Mumbai, Dec 8 : Power producer JSW Energy's Rs 2,700-crore public offer got over-subscribed 1.48 times today, thesecond day of issue, with most bids coming from qualifiedinstitutional buyers.
The initial public offer (IPO) received bids for 33.75crore equity shares against 22.75 crore shares on the offerfor public, the latest data with the National Stock Exchange(NSE) shows.
In qualified institutional buyers category the issue gotsubscribed 2.77 times of the reserved portion, whereas in noninstitutional investors category it got bids for 14.78 lakhstocks against 2.69 crore equities reserved for them, as perNSE data.
JSW Energy has entered into capital market with its IPOin the price band of Rs 100-115 and expects to garner up to Rs2,700 crore. The issue closes on December 9.
The IPO proceeds will be utilised for investment of aboutRs 2,140 crore in project SPVs and repayment of corporate debtof Rs 480 crore.
Last week, the company raised Rs 464.86 crore through theissue of shares to seven anchor investors, including RelianceCapital Trustee and Credit Suisse Singapore Ltd at a price ofRs 110 per piece.
J M Financial Services, SBI Cap Securities and ICICISecurities are acting as the book running lead managers forthe issue.
Thursday, December 10, 2009
NPPA slaps Rs 20-cr fine on Cipla for overcharging
New Delhi, Dec 7 : Pharma company Cipla Ltd todaysaid it has received notices, demanding about Rs 20.15 crore,from drug price regulator for allegedly over-pricing two drugs.
The company has received a notice from sectoral regulatorthe National Pharmaceutical Pricing Authority demanding anamount of about Rs 20.14 crore, comprising allegedlyovercharged amount of Rs 11.54 crore and interest thereon ofRs 8.59 crore, in respect of the drug Ciprofloxacin, Ciplasaid in a filing to the BSE.
"The period to which these amounts pertain to have notbeen specified in the demand notice," the company said in itsfiling to the Bombay Stock Exchange (BSE).
The drug maker also got a notice demanding an amount ofRs 11 lakh comprising interest up to April 2009 in respect ofthe drug Doxycycline, it further said.
Both the drugs are antibiotic, used in treatment ofbacterial infections.
According to Cipla, notices are contrary to rulings ofthe Supreme Court and the demand is not tenable. There were nodetails of the ruling in the Cipla statement.
"These demands are contrary to the orders of the SupremeCourt and the company has received legal advice that entireamounts demanded by the government are not tenable andsustainable," Cipla said.
In July also, Cipla had received notices from NPPA foralleged over-pricing of two drugs--Salbutamol and Norfloxacin.
In July, Cipla had got a demand notice of Rs 64.39 crorefor asthma drug Salbutamol and Rs 2.19 crore for Norfloxacin,used in treating infections.
NPPA, under the aegis of Chemicals and FertlizersMinistry, is responsible for keeping an eye on the pricemovement of dugs in the country.
Shares of Cipla today settled the day at Rs 351.5, down1.99 per cent from its previous close on the BSE
Three types of Kerala rice get GI protection
New Delhi, Dec 7 : Three varieties of rice producedin Kerala are registered as Geographical Indications (GI), theParliament was informed today.
Three kinds of rice -- Pokkali, Navara and PalakkadanMatta -- produced in Kerala have been registered as GIs underthe Geographical Indications of Goods (Registration andProtection) Act, 1999, Minister of State for Commerce andIndustry Jyotiraditya Scindia said in the Lok Sabha.
The GI tag is used on goods that have a specificgeographical origin and possess qualities, reputation andcharacteristics that are essentially attributable to thatregion alone.
Once granted, the GI status legally prohibits others tosell the product under the same name.
Replying to a question of a Member of Parliament, Scindiasaid the Union government has not received any proposal fromthe Madhya Pradesh government for registration of paddy of aspecial variety under the GI.
Answering a separate question in the lower house, Scindiasaid, the country's Patent Offices received 458 applicationsfor pre-grant opposition--for other parties to contest theexclusivity claims of the product--during January 2005 toMarch 2009.
Three kinds of rice -- Pokkali, Navara and PalakkadanMatta -- produced in Kerala have been registered as GIs underthe Geographical Indications of Goods (Registration andProtection) Act, 1999, Minister of State for Commerce andIndustry Jyotiraditya Scindia said in the Lok Sabha.
The GI tag is used on goods that have a specificgeographical origin and possess qualities, reputation andcharacteristics that are essentially attributable to thatregion alone.
Once granted, the GI status legally prohibits others tosell the product under the same name.
Replying to a question of a Member of Parliament, Scindiasaid the Union government has not received any proposal fromthe Madhya Pradesh government for registration of paddy of aspecial variety under the GI.
Answering a separate question in the lower house, Scindiasaid, the country's Patent Offices received 458 applicationsfor pre-grant opposition--for other parties to contest theexclusivity claims of the product--during January 2005 toMarch 2009.
JSW Energy fixes IPO price band at Rs 100-115 a share
New Delhi, Dec 3 : Power producer JSW Energy has fixedthe price-band of its proposed initial public offer in therange of Rs 100-115 per equity share.
The company, led by Sajjan Jindal, is offering a discountof Rs 5 to retail investors in the issue price that will bedetermined after the completion of book building process, JSWEnergy said in a public announcement today.
JSW Energy Ltd, a part of the JSW Group, is entering thecapital market with its initial public offer (IPO) on December 7 till December 9.
The company expects to raise funds up to Rs 2,700 crorethrough its public offer.
The energy firm has an operational capacity of 860 MWwith additional 2,790 MW capacity under construction andimplementation stage.
