Daily Excelsior...Business

Bosch Chassis’ parent rejects delisting price

NEW DELHI, Apr 2: Bosch Chassis Systems Ltd has said its shares will continue to be traded as its German parent Robert Bosch has rejected the delisting price.....more

Steel Strips Wheels bags Rs 110-cr order from Renault

MUMBAI, Apr 2: Auto ancillary company Steel Strips Wheels today said it has bagged a Rs 110-crore order from French auto major Renault for supply of steel wheel rims.....more

Tea price rules
unsteady

COIMBATORE, Apr 2: Tea prices ruled lower by a rupee per kg and at times quoted irregular at the Coimbatore auction held last week, trade sources ......more

Indiabulls Securities
lists at Rs 300 on BSE

MUMBAI, Apr 2: Brokerage firm Indiabulls Securities Ltd today got listed at Rs 300 on the Bombay Stock Exchange pursuant to its demerger from ....more

Skindia GDR Index
recovers sharply

MUMBAI, Apr 2:The Instanex Skindia DR Index recovered sharply by 117.46 points or 4.59 per cent to 2,673.89 on April 2 from 2,556.43 previously......more

Select pulse prices
up on better offtake

NEW DELHI, Apr 2: Select pulse prices hardened by Rs 25 to Rs 50 per quintal in the wholesale pulses market here today on fresh buying by stockists and local .,.....more

Wheat dara up on
fresh buying

NEW DELHI, Apr 2: Wheat dara prices improved by Rs 5 a quintal in the wholesale grains market here today following fresh buying against reduced .....more

'MFs sit on huge
cash pile of
Rs 22,908 cr'

MUMBAI, Apr 2: Mutual funds are sitting on a huge cash pile of Rs 22,908 crore, which is well placed to maintain buying interest and propel the sagging market ....more

India’s growth to slow down next year: ADB

BoB revises foreign currency deposit rates

India Inc mobilises Rs 32,000 cr via rights issue in FY 08

Tata Motors to list on Tokyo Stock Exchange, says report

Bosch Chassis’ parent rejects delisting price

NEW DELHI, Apr 2: Bosch Chassis Systems Ltd has said its shares will continue to be traded as its German parent Robert Bosch has rejected the delisting price.

The parent had rejected the final price of Rs 750 per share, established by the reverse book building process, it said in a notice to the BSE late yesterday.

Robert Bosch had made an open offer to acquire 20 per cent in the Indian unit and set a floor price of Rs 415 per share for the offer.(UNI)

Steel Strips Wheels bags Rs 110-cr order from Renault

MUMBAI, Apr 2: Auto ancillary company Steel Strips Wheels today said it has bagged a Rs 110-crore order from French auto major Renault for supply of steel wheel rims.

The company would supply about one million steel wheel rims for Renault's new vehicle to be produced in Europe, the domestic auto parts maker said in a filing to the Bombay Stock Exchange.

"Renault, one of the largest manufacturer of cars in Europe and leading maker of light commercial vehicles, has given an export order valued at about Rs 110-crore to the company for supply of wheel rims for over five years," Steel Strips said.

It plans to export over 4.25 lakh wheels rims in the financial year 2008-09, the filing added.

The sales of the firm grew by 31 per cent to 5.53 lakh wheel rims in March, as against 4.23 lakh in the corresponding period in 2007.

Further, the production of the company touched 5.56 lakh in March, as compared to 4.27 lakh wheel rims in the corresponding period last year, a growth of 30 per cent.

Shares of Steel Strips were trading at Rs 175, up 3.80 per cent on the BSE. (PTI)

Tea price rules unsteady

COIMBATORE, Apr 2: Tea prices ruled lower by a rupee per kg and at times quoted irregular at the Coimbatore auction held last week, trade sources said today.

With fair demand, whole orthodox leaf and good liquoring CTC leaf were sold at irregular levels, while Orthodox brokens leaf ruled lower by a rupee per kg and fannings quoted steady, the sources said.

