's Investors Service, rose 141 per cent on its opening day on the markets, becoming the fourth biggest riser on the listing day.

ICRA listed at Rs525 per share on the Bombay Stock Exchange a 60 per cent premium from the issue price of Rs325, ended the day at Rs797.60. The top three biggest gainers on the listing day were Tantia Construction (220 per cent), Nissan Copper (230 per cent) and Cambridge Technologies (163 per cent).

Moody's shareholding at 28.51 pc is valued at Rs204.19 crore at the current prices while State Bank of India's stake of 9.99 pc is worth Rs80 crore.

ICRA has raised Rs39.42 crore ($9.2 million) selling about 1.2 million shares at Rs330 apiece.

Investors of ICRA, including IFCI, the administrator of the Unit Trust of India and the State Bank of India, sold their stakes in the initial sale.
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