JM Financial Consultants, Kotak Mahindra Capital Company,ICICI Securities, IDFC-SSKI Ltd, JP Morgan India, SBI Capital,Morgan Stanley India and IDBI Capital are book running leadmanager of the public offer
The company, led by Sajjan Jindal, is offering a discountof Rs 5 to retail investors in the issue price that will bedetermined after the completion of book building process, JSWEnergy said in a public announcement today.
JSW Energy Ltd, a part of the JSW Group, is entering thecapital market with its initial public offer (IPO) on December 7 till December 9.
The company expects to raise funds up to Rs 2,700 crorethrough its public offer.
The energy firm has an operational capacity of 860 MWwith additional 2,790 MW capacity under construction andimplementation stage.
JM Financial Consultants, Kotak Mahindra Capital Company,ICICI Securities, IDFC-SSKI Ltd, JP Morgan India, SBI Capital,Morgan Stanley India and IDBI Capital are book running leadmanager of the public offer
Mauritius-based AfrAsia Bank gets FII licence from SEBI
New Delhi, Dec 2 : Mauritius-based AfrAsia Bank todaysaid it has received the Foreign Institutional Investor (FII)licence from market regulator Securities & Exchange Board ofIndia (SEBI).
"This will enable the bank to provide a complete bouquetof service to its global business clients and facilitate theirinvestments into Indian stocks and debt market using the sub-account route of FII," AfrAsia Bank said in a statement.
An FII is an institution established or incorporatedoutside India, which proposes to make investments insecurities in India and regulated under the strict provisionsof the SEBI.
Sub-account on the other hand means "any person residentoutside India, on whose behalf investments are proposed to bemade in India by a FII and who is registered as a sub-accountunder these regulations."
"This is an important step in our strategy to tap theIndian market", AfrAsia Bank CEO James Benoit said.
AfrAsia Bank has also entered into a strategic tie upwith leading ICICI Bank for providing custodial services inIndia to its clients, the statement said.
"This will enable the bank to provide a complete bouquetof service to its global business clients and facilitate theirinvestments into Indian stocks and debt market using the sub-account route of FII," AfrAsia Bank said in a statement.
An FII is an institution established or incorporatedoutside India, which proposes to make investments insecurities in India and regulated under the strict provisionsof the SEBI.
Sub-account on the other hand means "any person residentoutside India, on whose behalf investments are proposed to bemade in India by a FII and who is registered as a sub-accountunder these regulations."
"This is an important step in our strategy to tap theIndian market", AfrAsia Bank CEO James Benoit said.
AfrAsia Bank has also entered into a strategic tie upwith leading ICICI Bank for providing custodial services inIndia to its clients, the statement said.
FIIs pump Rs 5,400 cr into stock mkts in Nov
New Delhi, Dec 1 : The equity markets witnessed anet inflow of Rs 5,400 core from overseas investors duringNovember, taking their total investment in the country so farthis year to over Rs 73,100 crore, the highest ever inflow ina single year.
In November, foreign institutional investors (FIIs)bought shares worth Rs 51,063.10 crore, and sold equitiesworth Rs 45,565.90 crore, resulting in a net investment of Rs 5,497 crore, according to the data available with the marketregulator Securities and Exchange Board (SEBI).
The record inflow by FIIs into the local stock marketshas alarmed the government and other authorities concerned. It has also made industry chambers like Assocham demanding a two-percentage point tax on FII funds, while exporters body FIEO demanded government intervention to contain the flow asit had been making the rupee stronger against the Americangreenback, rendering exports incompetent from price angle.
After turning negative following the collapse of the globalfinancial services icon Lehman Brothers in the middle ofSeptember last year, FIIs inflow into the domestic stockmarkets have begun to rise sharply.
Last month, Finance Minster Pranab Mukherjee had said thatinvestment into the equity markets by foreign investors wasnot a matter of concern, but the government would act if itfinds any distortions.
Describing the foreign capital inflows as the successstory of India's recovery, Reserve Bank Deputy Governor SubirGokarn on Monday said that the inflow should not be viewed asa threat at this point of time.
"You could see them as a positive sign which is that theyreflect increasing global confidence in Indian recovery," the newly appointed Gokarn had said.
The trend of strong FII inflows to the tune of Rs 31,000crore witnessed during the June quarter gained furthermomentum during the July-September period, which attracted a net Rs Rs 34,313 crore.
Last year, FIIs were net sellers of the domestic stocksworth Rs 52,900 crore. The selling trend of FIIs continuedtill the first two months of the current year. However, by theend of March they started betting big on the domestic bourses.
So far this year, the Bombay Stock Exchange's benchmarkindex Sensex--composed of 30 blue-chip stocks--has risen over 70 per cent.
In November, foreign institutional investors (FIIs)bought shares worth Rs 51,063.10 crore, and sold equitiesworth Rs 45,565.90 crore, resulting in a net investment of Rs 5,497 crore, according to the data available with the marketregulator Securities and Exchange Board (SEBI).
The record inflow by FIIs into the local stock marketshas alarmed the government and other authorities concerned. It has also made industry chambers like Assocham demanding a two-percentage point tax on FII funds, while exporters body FIEO demanded government intervention to contain the flow asit had been making the rupee stronger against the Americangreenback, rendering exports incompetent from price angle.
After turning negative following the collapse of the globalfinancial services icon Lehman Brothers in the middle ofSeptember last year, FIIs inflow into the domestic stockmarkets have begun to rise sharply.
Last month, Finance Minster Pranab Mukherjee had said thatinvestment into the equity markets by foreign investors wasnot a matter of concern, but the government would act if itfinds any distortions.
