Korean major Mirae Asset to begin operations in India
Mumbai: South Korean major Mirae Asset, is readying to enter the Indian mutual fund business and is aiming to become a full-service financial company in India by diversifying into other areas such as stock broking, life insurance and the alternative space of private equity and real estate fund.

The Korean company at present manages seven India-dedicated funds worth about $1billion through the FII route and is adopting a step-by-step strategy regarding its India operations. Initially, it will look at the mutual funds business.

Mirae Asset is currently awaiting the regulatory approval for the AMC business.

The company plans to set up a wholly owned subsidiary; and will not rope in a partner. It hopes to launch the first product by the fourth quarter of this year.

The Korean group manages assets worth $60 billion across all its businesses in its home country, of which the AMC business is worth $30 billion.
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Sebi bans Adani group promoters for two years
Kolkata: Sebi has barred the market entry of Adani Group promoters for 2 years for alleged links with Ketan Parekh (KP) in manipulating Adani Exports (now Adani Enterprise) stock in the period between October 1999 and March 2001.

The regulator also prohibited Adanis from trading in any shares. According to Sebi Adani Agro, Adani Impex, Crown International, Sahi Property Developers, Adani Properties, Advance Exports and Intercontinental India - have been "restrained" from accessing the securities market, either directly or indirectly, and also prohibited from "dealing in securities, in any manner whatsoever".
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Binani Cement closes below issue price
Mumbai: Binani Cement listed on the NSE at a 2.74 per cent discount at Rs73 against the offer price of Rs75. The stock touched an intra-day high of Rs77 and a low of Rs67.30 before closing at Rs69.05.

On the BSE, the stock opened at its issue price. It touched an intra-day high of Rs79 and an intra-day low of Rs67.45 before closing at Rs68.65. The total traded quantity of shares was 74,54,087 and 57,62,498 on the NSE and BSE, respectively.
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BSE market cap touches $1 trillion
Mumbai: The market capitalization of the Bombay Stock Exchange crossed the $1 trillion milestone in terms of all the companies listed on the bourse on the back of soaring share prices and an appreciating rupee.

The combined market value of all the firms listed on BSE rose to Rs40,52,121.32 crore (slightly over $1,000 billion), based on an exchange rate of Rs40.51 for $1, according to information available with the bourse.

This represents a gain of 60 pc in the combined market cap of all BSE listed firms from $625 billion a year ago. However, the gain is relatively lower in rupee terms — the market cap has gained just 42 pc in the same period from about Rs28,40,000 crore a year ago.

In 2007 so far, the market cap has gained 23 pc in dollar terms from $812 billion at the end of last year. In rupee terms, it has gained 12% from Rs36,24,000 crore at 2006-end.

The country's 30 top blue-chip firms, which make the benchmark index Sensex, contribute about 47 pc of the total market cap.
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International Tractors may sell 5 pc stake to PE firm
New Delhi: International Tractors Ltd (ITL), that makes the Sonalika brand of tractors, may sell five per cent stake to a private equity firm. The company is also planning to tap the market with an initial public offering (IPO) by the fourth quarter of the current financial year.

The company expects to raise around Rs175 crore from the whole process which is expected to be completed by the end of June this year.

The company plans to utilise the funds to double the existing capacity at its plant in Hoshiarpur (Punjab) where it manufactures 40,000 units per year.

ITL is held by four firms, which collectively hold 37 per cent in the company. This includes a 10-per cent stake each by Citigroup and 3i, Japanese tractor maker Yanmar has about 12 per cent stake, while Morgan Stanley has a five per cent stake.

ITL is looking to raise around Rs800 crore from the IPO. The proceeds of the IPO would be utilised for two new plants that the company plans to build.
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