Friday, 28 September 2012
UTI MNC Fund declares dividend
UTI Mutual Fund has declared a dividend of 22% (i.e. Rs 2.20 per unit on face value of Rs 10 per unit) under the dividend option of UTI MNC Fund.
All unit holders registered under the dividend option of UTI MNC Fund as on October 3, 2012 will be eligible for this dividend. The NAV of the scheme as on September 27, 2012 is Rs 44.72.
All unit holders registered under the dividend option of UTI MNC Fund as on October 3, 2012 will be eligible for this dividend. The NAV of the scheme as on September 27, 2012 is Rs 44.72.
Escorts MF declares dividend under 3 schemes
Escorts Mutual Fund declares dividend under dividend option of three open ended schemes, the record date for which has been fixed on September 30, 2012. The quantum of dividend will be on the face value of Rs 10 per unit.
Escorts Short Term Debt Fund: Re 0.11 per unit
Escorts Short Term Debt Fund: Re 0.10 per unit
Escorts Income Plan: Re 0.092 per unit
Escorts Short Term Debt Fund: Re 0.11 per unit
Escorts Short Term Debt Fund: Re 0.10 per unit
Escorts Income Plan: Re 0.092 per unit
OMDC to add sheen to RINL public issue valuation
Orissa Mineral Development Co Ltd (OMDC), the listed step down mining subsidiary of RINL, is likely to add shine to RINL’s (Rashtriya Ispat Nigam Ltd) forthcoming IPO valuation. But OMDC is still struggling to come out of six year-long dark patch.
“The debt-free OMDC’s high market capitalisation, reserves and deemed asset base will cast favourable light on RINL’s share valuation,” an RINL senior official told Business Line.
RINL sources said the Department of Disinvestment is currently having a final look at the red herring prospectus (RHP) before its filing with the SEBI shortly. The RHP will figure strengths and weaknesses of 2011-acquired public sector Bird Group of Companies — EIL, the holding company, and its two mining arms, OMDC and Bisra Stone Lime Co (BSLC).
“The debt-free OMDC’s high market capitalisation, reserves and deemed asset base will cast favourable light on RINL’s share valuation,” an RINL senior official told Business Line.
RINL sources said the Department of Disinvestment is currently having a final look at the red herring prospectus (RHP) before its filing with the SEBI shortly. The RHP will figure strengths and weaknesses of 2011-acquired public sector Bird Group of Companies — EIL, the holding company, and its two mining arms, OMDC and Bisra Stone Lime Co (BSLC).
Gold falls for third day, down Rs 50 per 10 grams
Falling for the third day in a row, gold shed Rs 50 to Rs 31,800 per 10 grams in the bullion market here today on sluggish demand at existing high levels. Silver, on the other hand, found fresh buying support from industrial units and rose by Rs 650 to Rs 61,250 per kg.
Thursday, 20 September 2012
M&M drives in Quanto at Rs 5.82L
Mahindra & Mahindra on Thursday drove in the long awaited Quanto, the smallest sports utility vehicle (SUV) in its portfolio.
The Quanto has been priced in Rs 5.82--7.36 lakh range exishowroom Thane, and the company hopes its SUV stance, features, yet being compact, will lure buyers to migrate from hatchbacks and entry--level sedans.
The Quanto is based on Mahindra's Genio platform and will be manufactured at Nashik in Maharashtra. The vehicle will immediately go on sale through a network of 200 dealers nationally.
M&M invested around Rs 550 crore in the development of original Genio platform, with Xylo the first product rolled out, around Rs 200 crore on the Genio pickup truck and about Rs 100 crore on the Quanto, according to Pawan Goenka, president-- automotive and farm equipment sector.
The company has a capacity to make 7,000 units of Xylo and Quanto together at Nashik and actual production of the two will depend on demand, officials said.
The Quanto has been priced in Rs 5.82--7.36 lakh range exishowroom Thane, and the company hopes its SUV stance, features, yet being compact, will lure buyers to migrate from hatchbacks and entry--level sedans.
M&M invested around Rs 550 crore in the development of original Genio platform, with Xylo the first product rolled out, around Rs 200 crore on the Genio pickup truck and about Rs 100 crore on the Quanto, according to Pawan Goenka, president-- automotive and farm equipment sector.
The company has a capacity to make 7,000 units of Xylo and Quanto together at Nashik and actual production of the two will depend on demand, officials said.
State electricity boards' 50% debt to be recast in bailout
The Union Cabinet is scheduled to consider a bailout package for ailing power distribution companies (discoms) as they. The package proposes stringent conditions for the states and discoms for being eligible for this package.
The extensive and detailed proposal spreads over almost 150 pages odd. Sources say that according to the proposal, 50% loans will be taken over by the states, the other 50% to be rescheduled by the lenders. One of the key details in the proposal is the three year transitional finance mechanism (TFM) which essentially is means the package will fund the operational losses of the state electricity boards whose loans, short-term liabilities are going to be restructured.