Describing the foreign capital inflows as the successstory of India's recovery, Reserve Bank Deputy Governor SubirGokarn on Monday said that the inflow should not be viewed asa threat at this point of time.
"You could see them as a positive sign which is that theyreflect increasing global confidence in Indian recovery," the newly appointed Gokarn had said.
The trend of strong FII inflows to the tune of Rs 31,000crore witnessed during the June quarter gained furthermomentum during the July-September period, which attracted a net Rs Rs 34,313 crore.
Last year, FIIs were net sellers of the domestic stocksworth Rs 52,900 crore. The selling trend of FIIs continuedtill the first two months of the current year. However, by theend of March they started betting big on the domestic bourses.
So far this year, the Bombay Stock Exchange's benchmarkindex Sensex--composed of 30 blue-chip stocks--has risen over 70 per cent.
Gammon Infra hopes to complete stake buy in ICTPL by March '10
New Delhi, Dec 9 : Gammon Infrastructure today saidit expects to complete the acquisition of 24 per cent stake inits special purpose vehicle Indira Container Terminal frompartner, Spain-based Dragados by March next year.
"We hope to complete the purchase of 24 per cent stake inIndira Container Terminal Pvt Ltd (ICTPL) by March, 2010,"Gammon Infrastructure Projects Manging Director Parvez Umrigar told PTI.
ICTPL, a joint venture between Dragados and the GammonGroup, is developing an offshore container terminal at Mumbaiport.
The transaction is subject to regulatory approvals asmay be required, Umrigar said.
Dragados is selling its stake in the JV under its globalrestructuring plan, he added.
Gammon Infra yesterday announced that it had enteredinto an agreement with Dragados Servicios Portuarios yLogisticos SL to acquire the firm's 50 per cent stake in ICTPLin two phases.
"The agreement envisages buying of 24 per cent stake in ICTPL now and a further 26 per cent equity stake after threeyears post the commencement of commercial operations of the offshore container terminal project being implemented byICTPL," the company said.
The company did not disclose financial details of the transaction.
"We hope to complete the purchase of 24 per cent stake inIndira Container Terminal Pvt Ltd (ICTPL) by March, 2010,"Gammon Infrastructure Projects Manging Director Parvez Umrigar told PTI.
ICTPL, a joint venture between Dragados and the GammonGroup, is developing an offshore container terminal at Mumbaiport.
The transaction is subject to regulatory approvals asmay be required, Umrigar said.
Dragados is selling its stake in the JV under its globalrestructuring plan, he added.
Gammon Infra yesterday announced that it had enteredinto an agreement with Dragados Servicios Portuarios yLogisticos SL to acquire the firm's 50 per cent stake in ICTPLin two phases.
"The agreement envisages buying of 24 per cent stake in ICTPL now and a further 26 per cent equity stake after threeyears post the commencement of commercial operations of the offshore container terminal project being implemented byICTPL," the company said.
The company did not disclose financial details of the transaction.
After Nifty, NSE tweets on Junior Nifty, currency derivatives
New Delhi, Dec 10 : Encouraged by the growing fanfollowing for its tweets on the micro-blogging site Twitter,the National Stock Exchange has now started twittering forJunior Nifty index as well as for the currency derivatives andinterest rate futures.
Till recently, the 'twitterati club' of NSE was limitedto posting live quotes only of its benchmark index Nifty.
NSE joined this club last month, becoming the firstbourse in the country to have a presence on Twitter--which hasbecome a favoured short-messaging social networking websiteand can be accessed through mobile phone and internet.
Outside India, exchanges and indices having establishedtheir presence on Twitter including Nasdaq of the US andLondon Stock Exchange's FTSE.
On Twitter, NSE posts quotes of its indices-including thecurrent level as also the highs and lows, every 5 minutesduring the market hours.
In short span, Nifty has registered over 3,500 followersfor its 'tweet' messages, which are capped at a maximum of 140characters per post. So far, about 1,292 tweets have beenposted on the exchange's page on the Twitter.
The number of followers, till today, for the NSE's JuniorNifty, currency derivatives and interest rate futures onTwitter is 34, 54 and 18 respectively.
With Twitter, investors can reach the NSE with theirmobiles and need not to log onto internet through computers.
Twitter is a free social networking and micro-bloggingservice that enables a user to send and read messages known astweets. Tweets are text-based posts of up to 140 characters.
A user can send and receive tweets through the Twitterwebsite or short message service (SMS) on mobile phone.
Till recently, the 'twitterati club' of NSE was limitedto posting live quotes only of its benchmark index Nifty.
NSE joined this club last month, becoming the firstbourse in the country to have a presence on Twitter--which hasbecome a favoured short-messaging social networking websiteand can be accessed through mobile phone and internet.
Outside India, exchanges and indices having establishedtheir presence on Twitter including Nasdaq of the US andLondon Stock Exchange's FTSE.
On Twitter, NSE posts quotes of its indices-including thecurrent level as also the highs and lows, every 5 minutesduring the market hours.
In short span, Nifty has registered over 3,500 followersfor its 'tweet' messages, which are capped at a maximum of 140characters per post. So far, about 1,292 tweets have beenposted on the exchange's page on the Twitter.
The number of followers, till today, for the NSE's JuniorNifty, currency derivatives and interest rate futures onTwitter is 34, 54 and 18 respectively.
With Twitter, investors can reach the NSE with theirmobiles and need not to log onto internet through computers.
Twitter is a free social networking and micro-bloggingservice that enables a user to send and read messages known astweets. Tweets are text-based posts of up to 140 characters.
