MRO-TEK announces buyback at Rs55 / share
Mumbai: MRO-TEK has announced a buyback of up to 25,60,000 equity shares of Rs 5 each at Rs55 per share. The company informed the BSE that the buyback will be for 12.34 pc of the total existing paid-up equity capital comprising of 2.07 crore shares of Rs5 each.

The release said that the consideration for shares to be bought back will not exceed Rs 8.25 crore, which will be 9.81 pc of the paid-up equity share capital and free reserves based on the audited accounts as on March 31, 2006.

The buyback will open on May 21, 2007, and acceptance of shares would be within seven days of the relevant pay out dates of the respective stock exchanges. The shares would be extinguished within 15 days of acceptance, the release said.

The stock was up over 4 pc at Rs49 on the BSE at 1330 hrs with volume zooming to 1.26 lakh shares as against the two-week average of 26,430 shares.
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SEBI to ask bourses to put circuit filters on day one for small IPOs
Mumbai: The Securities and Exchange Board of India (SEBI) will ask the stock exchanges to put circuit filters on the first day of listing of those companies with issue sizes up to Rs 200 crore.

A circuit filter is a daily price band imposed by the exchanges on the price movement of listed securities. There is no circuit filter on the first day of listing, which is a price discovery day, and the prices of the securities can move freely without any limits.

After the first day of listing, the exchanges put a price band of 20 per cent for the movement of the stock prices. However, the level of circuit filter proposed for IPOs on the first day of listing is not known.

SEBI is looking at these relatively small issues because not much information is available in the public domain about most of these companies. Recently SEBI began investigating the huge surge in equity prices of six companies on listing day.

The market regulator has also observed that certain entities placed abnormally large share orders at prices far below the prevailing market rates on the opening day.

The market regulator concluded that the intention of placing such orders was not for genuine trading but only for artificial enhancement of demand, a manipulative practice.

The securities under the regulator's scan are Mindtree, Shree Asthavinayak, Pyramid Saimira, Pochiraju, Cambridge and Al Champdany.
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Binani Cements IPO oversubscribed 1.32 times
Binanni Cements IPO was oversubscribed 1.36 times having received bids worth Rs2.78 crore from the issue size of Rs2.05 crore.

The total bids in the QIB portion stood at 1.63 crore. From this category the FIIs bid for 1.35 crore shares, while the FIs bid for 17.33 lakh shares and mutual funds bid for 10.14 lakh shares.

The HNIs bid for 15.95 lakh shares while the retail investors bid for 99.65 lakh shares of which 89.32 lakh shares were bid at cut off price and 10.32 lakh were bid at price. The IPO was priced between Rs75 and Rs85.
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Principal PNB sets Rs1.50 a unit dividend in equity fund
Mumbai: Principal PNB Asset Management Ltd said on Friday that it would pay Rs1.5 per unit dividend in Principal Large Cap Fund and fixed May 15 as the record date.

The fund house managed assets worth about Rs9,500 crore at the end of April, data from Association of Mutual Funds in India showed.
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