BEML files papers for Rs450-crore FPO
Mumbai: Mining and construction equipment maker Bharat Earth Movers (BEML) is coming out with a follow on public issue of Rs450 crore after which the government holding in the company will come down to 54.63 per cent from 61.23 per cent. BEML which filed its draft document with Securities and Exchange Board of India late on Friday, is issuing 49 lakh shares through the offer comprising 11.77 per cent of the diluted post-issue capital of the company.

The company plans to utilise the funds mobilised through the follow-on issue for its expansion plans including the setting up of a metro-coach manufacturing facility at Bangalore at a cost of Rs214.51 crore.

The retail portion of the issue is for 15, 43,500 lakh shares or nearly 35 per cent of the share issue. Currently, retail investors hold only 9.22 per cent of the equity capital. Domestic mutual funds hold 13.40-per cent stake in the company while foreign funds own 6.26 per cent.
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Fortis IPO launch today
New Delhi: Fortis Healthcare, Ranbaxy Labs group company, is entering the capital market with an Initial Public Offering opening today and leading brokerage firms are bullish on the company in view of the growth in the sector both spread in infrastructure and gradual increase in spending on healthcare.

Fortis Healthcare has fixed a price band of Rs92 to Rs110 against the pre-IPO placement at an average price of Rs144 thus giving an opportunity to investors for a handsome appreciation in the share price.

Fortis has a strong portfolio in specialties such as cardiac care, orthopaedics, neuro-sciences, renal care, oncology, gastroenterology, diabetology, pulmonology and mother and child care.
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Edible oils rise
New Delhi: Edible oil rose on the oils and oilseeds market on increased buying by vanaspati millers amid a firming global trend. Select non-edible oils also firmed up on increased offtake by consuming industries.

Traders said besides increased offtake by vanaspati units, firming trends in Malaysian markets where palm oil future hit an eight-year high influenced trading sentiment.

Meanwhile, to check rising prices, the government reduced customs duty on crude and refined palm oil by 10 per cent – a measure that will also help contain inflation.

Customs duty on crude palm oil, crude palmolein and other fractions of crude palm oil have ben slashed from 60 per cent to 50 per cent.

In the edible section, groundnut mill delivery oil on the back of day-to-day buying by millers and local parties, gained Rs50 at Rs6,900 a quintal.

Solvent refined followed suit and quoted higher at Rs1150-1175 as against last close of of Rs1135-1150 a tin.

Soyabean refined mill delivery and soyabean degum (Delhi) oils in tandem with firm trend edged up to Rs4,900 and Rs4,720 per quintal respectively from last closing of Rs.4800 and Rs4670. Coconut oil up by Rs10 at Rs880-890 a tin largely on the back of firming advices from producing southern centres.
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