A user can send and receive tweets through the Twitterwebsite or short message service (SMS) on mobile phone.
Jindal Power plans IPO to raise Rs 10,000 cr
New Delhi, Dec 10 : Power producer Jindal Power Ltd(JPL) is planning to raise about Rs 10,000 crore through aninitial public offering.
Jindal Power's board of directors, which met today, hasdecided to go for initial public offer (IPO) for raising up toRs 10,000 crore, Jindal Steel & Power Ltd said in a filing tothe National Stock Exchange (NSE) today.
Jindal Power is a subsidiary of Jindal Steel & Power Ltd (JSPL).
"Jindal Power will be holding an extra ordinary generalmeeting of the members of the company for obtaining theirapproval for the said IPO," it added.
The company did not disclose details of the proposed IPO.
Jindal Power's board of directors, which met today, hasdecided to go for initial public offer (IPO) for raising up toRs 10,000 crore, Jindal Steel & Power Ltd said in a filing tothe National Stock Exchange (NSE) today.
Jindal Power is a subsidiary of Jindal Steel & Power Ltd (JSPL).
"Jindal Power will be holding an extra ordinary generalmeeting of the members of the company for obtaining theirapproval for the said IPO," it added.
The company did not disclose details of the proposed IPO.
Godrej Properties IPO subscribed 1.28 times on second day
Mumbai, Dec 10 : The initial public offer of GodrejProperties Ltd (GPL) got subscribed 1.28 times on the secondday of issue today, with most of the bids coming fromqualified institutional investors.
In an almost flat market, the IPO of Mumbai-based realtorreceived bids for over 98.95 lakh shares against 77.32 lakhequities on offer for public, latest data with the National Stock Exchange (NSE) showed.
In the qualified institutional buyers portion, the IPOgot subscribed 2.42 times, with bids for over 96 lakh sharesagainst 39.60 lakh equities reserved for them.
Godrej Properties has entered the capital market with atotal issue size of 94.29 lakh equity shares, which includesanchor investor portion of 16.97 lakh shares, in the pricerange of Rs 490-530 per piece.
Godrej Properties expects to garner up to Rs 499.77 croreat the upper end of the IPO price band.
The IPO, which opened on December 9, closes tomorrow.
The IPO proceeds would be utilised for acquiring land,construction of projects and repayment of loans.
The company currently focuses on residential, commercialand township developments.
The secondary market barometer Sensex today finished theday at 17,189.31, a gain of 64.09 points or 0.37 per cent overits previous close.
In an almost flat market, the IPO of Mumbai-based realtorreceived bids for over 98.95 lakh shares against 77.32 lakhequities on offer for public, latest data with the National Stock Exchange (NSE) showed.
In the qualified institutional buyers portion, the IPOgot subscribed 2.42 times, with bids for over 96 lakh sharesagainst 39.60 lakh equities reserved for them.
Godrej Properties has entered the capital market with atotal issue size of 94.29 lakh equity shares, which includesanchor investor portion of 16.97 lakh shares, in the pricerange of Rs 490-530 per piece.
Godrej Properties expects to garner up to Rs 499.77 croreat the upper end of the IPO price band.
The IPO, which opened on December 9, closes tomorrow.
The IPO proceeds would be utilised for acquiring land,construction of projects and repayment of loans.
The company currently focuses on residential, commercialand township developments.
The secondary market barometer Sensex today finished theday at 17,189.31, a gain of 64.09 points or 0.37 per cent overits previous close.
DB Corp ropes in 9 anchor investors; IPO opens tomorrow
New Delhi, Dec 10 : Media house DB Corp, whichpublishes Hindi daily Dainik Bhaskar, today said it has got commitment of Rs 69.36 crore from nine anchor investors underits initial public offering that opens tomorrow.
The company has finalised allocation of 32.71 lakh sharesto anchor investors at a price of Rs 212 per share, upper bandof the IPO, DB Corp Ltd informed stock exchanges.
Nine anchor investors include — FID Funds (Mauritius) Ltd,FIL Trustee Company, Nomura Funds Ireland--India Equity Funds,ICICI Prudential Life Insurance Company, IDFC Classic EquityFund, Government of Singapore, Reliance Capital Trustee, IndiaCapital Fund and BNP Paribas Arbitrage.
The firm, which publishes newspapers in three languages —Hindi, Gujarati and English — is entering the capital marketwith the issue size of 1.81 crore equity shares in the priceband of Rs 185-212 a piece.
At the upper band of price range, the company expects togarner about Rs 385.31 crore. The IPO closes on December 15.
The issue will constitute about 10 per cent of the fullydiluted post-issue capital of the company.
The proceeds would be utilised for expanding the company'spresence in new markets and repayment of debts.
DB Corp, which has presence in 11 states, plans to expandinto new markets in the next two years and would focus on small cities and towns.
The company has finalised allocation of 32.71 lakh sharesto anchor investors at a price of Rs 212 per share, upper bandof the IPO, DB Corp Ltd informed stock exchanges.
Nine anchor investors include — FID Funds (Mauritius) Ltd,FIL Trustee Company, Nomura Funds Ireland--India Equity Funds,ICICI Prudential Life Insurance Company, IDFC Classic EquityFund, Government of Singapore, Reliance Capital Trustee, IndiaCapital Fund and BNP Paribas Arbitrage.
The firm, which publishes newspapers in three languages —Hindi, Gujarati and English — is entering the capital marketwith the issue size of 1.81 crore equity shares in the priceband of Rs 185-212 a piece.
