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Merchant bankers warned against
SEBI allows listed firms to raise capital through QIBs
Mittal to revise bid for Arcelor next week
Virgin Atlantic to invest in Indian carriers after government nod
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Gail buys first LNG cargo
RIL awards $400 m order to Norway Co
Titan bags stake in Innoviti
Govt seeks Left nod on oil price hike
India, Lanka discuss early conclusion of CEPA
Indo-Pak trade MoU
BHEL gets Rs 80-cr order from Egypt
Radico Khaitan declares 25 pc dividend
Top Toyota Motor official quits
EGoM on SEZs meets today
RPL listing
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Merchant bankers warned against vetting bad IPOs
Kolkata, May 9 SEBI Chairman M. Damodaran said here that “if any IPO went wrong, there will be no talking terms between the regulator and the merchant banker.” Mr Damodaran said that SEBI was attaching great importance to the quality of IPOs hitting the market. He said that if merchant bankers intended to do business in the long term, they should not vet bad- quality IPOs. He said that it was SEBI’s job to see that only good- quality IPOs entered the market so that more and more retail domestic investors joined the equity cult. “Retail investors must constitute the backbone of the market, not overseas investors,” Mr Damodaran said. The SEBI Chairman also said that more stocks should come to the market since at present, more money was chasing a few stocks for which the markets were becoming overstretched. SEBI was also in favour of optional grading of IPOs to help the average investor understand the risk factors. Meanwhile, market regulator SEBI today said it would introduce products like India Depository Receipts (IDR) and convertibles by the year end to make the Indian capital market the most-preferred destination for investments. “We have to make the Indian capital market, the market of choice for the investors. We should not lack in the number of products offered in comparison to the other stock exchanges in the world,” SEBI Chairman M. Damodaran told reporters here. Apart from ensuring informed investment decisions, the regulator would clean up the MF industry and regulate distribution of mutual funds so that the investors interest is taken care of while retailing products, Mr Damodaran told reporters here. Talks are on with the industry players and the Association of Mutual Funds in India (AMFI) to bring in more transparency in the mutual fund industry, he said. He said in future the market regulator would also regulate the investment advisors to enable transparency, liquidity and returns from the market. SEBI, he said is not bent upon maximising the number of listed companies and only wants fundamentally strong companies to come in the market. Corporate governance stipulations would be visited time and again to enable transparency of the companies, he said. As part of its efforts to offer more products, SEBI had yesterday introduced the qualified institutional placement regime to stop companies from flocking to London and Luxemburg Stock Exchanges for raising funds through ADRs and GDRs.
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SEBI allows listed firms to raise capital through QIBs
Mumbai, May 9 With the amendment in SEBI (DIP) Guidelines, 2000, the companies listed on exchanges having nationwide trading terminals and satisfying the minimum public holding requirements, specified in listing agreement, will be eligible to raise funds through Qualified Institutions Placements (QIPs). The provisions in the guidelines with respect to this placement like pricing disclosure, lock-in, validity of resolution, tenure of convertible securities and other procedural aspects have been to a large
extent aligned with existing provisions prevalent for GDRs or FCCBs offerings, it said.
— PTI
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Mittal to revise bid for Arcelor next week
London, May 9 Following a press conference Mittal’s boss was questioned by journalists on the timing of an official bid for Luxembourg-based Arcelor, the second largest steel company in the world. In response, he said it would take place in the “middle of next week except if there are more roadblocks by Arcelor”. Shareholders in Mittal Steel are meeting in Rotterdam amid concerns that the steel giant’s proposed informal hostile takeover of Arcelor is taking longer than expected to clear regulatory hurdles. AP adds from Brussels: Earlier, the Mittal Steel Co said it would be willing to revise its $23 billion takeover bid for Arcelor SA and significantly change its corporate governance if its rival recommends the offer to its Board. Arcelor SA has rebuffed Mittal’s attempts to talk about the offer it launched last January, both companies confirmed. Mr Mittal said he was disappointed that Arcelor was not willing to enter into “meaningful discussions” to win its support for his bid. “We have indicated that, in the event of a recommended deal, we would be willing to revise our offer and make significant changes to our corporate governance,” he said. — AFP/AP
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Virgin Atlantic to invest in Indian carriers after government nod
Mumbai, May 9 “The Virgin group is interested in investing airlines across the globe. In India, the aviation sector is booming and we are definitely looking at investing in India,” Virgin Atlantic GM (India) Joe Thompson said here today. The company is looking at picking up a stake in domestic budget carriers. “But nothing has been decided... what I can say is that the market in India is definitely interesting and the conditions are so good for investment,” Mr Thompson said. Terming the government policy of not allowing a foreign airline to pick up a stake in domestic carriers as a ‘setback’ to Virgin’s plans, Mr Thompson said his company would look at opportunities once the Centre relaxed regulations. According to civil aviation policy guidelines, no foreign airlines are allowed to buy stake in Indian carriers. “But the policy allows Mr Richard Branson as an individual to invest in Indian carriers as the government allows FII up to 49 per cent in the aviation sector,” market sources said. Virgin planned to pick up stake in Air Deccan and Richard Branson had discussions with the airline CMD G.R. Gopinath but the talks remained unfruitful due to civil aviation policy guidelines. Virgin clarified that Mr Branson was not interested in investing inAir Deccan in his individual capacity.