In the dust category, limited quantity of orthodox teas were sold at lower level, while despite good demand, good liquoring CTC sold at firm to irregularly lower by a rupee. Medium and plainer CTC dust also quoted lower by a rupee.

Orthodox high grown broken quoted Rs 70 to Rs 80, while good CTC brokens Rs 54 to Rs 55, fannings Rs 54 to Rs 57, medium brokens Rs 49 to Rs 56 and fannings Rs 49 to Rs 55.

Best CTC dust ruled Rs 62 to Rs 67, good Rs 57 to Rs 61, medium Rs 50 to Rs 56 and medium orthodox dust Rs 42 to Rs 55, per kg.

Of the total 4.80 lakh kgs on offer, dust comprised 3.03 lakh kgs, the sources said. (PTI)

Indiabulls Securities lists at Rs 300 on BSE

MUMBAI, Apr 2: Brokerage firm Indiabulls Securities Ltd today got listed at Rs 300 on the Bombay Stock Exchange pursuant to its demerger from the domestic financial services major Indiabulls Financial Services (IBFSL).

The scrip opened at Rs 300, which was also its intra-day high, and touched a low of Rs 110 on the BSE.

On the National Stock Exchange, the scrip opened at Rs 250 and later slipped to touch a low of Rs 100.20.

Indiabulls Securities listed over 25.34 crore shares on the bourses.

The stock was later trading at Rs 128.80 on the BSE and at Rs 127.75 on NSE at 1017 hrs. Over 65.55 lakh shares changed hands on both the bourses.

IBFSL had last year decided to spin off the securities business into a separate company. Under the scheme of arrangement, the shareholders got one share of the new company for each share held in IBFSL.

Indiabulls had started its operations primarily as a brokerage firm but since then has announced expanding portfolio to businesses like consumer finance, insurance, asset management and realty.

Previously, IBFSL had spun off its realty business into Indiabulls Real Estate, which was listed on the Bombay Stock Exchange on March 23, 2007. (PTI)

Skindia GDR Index recovers sharply

MUMBAI, Apr 2:The Instanex Skindia DR Index recovered sharply by 117.46 points or 4.59 per cent to 2,673.89 on April 2 from 2,556.43 previously.

The P/E Ratio also moved up to 22.49 from 21.52 Instanex Capital release said here today.

Following are the GDR and ADR rates for April 2 in US dollars with differences in percentage from the previous level given in brackets.

Dr Reddy’S (ADR) 15.21 (+5.04)

GAIL (GDR) 65.00 (+1.72)

Grasim Ind (GDR) 66.45 (-0.08)

ICICI Bank (ADR) 41.18 (+7.83)

Infosys Tech (ADR) 37.43 (+4.64)

ITC (GDR) 5.25 (+3.96)

L&T (GDR) 73.20 (-4.94)

Mahindra & Mah (GDR) 17.30 (UNCH)

Ranbaxy Labs (GDR) 11.00 (UNCH)

Reliance (GDR) 117.87 (+3.80)

Satyam Comp (ADR) 24.14 (+6.86)

SBI (GDR) 88.85 (+4.04)

Sterlite Ind (ADR) 18.92 (+6.17)

Tata Communi (ADR) 27.37 (+10.27)

Tata Motors (ADR) 16.13 (+3.27) (PTI)

Wheat dara up on fresh buying

NEW DELHI, Apr 2: Wheat dara prices improved by Rs 5 a quintal in the wholesale grains market here today following fresh buying against reduced supply.

Marketmen said reduced arrivals against increased buying from rolling flour mills mainly pushed up prices.

They said arrival of wheat was restricted from Punjab and Uttar Pradesh causing a tight stocks position.

However, grain prices maintained overnight levels on small bouts of trading.