At the upper band of price range, the company expects togarner about Rs 385.31 crore. The IPO closes on December 15.
The issue will constitute about 10 per cent of the fullydiluted post-issue capital of the company.
The proceeds would be utilised for expanding the company'spresence in new markets and repayment of debts.
DB Corp, which has presence in 11 states, plans to expandinto new markets in the next two years and would focus on small cities and towns.
Sunday, December 6, 2009
NSE joins Twitter bandwagon
New Delhi, Nov 24 : The National Stock Exchange (NSE) has joined the fast-growing 'Twitterati' club, and to startwith the bourse has begun posting live quotes of its benchmark index Nifty on the micro-blogging website Twitter.
With this, NSE has become the first Indian bourse -- and so far the only one -- to have a presence on Twitter, which has become a favoured short-messaging social networking website and can be accessed through mobile phone and internet.
Outside India, exchanges and indices having established their presence on Twitter include Nasdaq of the US and LondonStock Exchange's FTSE.
NSE currently posts quotes of its Nifty index, including the current level as also the highs and lows, every 10 minutesduring the market hours and plans to expand its presence to other information for investors over the time.
In just about a week of its launch, the NSE has already registered about 1,600 followers for its 'tweet' messages, which are capped at a maximum of 140 characters per post. So far, about 500 tweets have been posted on the exchange's page on the Twitter.
An exchange official said that the NSE has distinguished itself from other bourses with its presence on Twitter.
The exchange aims to add some more indices and tools on the social networking site on coming period.
"To start with, it's a live ticker of Nifty only, but it will change over the time. Through Twitter, an investor can be in touch with the market," the official said.
With Twitter, the investors can reach the NSE with their mobiles only and need not log onto internet through computers.
Twitter is a free social networking and micro-blogging service that enables a user to send and read messages known as tweets. Tweets are text-based posts of up to 140 characters.
A user can send and receive tweets through the Twitter website or short message service (SMS) on mobile phone.
NSE's rival Bombay Stock Exchange (BSE), the oldest bourse in Asia, is yet to join Twitter, but recently launched a redesigned version of its website.
With this, NSE has become the first Indian bourse -- and so far the only one -- to have a presence on Twitter, which has become a favoured short-messaging social networking website and can be accessed through mobile phone and internet.
Outside India, exchanges and indices having established their presence on Twitter include Nasdaq of the US and LondonStock Exchange's FTSE.
NSE currently posts quotes of its Nifty index, including the current level as also the highs and lows, every 10 minutesduring the market hours and plans to expand its presence to other information for investors over the time.
In just about a week of its launch, the NSE has already registered about 1,600 followers for its 'tweet' messages, which are capped at a maximum of 140 characters per post. So far, about 500 tweets have been posted on the exchange's page on the Twitter.
An exchange official said that the NSE has distinguished itself from other bourses with its presence on Twitter.
The exchange aims to add some more indices and tools on the social networking site on coming period.
"To start with, it's a live ticker of Nifty only, but it will change over the time. Through Twitter, an investor can be in touch with the market," the official said.
With Twitter, the investors can reach the NSE with their mobiles only and need not log onto internet through computers.
Twitter is a free social networking and micro-blogging service that enables a user to send and read messages known as tweets. Tweets are text-based posts of up to 140 characters.
A user can send and receive tweets through the Twitter website or short message service (SMS) on mobile phone.
NSE's rival Bombay Stock Exchange (BSE), the oldest bourse in Asia, is yet to join Twitter, but recently launched a redesigned version of its website.
SMC Group to hire 3,000 people in next 3yrs
New Delhi, Nov 22 : Domestic brokerage firm SMC Group today said it plans to hire 3,000 professionals and open 3,500 offices in the next three years to expand network in the country.
The company would invest Rs 50 crore in expansion plans.
"We are in process to expand our network by adding 3,500 offices to reach across the country over the next three years. We need a strong team of professionals and for this we will be hiring about 3,000 people during the period," SMC Group CMD Subhash Chand Aggarwal told PTI.
At present, the Delhi-based financial solutions provider has a network of over 1,500 offices spread over 375 towns in the country. The current workforce of the group is about 7,000 serving over five lakh customers.
Aggarwal said the expansion plan would cost over Rs 50 crore and the firm has enough money to finance the growth.
"In recent time, we raised money through different routes and in coming period also we will raise some funds for these purposes," he said.
SMC's products and services include institutional, retail brokerage of equity, commodity, currency, derivatives, IPOs and mutual funds distribution and portfolio management amongothers.
SBICAP invites bid for sale of investor stake in NSE, MCX
New Delhi, Nov 23 : Brokerage firm SBICAP Securities today invited bids for the sale of an investor's stake in the National Stock Exchange and the Multi Commodity Exchange.
The Investor is selling one per cent stake in NSE and nearly six per cent in MCX. The last date for the bid is November 30.
In a public announcement, SBICAP Securities invited bids for 4.50 lakh equity shares representing one per cent of the total equity capital of NSE and 46.20 lakh shares representing 5.91 per cent of the total equity share capital of MCX.
"A client of SBICAP Securities Ltd (SSL) intends to sell the above shares. Applications are invited from interested bidders for purchase of the said shares held by our client", it said.
SSL, a 100 per cent subsidiary of SBI Capital Markets, did not reveal the name of the client. State Bank of India holds 86.16 per cent shares in SSL. The remaining 13.84 per cent is held by the Asian Development Bank.
NSE has been promoted by leading financial institutions, banks, insurance companies and other financial intermediaries. State Bank of India, SBI Capital Markets Ltd and ICICI Bankare among the promoters of the exchange.