— PTI Virgin Atlantic Airways today set a new benchmark in the Indian aviation industry with the launch of its upper class suite in India. In keeping with its tradition as the industry innovator, Virgin Atlantic has introduced its revolutionary product on its daily flights on the Mumbai-London-Mumbai and Delhi-London-Delhi routes. The upper class suite offers the largest fully-flat business class bed in the industry. Virgin Atlantic General Manager (India) Joe Thompson said the upper class suite offered a comfortable reclining leather seat for take-off which converted into a full-flat bed with a proper mattress for sleeping at the touch of a button. This is all in addition to the existing features of Virgin Atlantic’s upper class, which includes an onboard bar to chill out with friends or colleagues, a relaxing massage at 35,000 feet and a chauffer-driver pick-up and drop service for easy travel to and from the airport. Mr Thompson said: ‘’The upper class suite is available on all flights to New York, San Francisco, Los Angeles, Tokyo, Hong Kong, Sydney, Boston, Washington, Miami, Johannesburg, Shanghai, Las Vegas, Orlando, Caribbean, Dubai and now also on all flights to Delhi and Mumbai.’’ — UNI
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New Delhi, May 9 The company has bought one spot cargo of 135,000 standard cubic metre of LNG from Algeria, it said. The cargo was expected to arrive at Dahej LNG terminal in the third week of May, it said, adding that the company was in the process of finalising a second cargo in June. GAIL would sell a part of the LNG to companies facing a gas supply crunch, with power generation companies in the northern region topping the list. The company was in touch with LNG sellers in the Pacific Basin, Atlantic Basin and West Asia for future imports. — PTI
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RIL awards $400 m order to Norway Co
New Delhi, May 9 The contract is one of the largest subsea projects ever awarded and includes engineering, procurement and construction of an 18-well production system for Block KG-D6 gas field, the Norwegian company said in a statement to the Oslo Stock Exchange. Aker Kvaerner, Norway's biggest manufacturer of oil rigs, would supply complete underwater production system, including subsea trees, power cables, control system and associated connections to tie the system to an onshore gas terminal. The delivery of the subsea production system, to be installed in water depths from 700 to 1700 metres, is scheduled to begin in July 2007, it said.
— PTI
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Titan bags stake in Innoviti
Mumbai, May 9 Innoviti Chief Executive Officer Rajeev Agrawal said: “The current investment by Titan Industries is a strategic one aimed at enhancing Innoviti’s national and global market reach.”
— PTI
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Govt seeks Left nod on oil price hike
New Delhi, May 9 It is expecting to get a green signal from the Left parties, which are in an upbeat mood after the exit polls giving them a clear edge in West Bengal and Kerala, besides the DMK in Tamil Nadu. Petroleum Minister Murli Deora will meet the Left party leaders tomorrow to seek their consent on Rs 2 to 3 per litre hike in petrol and diesel prices and Rs 15 to 20 in LPG cylinders, aiming to partly set off the substantial losses of the public sector oil marketing companies. The oil marketing companies including Indian Oil Corporation, BPCL and HPCL have claimed under recovery of Rs 75,000 crore this year due to spurt in global oil prices now crossing $ 70 per barrel. After meeting Delhi Chief Minister Sheila Dixit, Mr Deora today told reporters that he would meet CPM Politburo member Sitaram Yechuri, Left MPs Gurudas Das Gupta and Dipankar Mukherjee tomorrow and discuss the oil scenario in the wake of hardening of international prices. He hinted that the government is likely to avoid any hike in kerosene and may opt for marginal hike in LPG to garner support of allied parties on the hike in oil prices. However, the oil company officials said that Prime Minister Manmohan Singh has not so far properly handled the oil price issue.
