by admin on March 12, 2010
SBI Mutual Fund has declared dividend on the face value of Rs 10 per unit under dividend option of Magnum COMMA Fund. The record date for dividend has been set as March 15, 2010. The dividend will be 30% (Rs 3.00 per unit) as on the record date. The scheme recorded NAV of Rs 19.24 as on March 8, 2010.
Magnum COMMA Fund is an open-ended growth scheme with an investment objective to generate opportunities for growth as well as possibility of consistent returns by investing predominantly in a portfolio of stocks of companies engaged in the commodity business within the following sectors - oil & gas, metals, materials & agriculture and in debt and money market instruments.
by admin on March 12, 2010
Fortis Healthcare is going to buy 24% stake of Parkway Holdings for $ 685.3 million. Fortis Healthcare is going to buy the stake from TPG Capital. Parkway Holdings reported FY09 revenues of S$ 979 million and profit of S$ 118 million. Parkway Holdings has operations in 6 countries including India. Thus, Fortis Healthcare has got control over Parkway Holdings without open offer. Khazanah Nasional holds 23.3% stake in Parkway Holdings
by admin on March 11, 2010
Nikkei Stock Average 225 up 0.82 percent at 10,650.06.
KOSPI Index up 0.40 pct at 1,668.86.
Shanghai Composite Index down 0.66 pct at 3,048.93.
by admin on March 11, 2010
Marg Ltd has entered into an MOU with Virginia Tech University, the largest university in the of Virginia, USA, to establish at Marg Swarnabhoomi Chennai a university campus “Virginia Tech MARG Swarnabhoomi, India” to offer advanced education and research in the fields of Nanoscale Science and Engineering, Nano Biotechnology, Biotechnology, Information Technology, Automotive Engineering etc.
GEI Industrial Systems
GEI Industrial Systems made the announcement of bagging orders. The latest orders are for the supply of air cooled heat exchangers for upstream and downstream projects in the oil & gas sector for Indian Oil Corporation, MRPL and ONGC. Last month, the company announced it bagged orders worth Rs 140 crores. The company is engaged in manufacturing air-cooled heat exchanger and fin tubes.
Mukta Arts
Whistling Woods International, a subsidiary of Mukta Arts signed a MoU with Centum Learning. This understanding would offer knowledge and skills in different functional areas of media and entertainment and also focuses on overall personality development of students. The under graduate and post graduation students would study first five semesters at the Centum Learning campuses and the last semester at Whistling Woods Campus in Mumbai.
Kaira Can Company
Kaira Can Company Ltd has informed that the Company has decided to commence a modernization-cum-expansion programme at its Can Division. The expansion involves replacing of old Printing & Coating Machines by replacing it with higher capacity power saving better machines. The cost of the expansion-cum-modernization programme will be around Rs. 650 lacs.
by admin on March 11, 2010
Volatility is again witnessed throughout the day as the markets shed off all its gains declining 85 points from day’s high to close flat in green. All the sectoral indices that were trading in green this morning end the day mostly in red. The main draggers were the IT, Healthcare and Metal indices. The indices that saw some buying interest were Oil & Gas, FMCG and Realty indices. The Sensex closed on a flat note in green gaining 45.79 points or 0.27 percentage points and the Nifty ended the day at 5116.25 gaining 14.75 points or 0.29 percentage points. Market breadth was negative with 1,179 advances against 1,659 declines. On the European front U.K. factory production unexpectedly fell in January for the first time in five months, a sign manufacturing is struggling to shake off the recession. Also, Prime Minister Gordon Brown, commented that the U.K.’s economic recovery is still “fragile” and in its early stages.
by admin on March 10, 2010
Pradip Overseas has said that it has fixed the price band of its crore Initial Public Offer (IPO) between Rs 100 and Rs 110 per share.
The issue size will be of 1.06 crore equity shares of Rs 10 each and the IPO opens on opens on 11 of March and will close on 15th of March.
The public issue is based on 100 % book-building process.
At the upper end of price band, the company would be able to raise up to Rs. 116.6 crore, while at the lower end the IPO is valued worth Rs. 106 crore.
As per the DRHP filed in January 2009, promoters’ holding in the company will reduce to 68.68% from 93.16% post the issue.
Anand Rathi Advisors is acting as the sole book running lead manager to the offer.
Pradip Overseas plans to use the IPO proceeds to part finance a manufacturing facility in a textile SEZ and partly fund the incremental margin money requirement for working capital.
Pradip Overseas is a textile maker with niche focus on home linen products. The company’s existing facility is located at Changodar near Ahmedabad in Gujarat.
by admin on March 10, 2010
IDFC Mutual Fund has announced changes in investment restrictions in IDFC All Seasons Bond Fund, a fund of fund scheme.
Accordingly the fund of funds will not invest in any scheme having Net Assets less than Rs 10 crores as on the date of investment.
The fund of funds scheme shall not invest more than 60% of its Net Assets as on the date of investment in any one scheme/plan of any Mutual Fund.
The proposed changes shall be effective from 10 March 2010.
by admin on March 9, 2010
Garware Offshore Services Ltd has informed that the Company has received a Notice of Award of Contract from Oil & Natural Gas Corporation Ltd (ONGC) for its Platform Supply Vessel, “M.V. Kailash” for a period of one year. The value of the contract will be approx. Rs 22.50 crores per annum.
Seamec
Seamec Ltd has informed that due to unforeseen adverse market condition, upon mutual consent with DULAM, the vessel is to be chartered to Work Boat International, Dubai by SEAMEC for a temporary period of around 30 days with effect from March 08, 2010. Her deployment continue to be in Persian Gulf. The revenue during the above period would be around US$ 990k.
Moser Baer
PV Technologies India Limited (PVTIL), a subsidiary of Moser Baer India Limited (MBIL) announces successful completion of testing and validation of breakthrough process that will enhance the stable efficiency of its single junction thin film module from 6% to 7.3%. The process has been designed
at PVTIL’s Greater Noida plant by its in-house research team. This improves the module wattage from 340 watts / panel to 400 watts /panel on full size modules (5.7 m2.).
by admin on March 9, 2010
Canara Robeco Mutual Fund has declared dividend under dividend option of Canara Robeco Dynamic Multicap scheme. The record date for dividend has been set as March 10, 2010. The quantum of dividend will be 10% i.e. Rs 1 per unit subject to availability of distributable surplus as on the record date. The scheme recorded NAV of Rs 13.49 as on March 4, 2010.
The investment objective of Canara Robeco Multicap scheme is to generate income / capital appreciation by investing in equities and equity related instruments of companies spanning the entire market capitalization spectrum.
by admin on March 8, 2010
Japanese steel mills, BHP have agreed on a 55% rise for coking coal. With this decision, the coal suppliers like Gujarat NRE Coke will be benefitted. The company is one of the major suppliers of coking coal, which is applicable in various sectors, like steel, power, etc. With an increase in coal prices, Gujarat NRE Coke’s margins are expected to increase.
Arun Kumar Jagatramka, MD of Gujarat NRE Coke said that coking coal price hike is in line with expectations for Q1FY11. He feels that rise in settlement price is unlikely to affect spot rates. The company source coking coal from integrated mines. He does not see prices of coking coal coming down.
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