The Investor is selling one per cent stake in NSE and nearly six per cent in MCX. The last date for the bid is November 30.
In a public announcement, SBICAP Securities invited bids for 4.50 lakh equity shares representing one per cent of the total equity capital of NSE and 46.20 lakh shares representing 5.91 per cent of the total equity share capital of MCX.
"A client of SBICAP Securities Ltd (SSL) intends to sell the above shares. Applications are invited from interested bidders for purchase of the said shares held by our client", it said.
SSL, a 100 per cent subsidiary of SBI Capital Markets, did not reveal the name of the client. State Bank of India holds 86.16 per cent shares in SSL. The remaining 13.84 per cent is held by the Asian Development Bank.
NSE has been promoted by leading financial institutions, banks, insurance companies and other financial intermediaries. State Bank of India, SBI Capital Markets Ltd and ICICI Bankare among the promoters of the exchange.
When contacted an NSE official said the exchange had no knowledge about the client. There are many promoters, who hold over one per cent stake in the exchange.
MCX officials could not be reached for comment.
There are rumours in the market that Fidelity may be diluting its stake in the country's top commodity exchange.
LPO industry to suffer from eco downturn for short term: Report
New Delhi, Nov 29 : Facing the heat of recessionary pressure, India's legal process outsourcing (LPO) industry is likely to see a decline in revenue and is expected to reachUSD 440 million dollars (around Rs 2,000 crore) by 2010 end, a report said.
According to a report by business intelligence & research firm ValueNotes, global economic downturn has slowed down LPO industry and is changing the service provider's landscape.
"Revenues from the offshore legal services industry were USD 320 million for 2008 and are expected to reach USD 440 million by 2010 end," it said.
The offshore legal services industry grew at a rapid pace until 2007. However, the slow down in buyer market impacted the offshore industry resulting in falling growth rate.
The industry that was growing at a compound annual growth rate (CAGR) of over 40 per cent over the last four years until 2007, dropped to 28 per cent in 2007-08, and further reduced to 16 per cent for 2008-09.
The fall is pri marily due to recessionary cost pressures impacting the global legal services market and the subsequent affect on the number and value of offshoring contracts, the report said.
However, industry experts are hopeful about the future of Indian LPO sector.
According to Neeraja Kandala, a legal services analyst, "while revenue estimates till 2010 are not very encouraging, we believe the slowdown is short term. Post 2010, we expect the industry to pick up pace as the global economy recovers."
Post 2010, we will see consolidation in the industry with larger players acquiring capacity and capability, as well as global law firms looking for control over India capacity, the report said.
Echoing similar views, Mumbai-based LPO company Pangea3 Co-CEO Sanjay Kamlani said, "we have been seeing growth of more than 100 per cent every 6 months and anticipate a continuation of this trend."
The ambit of LPO industry includes work outsourced is a mix of legal services as well as paralegal work.
"The work includes day to day contract drafting, M&A due diligence, electronic discovery that includes IP litigation, legal research and patent drafting," Kamlani said.
The uncertain economic conditions resulted in many weaker players fading away from the competitive landscape. Over the last two years, more than 20 per cent of the total number of service providers in industry discontinued their operations, the report said.
"While there are various reasons for these shut downs, the economic slowdown added to the troubles of some of the service providers," analyst & co-author of the report, titled"Legal Process Outsourcing: Crisis Creates New Opportunities for LPOs", Suheil Patel said.
BSE launches new access platform Fastrade
Mumbai, Nov 24 : The Bombay Stock Exchange today launched its new market access platform--Fastrade.
Fastrade is a terminal and Internet-based market access solution developed by Marketplace Technologies, a group firm of the BSE, the exchange said in a circular.
However, the current market access solution--BSE On-line Trading (BOLT)--provided by the exchange will continue to function on as is basis, the circular added.
"Fastrade is being offered in addition to the BOLT. The BOLT will continue to be supported by the BSE," the bourse said.
For trading on the BSE cash and derivatives segment, the new market access platform will be provided free of cost to all members of the exchange, it added.
CDSL account holder's can soon trade on NSE's MF platform
New Delhi, Dec 2 : The National Stock Exchange (NSE) will soon enter into an agreement with depository services provider CDSL, allowing CDSL account holders to trade on the exchange's newly launched mutual fund platform.
"NSE is likely to sign a pact with the Central Depository Services Ltd (CDSL) this week for the just introduced mutual fund service system (MFSS) by the exchange," a market source close to the development told PTI.
Currently, depository settlement is available only for the account holders in National Securities Depository Ltd (NSDL).
On November 30, NSE made its mutual fund trading platform operational beginning with UTI Mutual Fund.
Many other fund houses, including Reliance MF, Tata MF, Birla MF, ICICI Prudential MF, Fidelity, HDFC Mutual Fund, SBI MF, IDFC Mutual Fund, Religare MF and Franklin Templeton are in "advance stage" of talks with NSE for listing their schemes on the exchange platform, the source said.
"Soon these fund houses are likely to finalise their joining on the exchange to make their products available on the new trading platform," the source added.
On the agreement with CDSL, sources said that "NSE's move would enable lakhs of depository account holders of CDSL to be able for trade in mutual funds on the India's largest bourse."
The assets of the mutual fund industry has breached Rs 8 lakh crore level at the end of November.
The National Stock Exchange's new platform enables investors to buy and sell MF schemes through over 1.5 lakh NSE trading terminals in the same way as equity shares are traded through brokers.
After the launch of the new mutual funds trading platform by NSE, Asia's oldest bourse the Bombay Stock Exchange (BSE) also announced its plans to start trading in MFs and is likely to start it from December 4.
