The Securities and Exchange Board of India said it is 'closely watching' investments made by New York-based hedge fund Galleon, whose Sri Lankan founder Raj Rajaratnam was arrested for alleged insider trading on Friday.
The consensus among FIIs is valuation could be a concern going ahead, but that is still some way off.
The Securities and Exchange Board of India plans to tighten guidelines under which promoters make preferential allotments of warrants. The proposals include prohibiting promoters from voting at shareholder meetings at which warrant issues are put to vote and prohibiting warrant issues to promoters who did not subscribe to their earlier warrants.
BSE had been planning to list on the exchange for a while and had approached Sebi for permission to list without an initial public offer. Sebi also has to formalise norms for regulating self-listed companies. Some BSE members were keen on the listing of the exchange so that they could sell their shares.
The Securities and Exchange Board of India is now planning to enable investors to buy and sell mutual fund units through stock exchanges. Fund houses will also be allowed to sell new fund offers (NFOs) through exchanges, helping them to save on distribution costs.
Pricing worries remain, but bankers expect IPOs to raise over Rs 40,000 crore (Rs 400 billion) in the next few months.
The high court in Chennai granted the owner of bharatmatrimony.com an interim order, restraining Google India from using its ads on the former's platform to sell space to the petitioner's competitors.
Latest in generational change trend in South Indian majors.
Business Standard discussed the primary market scenario and changing equations in the IPO market with Enam Group chairman Vallabh Bhanshali. Excerpts:
The company would focus only on expanding its existing facilities at an investment of around Rs 600 crore (Rs 6 billion), said S Gopalakrishnan, chief executive officer and managing director.
Neyveli Lignite Corporation Ltd is planning to invest Rs 10,000-12,000 crore in setting up power projects. It is also planning to foray into renewable energy, by setting up wind energy farms and solar units.
The Chennai facility will continue to service Indian and non-European markets. In July 2009, Hyundai India's managing director H S Lheem had said the company was planning to move production to Turkey, the Czech Republic or Slovakia.
Lakshmi Venu's induction on Sundaram Clayton's board is part of the TVS Group's larger succession plan to make way for the women in the family.
Certain provisions of the code would delay the negotiation process, increase the tax liabilities and introduce uncertainties due to the General Anti-Avoidance rules.
The Companies Act Amendment Bill, which was tabled in Parliament in the Budget session that adjourned last week, has proposed to allow Indian companies to merge with overseas companies, a move that could introduce greater flexibility in cross-border merger and acquisitions.
According to the Society of Indian Automobile Manufacturers' (Siam's) data, Ford India between April and June produced 6,752 cars, of which 219 units were exported, through containers in different shipments.
The Chennai-based retail chain ran out of money several months earlier and has suspended operations since then. Subhiksha's founder-promoter, R Subramanian, said he was optimistic of a settlement and early resumption of operations.
The earlier deadline given for a Corporate Debt Restructuring scheme was July 31. According a senior counsel who is close to the development, Cash and Carry has requested for a meeting with secured and unsecured creditors to work out the compromise. C&C was a firm promoted by R Subramanian, promoter and managing director of Subhiksha. Subramanian was not available for a comment and he did not respond to an e-mail sent by Business Standard.
Projects worth over Rs 70,000 crore (Rs 700 billion) to upgrade technology have been kickstarted in the country.
Though the number of Japanese foreign institutional investors in India is still negligible, it's significant that 8 of the 11 registered with Sebi entered in the past year and a half
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