Wheat dara prices recovered by Rs 35 to settle at Rs 1120-1125 a quintal on fresh buying interest, while wheat mp deshi remained quiet on some support at Rs 1350-1600 a quintal.

Rolling flour mills and chakki atta price also gained from Rs 1080-1090 and Rs 1090-1095 to winding up at Rs 1110-1120 and Rs 1110-1115 a 90 kilo bag respectively.

Maida and sooji price also edged up to finish at Rs 1210-1225 and Rs 1240-1260 from Rs 1200-1225 and Rs 1225-1250 a 90 kilo bag respectively.

Following were today's quotations per quintal (in Rs): wheat MP (deshi) 1350-1600, wheat dara (for mills) 1120-1125, chakki atta (delivery) 1110-1120, Chakki atta Rajdhani (10 kgs) 150, shakti bhog (10 kgs) 160, roller flour mill 1110-11115, maida 1210-1225 (90 kilos) and sooji 1240-1260 (90 kgs).

Rice basmati (lal quila) 7000, Shri Lal Mahal 7000, Basmati common 6700-6900, Permal raw 1550-1650, permal wand 1750-1800, sela 2300-2400 and rice IR-8 1325-1400, Bajra 675-680, Jowar yellow 700-750, white 1250-1300, Maize 800-825 Barley (UP) 1170-1185 and Rajasthan 1180-1185. (PTI)

'MFs sit on huge cash pile of Rs 22,908 cr'

MUMBAI, Apr 2: Mutual funds are sitting on a huge cash pile of Rs 22,908 crore, which is well placed to maintain buying interest and propel the sagging market forward, a report said.

"The total cash with MFs, including cash mobilised through the recently launched NFOs to the tune of Rs 6,266 crore, stands at a healthy Rs 22,908 crore. Flush with cash, MFs are well placed to maintain buying interest and propel the market forward," Sharekhan Research Analyst Mallika Baheti said in a research report here.

The absolute cash levels for all existing equity funds rose by 17.4 per cent to Rs 16,642 crore in February 2008 from Rs 14,176 crore in January 2008. Even the cash as a percentage of the total corpus increased to 8.7 per cent in January 2008 from 7.6 per cent in December 2007.

Rising cash levels indicate the cautious outlook of fund managers in the wake of concerns of a global slowdown and consequent dip in foreign inflows into emerging markets such as India, Baheti said.

The cash level for all funds more than three months old also showed a similar trend, rising to 8.2 per cent of the total corpus in February 2008 (from 7.6 per cent of the total corpus in December 2007). This once again reflects the cautious stance adopted by MFs.

The equity fund flow analysis showed that after witnessing record inflows in January, net inflows into equity MFs more than halved to Rs 6,903 crore in February as compared to Rs 14,070 crore recorded in January. (PTI)

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India’s growth to slow down next year: ADB

NEW DELHI, Apr 2: As the Government takes measures to rein in inflation ahead of the Lok Sabha polls slated for early next year and the RBI tightens monetary policy, Asian Development Bank today projected Indian economic growth to moderate 8 per cent this fiscal from 8.7 per cent in 2007-08.

However, the Indian economy will rebound to 8.5 per cent growth rate during 2009-10 on the back of a pick-up in consumer spending and more accommodative monetary policy, the Manila-based ADB said in its Asian Development Outlook, 2008.

Along with GDP growth rate, ADB expected inflation to slightly moderate to 4.4 per cent this fiscal as the Government and RBI take measures to curb it against 4.5 per cent in 2007-08.

But inflation will again rise to 5 per cent in 2009-10 as growth rebounds and monetary policy softens, said Narhari Rao, principal economist with ADB’s India Resident Mission, describing the recent rise in prices as the "biggest worry" for India at the moment.

As per the Central Statistical Organisation’s advance estimates, Indian economy is anyway likely to show a moderate economic growth rate of 8.7 per cent in 2007-08 against 9.6 per cent in the previous year and 9.4 per cent in 2005-06.