The extensive and detailed proposal spreads over almost 150 pages odd. Sources say that according to the proposal, 50% loans will be taken over by the states, the other 50% to be rescheduled by the lenders. One of the key details in the proposal is the three year transitional finance mechanism (TFM) which essentially is means the package will fund the operational losses of the state electricity boards whose loans, short-term liabilities are going to be restructured.
Change in RBI stance
Things seemed to have changed in terms of sentiment at least in the last few days for our market. But has it changed the game fundamentally? According to Nilesh Jasani, CEO, Jefferies Singapore, reforms, by themselves, may not really change much for the Indian market but if animal spirit or risk on causes the distressed companies to get more money then one can expect good times to come.
FDI direct investment by foreigners is less than 6% of total investments made in India. Jasani believes that the even if we get a few billion of dollars from foreign investors because of retail liberalization or aviation liberalization, it will not really change the game. “Our biggest problem is that domestic investments are not happening. Domestic investments, new project announcements are down 70-80% from the peak,” he said.
FDI direct investment by foreigners is less than 6% of total investments made in India. Jasani believes that the even if we get a few billion of dollars from foreign investors because of retail liberalization or aviation liberalization, it will not really change the game. “Our biggest problem is that domestic investments are not happening. Domestic investments, new project announcements are down 70-80% from the peak,” he said.
Govt has bought 6-months of leeway with reforms
C Jayaram of Kotak Mahindra Bank says the market has pretty much factored in a UPA sans Mamata Banerjee-led TMC. "In a sense it may not necessarily be such a bad thing if the TMC.
The UPA, which relies on TMC's 19 seats to form its Parliamentary majority, came under fire last week after it unveiled a series of sweeping economic reforms aimed at boosting growth, including a plan to allow foreign supermarkets to operate in the country.
"To my mind, a period of six months is what you have bought with these reforms and much will depend on what the government is able to do certainly around the time of the next Budget," Jayaram feels on the prospects of a ratings downgrade.
The UPA, which relies on TMC's 19 seats to form its Parliamentary majority, came under fire last week after it unveiled a series of sweeping economic reforms aimed at boosting growth, including a plan to allow foreign supermarkets to operate in the country.
"To my mind, a period of six months is what you have bought with these reforms and much will depend on what the government is able to do certainly around the time of the next Budget," Jayaram feels on the prospects of a ratings downgrade.
Thursday, 13 September 2012
Indian Bank may raise capital through FPO next fiscal
Indian Bank may come out with a follow-on public offer (FPO) next fiscal if market conditions improve, a top official said.
"We do not require capital immediately...we may go in for FPO in the next fiscal (2013-14)," the state-owned bank's Chairman and Managing Director T M Bhasin told PTI.
The board has already given approval for equity dilution to the extent of 10%, he said.At present, the government holds 80% stake in the Chennai-headquartered bank.
"We do not require capital immediately...we may go in for FPO in the next fiscal (2013-14)," the state-owned bank's Chairman and Managing Director T M Bhasin told PTI.
The board has already given approval for equity dilution to the extent of 10%, he said.At present, the government holds 80% stake in the Chennai-headquartered bank.
Gold get fresh high of Rs 32,590
Gold prices today climbed to fresh record high of Rs 32,590 per 10 grams in the bullion market here.
Gold of 99.9% and 99.5% purity climbed by Rs 110 each to Rs 32,590 and Rs 32,390 per 10 grams, respectively.Sovereign remained steady at Rs 25,500 per piece of eight grams.
Silver, however, lost Rs 300 to Rs 61,200 per kg on limited demand at prevailing higher levels.
Silver ready fell by Rs 300 to Rs 61,200 per kg and weekly-based delivery by Rs 660 to Rs 63,385 per kg.Silver coins also shed Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
Gold of 99.9% and 99.5% purity climbed by Rs 110 each to Rs 32,590 and Rs 32,390 per 10 grams, respectively.Sovereign remained steady at Rs 25,500 per piece of eight grams.
Silver, however, lost Rs 300 to Rs 61,200 per kg on limited demand at prevailing higher levels.
Silver ready fell by Rs 300 to Rs 61,200 per kg and weekly-based delivery by Rs 660 to Rs 63,385 per kg.Silver coins also shed Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
Godrej Properties likely to launch 17 new projects
Leading real estate player Godrej Properties would invest up to Rs 600 crore in developing a residential complex in Gurgaon over the next five years.
Godrej Summit, will be developed in partnership with Zara Sanya under an area sharing agreement, in which GPL will hold 65% stake. This is company's second project in the National Capital Region.
Godrej Summit, will be developed in partnership with Zara Sanya under an area sharing agreement, in which GPL will hold 65% stake. This is company's second project in the National Capital Region.
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