Budget proposal has put an end to the flourishing trade in STT, as STT is likely to be treated as any other deductible expenditure against business income.
L&T is planning a foray in PE fund in the real estate market with a Rs 4500 crore fund.
Sebi has proposed waiving off stamp duty on e-issuance of bond to the ministry of finance.
One of the main factors that created a big hype for the R-Power initial public offer, said experts, was its grey market premium of over Rs 400 on January 18 -- the day the issue closed. R-Power collected a record $180 billion (Rs 710,000 crore or Rs 7,100 billion) as the issue was subscribed 72 times.
Half of the 10 IPOs to have hit the market since the beginning of this year have been from the real estate space. J Kumar Infra Projects, KNR Constructions, SVEC Constructions and the now withdrawn Emaar MGF are the worst hit, according to analysts.
The Reserve Bank of India's (RBI) denial of permission to Swiss bank UBS to acquire Standard Chartered Asset Management Company has come as a blessing in disguise for Standard Chartered Bank.
Volatility in the secondary markets has forced some initial public offers to revise their price bands as markets continue to be plagued by liquidity problems.
According to stock brokers, the real pain in markets started with the over-zealousness on the part of stock exchanges in collecting margin money after the 700 points fall on January 18 and another 14,00 points fall on January 21. The trading terminals of nearly 90 per cent stock brokers were shut on Tuesday when the markets hit the lower circuit of 10 per cent within a few minutes of opening bell, as the National Stock Exchange doubled the margin money overnight.
The IPO by J Kumar Infra, which closed on Wednesday, managed to scrape through, with the issue getting bids for 2.7 times. This is in sharp contrast to the recent IPOs, which were getting subscribed many times over.
Overall market open interest on NSE down 15 per cent to Rs 89,307 crore (Rs 893.07 billion). A majority of stock brokers have unwound their leveraged positions in the futures and options segment. The total leveraged position (in excess of Rs 1 lakh crore or Rs 1 trillion) contributed heavily to the stock market crash.
A severe squeeze in liquidity in the domestic and the global markets over the last one week helped bears to make a killing on Monday, as they anticipated little buying support even at lower levels, said dealers.
Following this order, Heidelberg Cement will need to pay only Rs 58 per share, instead of the earlier agreed Rs 72.50 apiece. This 25 per cent premium was agreed as a "non-compete fees" to the Indian promoters when the German major took majority control in Mysore Cements in 2006. Sebi said it did not find merit in the non-compete fees arrangement as the "sellers/promoters to whom non-compete consideration has been paid consist of trusts and charitable institutions."
The deal, sources say, is that the retail investor, subscribing on broker's behalf, would have to make an application for 225 shares, the entire cost of which -- considering the discount of Rs 20 a share that RPL has offered -- would come to Rs 96,750.
In this financial year so far, insurance companies have invested around Rs 36,000 crore in the stock markets against around Rs 60,000 crore invested by the FIIs.
Citigroup Venture is planning to buy an equity stake in PINC for Rs.400 cr.
In anticipation of the IPOs of FCH and RPL, investors were seen off loading small and mid-cap stocks heavily.
Reliance Power, which is hitting the market next week with an offering of nearly Rs 12,000 crore (Rs 120 billion), will set the trend for a slew of power IPOs from other companies including Sterlite Energy (Rs 4,000-8,000 crore or Rs 40 to Rs 80 billion), JSW Energy (Rs 4,000 crore or Rs 40 billion), JP Associates (Rs 4,000 crore or Rs 40 billion) which have already announced big share offer plans.
Close on the heels of the alleged money laundering by farm owner Hasan Ali Khan through Switzerland-based bank UBS, Europe's biggest bank by assets, another Swiss bank, Credit Suisse, has come under scrutiny of the Enforcement Directorate (ED), which investigates foreign exchange violations.
In the first-ever auction of 'enemy property' that the Indian government has held since the 1971 Indo-Pak war, rights shares of Tata Steel were sold to an Indian investment firm for Rs 485 per share against the rights issue price of Rs 300 per share.
This will allow investors the freedom of choice based on the services they get from a distributor.
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