"Following the slowdown that began in 2007-08, economic growth will likely moderate further to eight per cent in 2008-09. Overall GDP growth in 2009-10 is predicted to return to around 8.5 per cent, nudged along by a broad-based pick-up in spending," the outlook said. (PTI)

BoB revises foreign currency deposit rates

MUMBAI, Apr 2: Public-sector lender Bank of Baroda said it has revised interest rates on the term deposits in foreign currency by Non Resident Indians (NRIs).

For Foreign Currency Non-Resident (Banks) deposits (FCNR(B)) and Non Resident External (NRE) term deposits in US dollar, having a maturity period of 1-2 years, the revised rate has been fixed at 1.74 per cent (1.96), the bank said in a release issued here today.

For deposits in Pound, Euro and Yen having the same maturity, the revised rates would be 5.09 per cent(4.81), 3.98 per cent(3.64) and 0.35 per cent (0.35), respectively, the bank said.

Deposits having a tenure of 2-3 years, 3-4 years, 4-5 years and five years in US Dollar, the revised rates are 1.75 per cent (1.87), 2.06 per cent (2.19), 2.36 per cent (2.48) and 2.65 per cent (2.74), the bank said.

Similarly, NRE deposits having a maturity bucket 1-2 years, the rate has been revised to 2.49 per cent (2.71) while for 2-3 years and 3-4 years, the new rates are 2.50 per cent (2.62), 2.81 per cent (2.94) respectively, the bank said. (PTI)

India Inc mobilises Rs 32,000 cr via rights issue in FY 08

NEW DELHI, Apr 2: India Inc has mobilised a record over Rs 32,000 crore through issue of shares on rights basis in fiscal 2007-08, driven by the mega issues from State Bank of India and Tata Steel, a latest report says.

However, the picture may not be that rosy in the current fiscal due to the subdued secondary market conditions, according to primary market database provider Prime.

Corporate India has raised Rs 32,518 crore through right issue in the last fiscal, a jump of over eight-fold as compared to Rs 3,703 crore that was raised in FY 2006-07.

Rights route refers to issuing rights to a company’s existing shareholders to buy a proportional number of additional shares at a given price, usually at a discount, within a fixed period.

The mobilisation of funds in the last fiscal have made history as it was more than even the combined mobilisation of the preceding 12 years.

More than half of the year’s mobilisation came courtesy the country’s largest lender SBI’s rights issue, while another 28 per cent was taken up by Tata Steel.

"These issues, in a sense, were exceptional issues and are not indicative of any trend," Prime founder and managing director Prithvi Haldea said.

The largest issue from State Bank of India mobilised Rs 16,736 crore and other Rs 1000 crore-plus issues were from Tata Steel (Rs 9,135 crore), Federal Bank (Rs 2,141 crore) and Indian Hotels (Rs 1,447 crore).

Response to all issues of the year was good. Rights offers are made at a discount to the ruling market price and hence are able to draw in shareholders’ response specially when the secondary market is doing well, Haldea added. (PTI)

Tata Motors to list on Tokyo Stock Exchange, says report

NEW DELHI, Apr 2: Auto major Tata Motors, which made history with the acquisition of British marquees Jaguar and Land Rover last week, plans to list its shares on the Tokyo Stock Exchange, a Japanese media report said.

According to Japanese daily, The Nikkei, the firm is finalising plans to list the shares as depository receipts on the bourse in Japan.

"India’s Tata Motors Ltd is finalising plans to list its depository receipt on the Tokyo Stock Exchange as early as the summer," the daily said in an article published in its online edition.

Last week, Tata Motors had entered into an agreement with the US car maker Ford for the 2.3-billion-dollar takeover of British luxury brands - Jaguar and Land Rover.

Tata Motors’ American Depository Receipts (ADRs) are listed on the New York Stock Exchange. (PTI)