Asahi Songwon to float Rs3.5 cr IPO
Mumbai: Manufacturer of pigments, Asahi Songwon Colors (ASCL), is planning to enter the capital market with an initial public offering of Rs33.5 crore being made through a 100 per cent book building process. The issue opens on May 9 and closes on May 15. The price band of the issue has been fixed at Rs90-Rs108 per equity share.

The company makes CPC Blue Crude and Pigment Green and has an installed capacity of 3,600 tonnes per annum and 1,200 tonnes per annum, respectively. The proceeds of the issue will be utilised to part finance the company's expansion plan of Rs 52 crore, which includes increasing the CPC Crude capacity to 10,800 MPTA, setting up a 1200 MPTA Pigment Beta Blue manufacturing facility and a 2 MW captive power plant.

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Asahi Songwon to float Rs3.5 cr IPO
Mumbai: Manufacturer of pigments, Asahi Songwon Colors (ASCL), is planning to enter the capital market with an initial public offering of Rs33.5 crore being made through a 100 per cent book building process. The issue opens on May 9 and closes on May 15. The price band of the issue has been fixed at Rs90-Rs108 per equity share.

The company makes CPC Blue Crude and Pigment Green and has an installed capacity of 3,600 tonnes per annum and 1,200 tonnes per annum, respectively. The proceeds of the issue will be utilised to part finance the company's expansion plan of Rs 52 crore, which includes increasing the CPC Crude capacity to 10,800 MPTA, setting up a 1200 MPTA Pigment Beta Blue manufacturing facility and a 2 MW captive power plant.

Japan-based Dainippon Ink and Chemicals (DIC) has recently invested Rs10.5 crore on acquiring 8,65,200 equity shares of ASCL for Rs 122 per share. DIC would hold around 7.5 per cent stake in the company after the IPO. The remaining cost of the project would be funded by a term loan of Rs 8 crore from SBI Bank. After the issue, the promoters' stake will come down to 59-60 per cent.
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Ventura launches online trading platform
Hyderabad: Ventura Securities Ltd has launched an online trading platform that also offers value-added services such as news and implications on events affecting the economy and stock markets, SMS service with stock recommendations, Web access for customer, updates on mutual fund industry and research reports and technical analysis.

As an invitation offer, the company would charge a brokerage of one rupee for the entire first month for those investors who register before May 31.

From the second month onwards, the company would charge 0.15 per cent on deliveries and .02 per cent on trading would be charged. Ventura has over 50,000 offline customers and is present in 200 locations in the country.
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JM Financial to launch contra-fund
Mumbai: JM Financial Mutual Fund will launch a contra-fund over the next three months according to Sandip Sabharwal, chief investment officer-equity of JM Financial Mutual Fund.
Sabharwal said, the fund would invest in themes which are likely to do well in a period of two-three months from the time of investment.

Elaborating on the investment style for the contra fund, he added, "There could be an aggressive shift from mid-cap to large-cap stocks in this fund. In the current market scenario, airline stocks provide a good contra theme as the airline war is over and stock prices have bottomed out."

The fund house is looking at launching three equity funds in the current financial year. The fund house is also still planning details of a capital protection fund and is working to structure the debt-equity ratio in the scheme unlike the current products in the capital protection space in the country.

The fund house has recorded a good response for their equity tax saver fund - a three year close-ended scheme - and is now looking at evolving an open-ended scheme in the same space.
Traditionally, JM Financial had more of debt funds and is shifting focus to equity funds.
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City Union Bank plans stock-split
Chennai: City Union Bank has announced its intention to go for a stock-split. The RBI permitting, each share of Rs10 will be converted into 10 shares of Re1, the bank informed the stock exchanges.
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Reliance Money starts gold coin retailing
Mumbai: Reliance Money has forayed into gold coin retailing with a tie-up with Valcambi SA of Switzerland and will now sell 24 carat 999.9 pure gold coins in denominations of 5gm and 8gm at Reliance Money and Reliance World outlets.

Reliance Money becomes the first non-banking company in the private sector to launch gold coins.
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Colgate reduces face value of shares: to return Rs122cr to shareholders
Mumbai: Colgate Palmolive (India) will reduce its capital by returning Rs122.40 crore to shareholders, and will reduce the face value of its shares from Rs10 to Re1.

The company said that the amount will be paid as a 'deemed dividend' at Rs9 per share uniformly to all shareholders, and will not be taxed in the hands of the shareholders. In addition to the payout of Rs122.4 crore, the company will pay an addition Rs20.8 crore as dividend distribution tax at 17 per cent.

The company said that after averaging 100 per cent dividend for the past three years, capital expenditure of Rs168.8 crore and rationalisation of supply chain at Rs60.4 crore in the same time period, the company still had a large treasury portfolio.

Colgate Palmolive, which has a 51 per cent stake in Colgate Palmolive (India), would earn Rs62.42 crore as its Indian subsidiary undertakes the capital reduction exercise.

The proposal is subject to approval by shareholders at the Annual General Meeting on July 27, 2007 and the Bombay High Court.

Colgate Palmolive India has reported a 5.72 per cent increase in consolidated net profit at Rs148.39 crore for the year ended March 31, 2007 (FY07) when compared with Rs140.04 crore for the year ended March 31, 2006 (FY06).

The total revenue increased to Rs1361.55 crore for FY07 from Rs1173.66 crore for FY06.

For the quarter ended March 31, 2007 (Q4FY07), the company posted a net profit of Rs50.59 crore as compared to Rs37.01 crore for Q4FY06.

Total revenue increased to Rs360.60 crore for Q4FY07 from Rs313.58 crore for Q4FY06.
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