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India, Lanka discuss early conclusion of CEPA
New Delhi, May 9 Minister of State for External Affairs E. Ahamed called on visiting Sri Lanka's Foreign Minister Mangala Samaraweera here and discussed various aspects of India-Sri Lanka relations. The two sides discussed various aspects of India-Sri Lanka relations. ''The discussions also covered other aspects of bilateral relations, including the possibilities of early conclusion of the Comprehensive Economic Partnership Agreement...Other ongoing programmes between the two countries were also discussed. Earlier, the Sri Lankan Foreign Minister, who also holds the portfolios of Ports and Aviation, met Civil Aviation Minister Praful Patel and discussed more air connectivity and possibility of more cooperation, opening up of new points for the designated Sri Lankan carriers and increasing cargo flights to India. — UNI
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In a bid to promote trade between India and Pakistan and establish a common platform for the business communities of the two countries, the Capital-based Infocom Network Limited, hereafter Tradeindia.com, has signed a memorandum of understanding (MoU) with the Karachi-based pakistaniexporters.com. ''The partnership will provide guidance to business of both countries about rules and regulations of each country for doing business and also to create awareness and importance of information technology for promotion of trade and commerce between the two countries," said Mr Bikky Khosla, CEO, Pakistan Dot Com Technologies (Pvt) Ltd, which has developed pakistaniexporters.com.
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BHEL gets Rs 80-cr order from Egypt
New Delhi, May 9 According to a BHEL release issued here today, the company’s export order includes the supply of 14 transformers of 125 MVA to the state-run Egyptian company. The company had earlier executed a boiler project at Al Arish in Egypt. BHEL had earlier reported a six-fold increase in its export order booking for the year ended March 31 at Rs 3,348 crore.
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Radico Khaitan declares 25 pc dividend
New Delhi, May 9 The company also announced a dividend at 25 per cent for the financial year ended 31st March 2006, or Rs 0.50 per fully paid-up equity shares of Rs 2 each. The net profit for the 2005-06 fiscal was up 26 per cent at Rs 45.16 crore from Rs 35.85 crore in the previous year. The income operations of the company for the fourth quarter were 267.67 crore from 241.17 crore, higher by about 11 per cent over the corresponding quarter. For the entire fiscal, the company recorded an income from operations of Rs 1,135.39 crore as against Rs 973.59 crore, higher by 17 per cent.
— UNI
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Top Toyota Motor official quits
Tokyo, May 9 Hideaki Otaka, 65, who had been scheduled to leave his post in June, has voluntarily left earlier, saying that his staying on was not in the company’s interests. He said he was innocent. Replacing him as the new president is Mr Jim Press, now President of Toyota Motor Sales, the US sales unit of the Toyota Motor Corp. Otaka was accused in a $190 million sexual harassment lawsuit filed in New York. In the suit, Sayaka Kobayashi accused him of repeatedly making unwanted sexual advances after she began working as his personal assistant in the middle of last year. She said the conduct continued until late in the year, when she was involuntarily transferred out of the job. Toyota Motor Corp’s US unit named a new executive team, including Mr Press and Yuki Funo, now Chairman of Toyota Motor Sales, USA, as the new Chairman and Chief Executive of Toyota Motor, North America. Small car for India Meanwhile, the company plans to develop a compact passenger car for emerging markets, looking to start selling in India from around 2010, Nihon Keizai Shimbun reported today. The vehicle will likely be powered by a one-litre engine and priced at less than $ 7,200 — about $900 cheaper than the lowest-priced Toyota vehicle currently on offer, the business daily said. The car will be developed in Japan, exploiting the expertise of Toyota group mini-vehicle specialist Daihatsu Motor Co, it said without identifying its sources. Savings will be achieved by keeping parts and materials costs low in addition to manufacturing the car and procuring parts mainly in emerging markets, the daily said.
— Agencies
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New Delhi, May 9 The EGoM meeting, which has earlier been deferred twice, is scheduled to be held on May 10, official sources said. The ministerial group, headed by Defence Minister Pranab Mukherjee, to review the land size issue was set up in March but has not been able to meet till now due to the unavailability of ministers in the face of ongoing elections in states. While it was first scheduled to meet on April 5 and then later in the month, it was postponed both times.
—
PTI
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