It is understood that BSE has tied-up with Tata Mutual Fund for the venture and is in talks with 4-5 other leading fund houses to participate in the platform, a source close tothe development had said.
"BSE is likely to start this platform on Friday and is talking to 4-5 funds to participate in the venture," the source said.
Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchange infrastructure.
"The infrastructure that already exists for the secondary market transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.
According to SEBI, the stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors.
Market participants are enthusiastic about MF platform and a number of fund houses are expected to join this facility in the coming days. At present, 37 mutual fund houses areoperating in the country.
"NSE is likely to sign a pact with the Central Depository Services Ltd (CDSL) this week for the just introduced mutual fund service system (MFSS) by the exchange," a market source close to the development told PTI.
Currently, depository settlement is available only for the account holders in National Securities Depository Ltd (NSDL).
On November 30, NSE made its mutual fund trading platform operational beginning with UTI Mutual Fund.
Many other fund houses, including Reliance MF, Tata MF, Birla MF, ICICI Prudential MF, Fidelity, HDFC Mutual Fund, SBI MF, IDFC Mutual Fund, Religare MF and Franklin Templeton are in "advance stage" of talks with NSE for listing their schemes on the exchange platform, the source said.
"Soon these fund houses are likely to finalise their joining on the exchange to make their products available on the new trading platform," the source added.
On the agreement with CDSL, sources said that "NSE's move would enable lakhs of depository account holders of CDSL to be able for trade in mutual funds on the India's largest bourse."
The assets of the mutual fund industry has breached Rs 8 lakh crore level at the end of November.
The National Stock Exchange's new platform enables investors to buy and sell MF schemes through over 1.5 lakh NSE trading terminals in the same way as equity shares are traded through brokers.
After the launch of the new mutual funds trading platform by NSE, Asia's oldest bourse the Bombay Stock Exchange (BSE) also announced its plans to start trading in MFs and is likely to start it from December 4.
It is understood that BSE has tied-up with Tata Mutual Fund for the venture and is in talks with 4-5 other leading fund houses to participate in the platform, a source close tothe development had said.
"BSE is likely to start this platform on Friday and is talking to 4-5 funds to participate in the venture," the source said.
Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchange infrastructure.
"The infrastructure that already exists for the secondary market transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.
According to SEBI, the stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors.
Market participants are enthusiastic about MF platform and a number of fund houses are expected to join this facility in the coming days. At present, 37 mutual fund houses areoperating in the country.
NSE to launch MF platform tomorrow, fund houses keen to join
New Delhi, Nov 29 : The country's top mutual fund houses, including UTI Mutual Fund, are keen to join National Stock Exchange's new mutual fund service system (MFSS), which will be launched tomorrow.
According to market sources, UTI Mutual Fund will be the first to leverage the NSE's mutual fund platform, which would enable exchange's members to use its existing infrastructure for transaction in MF schemes.
Initially, UTI will list its equity and debt s chemes that are in about 30 numbers, people familiar with the matter said.
Along with UTI, "all top mutual fund houses are keen to join this platform," he added.
UTI spokesperson could not be reached for comment on the issue.
At the end of October, UTI Mutual Fund had an average asset under management (AUM) of Rs 76,847 crore.
NSE's new MFSS will commence from November 30 and it will substitute the existing MF scheme, introduced in 2000.
Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchange infrastructure.
"The infrastructure that already exists for th e secondarymarket transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.
According to SEBI, the stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors.
Market participants are enthusiastic about new MF platform and a number of fund houses are expected to join this facility in the coming days. At present, 36 mutual fund houses are operating in the country.
NSE's mutual fund platform will be available on all business days between 9 am to 3 pm.
According to market sources, UTI Mutual Fund will be the first to leverage the NSE's mutual fund platform, which would enable exchange's members to use its existing infrastructure for transaction in MF schemes.
Initially, UTI will list its equity and debt s chemes that are in about 30 numbers, people familiar with the matter said.
Along with UTI, "all top mutual fund houses are keen to join this platform," he added.
UTI spokesperson could not be reached for comment on the issue.
At the end of October, UTI Mutual Fund had an average asset under management (AUM) of Rs 76,847 crore.
NSE's new MFSS will commence from November 30 and it will substitute the existing MF scheme, introduced in 2000.
Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchange infrastructure.
"The infrastructure that already exists for th e secondarymarket transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.
According to SEBI, the stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors.
Market participants are enthusiastic about new MF platform and a number of fund houses are expected to join this facility in the coming days. At present, 36 mutual fund houses are operating in the country.
NSE's mutual fund platform will be available on all business days between 9 am to 3 pm.
Monster to launch rural jobsite soon
Leading job portal Monster India today said it will launch its rural jobsite rozgarduniya.com, which is in a pilot phase now, by early next year across nine states.
Rozgarduniya.com was launched by Monster India in partnership with ITC e-Choupal in the second half of 2009.
"We are hopeful of completing the pilot phase by early 2010 and activate the entire e-Choupal network across nine states covering 40,000 villages," Monster.com Managing Director for India (South Asia and Middle East) Sanjay Modi told PTI.
At present, the pilot phase is running across two locations--Hathras and Pilibhit in western UP covering 610 e-Choupals and 3,095 villages. The objective of the pilot phase is to check the seeker and employer user-interface and respective functionalities, Modi said.
The e-Choupal, which is a rural digital infrastructure set up by the tobaccos-to-hospitality major ITC's agri business division, is one of the largest exporters of agricultural commodities from the country.
Modi said over the past two months, about 140 people were recruited from Hathras and Pilibhit centers by corporates.
On the revenue model, he said in the current model job seeking services are free. "The prospective employers would be paying us on a subscription-based model," he added.
Rozgarduniya.com is available in English and Hindi only, Modi said, adding he plans to make it available in other leading languages too. Monster India has also tied up with Dish TV to offer jobs on television--first of its kind in the country.
Rozgarduniya.com was launched by Monster India in partnership with ITC e-Choupal in the second half of 2009.
"We are hopeful of completing the pilot phase by early 2010 and activate the entire e-Choupal network across nine states covering 40,000 villages," Monster.com Managing Director for India (South Asia and Middle East) Sanjay Modi told PTI.
At present, the pilot phase is running across two locations--Hathras and Pilibhit in western UP covering 610 e-Choupals and 3,095 villages. The objective of the pilot phase is to check the seeker and employer user-interface and respective functionalities, Modi said.
The e-Choupal, which is a rural digital infrastructure set up by the tobaccos-to-hospitality major ITC's agri business division, is one of the largest exporters of agricultural commodities from the country.
Modi said over the past two months, about 140 people were recruited from Hathras and Pilibhit centers by corporates.
On the revenue model, he said in the current model job seeking services are free. "The prospective employers would be paying us on a subscription-based model," he added.
Rozgarduniya.com is available in English and Hindi only, Modi said, adding he plans to make it available in other leading languages too. Monster India has also tied up with Dish TV to offer jobs on television--first of its kind in the country.
Reliance MF to join NSE trading platform; Fidelity offers NFO
Mumbai, Dec 3 : The country's top private fund house Reliance Mutual Fund will join the National Stock Exchange's newly launched mutual fund service system.
"The various schemes of Reliance Capital Asset Management Ltd will be permitted on the MFSS (mutual fund service system) with effect from December 4," NSE said in a circular today.
Reliance MF schemes are managed by Reliance Capital Asset Management Ltd, a wholly-owned subsidiary of Reliance Capital.
Fidelity Mutual Fund is also joining NSE's MF platform with effect from December 4.
Meanwhile, in a separate statement Fidelity today said it would offer the new fund offer (NFO) of its Fidelity India Value Fund (FIVF) through the MF trading platform of both theNSE and the BSE.
"Investors can invest in the FIVF NFO by contacting their stock broker and placing their order. On allotment, the units of the fund will be credited to their demat accounts,"Fidelity said.
"With this, Fidelity has become the first mutual fund to offer an NFO through the stock exchanges," it claimed.
On November 30, NSE made its mutual fund trading platform operational beginning with UTI Mutual Fund, the fourth largest fund house in the country.
After the launch of the new mutual funds trading platform by NSE, Asia's oldest bourse the Bombay Stock Exchange (BSE) also announced its plans to start trading in MFs and is likely to start it from December 4.
The Market regulator SEBI, recently gave its approval for facilitating transactions in mutual fund schemes through stock exchanges.
Many fund houses, including Tata MF, HDFC Mutual Fund, ICICI Prudential MF, SBI MF, IDFC Mutual Fund, Religare MF and Franklin Templeton are in "advance talks" with NSE for listing their schemes on the exchange platform, a market source said.
At present, over 35 mutual fund houses are operating in the country.
At the end of November, Reliance MF's average asset under management (AUM) stood at Rs 1,22,252.43 crore. Over the month Reliance MF added Rs 5,471 crore to its assets.
Birla Sun Life joins NSE's new MF trading platform
New Delhi, Dec 2 : After UTI Mutual Fund, Birla Sun Life becomes the second fund house in the country to join the National Stock Exchange's newly launched mutual fund service system (MFSS).
"The various schemes of Birla Sun Life Asset Management Company Ltd will be permitted on the MFSS with effect from December 3," the NSE said in a circular today.
On November 30, NSE made its mutual fund trading platform operational beginning with UTI Mutual Fund, the fourth largest fund house in the country.
Many other fund houses, including Reliance MF, Tata MF, ICICI Prudential MF, HDFC Mutual Fund, SBI MF, IDFC Mutual Fund, Religare MF, Fidelity and Franklin Templeton are in"advance talks" with the National Stock Exchange for listing their schemes on the exchange platform, a source close to the development told PTI.
At the end of last month, UTI Mutual Fund's average asset under management (AUM) was at Rs 79,895.22 crore, while Birla Sun Life Mutual Fund's asset was about Rs 69,631.94.10 crore.
Market participants are enthusiastic about MF platform and a number of fund houses are expected to join this facility in the coming days. At present, over 35 mutual fund houses are operating in the country.
Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchanges.
"The various schemes of Birla Sun Life Asset Management Company Ltd will be permitted on the MFSS with effect from December 3," the NSE said in a circular today.
On November 30, NSE made its mutual fund trading platform operational beginning with UTI Mutual Fund, the fourth largest fund house in the country.
Many other fund houses, including Reliance MF, Tata MF, ICICI Prudential MF, HDFC Mutual Fund, SBI MF, IDFC Mutual Fund, Religare MF, Fidelity and Franklin Templeton are in"advance talks" with the National Stock Exchange for listing their schemes on the exchange platform, a source close to the development told PTI.
At the end of last month, UTI Mutual Fund's average asset under management (AUM) was at Rs 79,895.22 crore, while Birla Sun Life Mutual Fund's asset was about Rs 69,631.94.10 crore.
Market participants are enthusiastic about MF platform and a number of fund houses are expected to join this facility in the coming days. At present, over 35 mutual fund houses are operating in the country.
Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchanges.
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