Sebi cancels registration of 11 brokers
Mumbai: The Securities and Exchange Board of India has cancelled the registrations of 11 brokers of Ahmedabad, Bangalore, Cochin and Bombay stock exchanges for their failure to fulfill the requisite condition of registration as a broker.

The registration has been cancelled in terms of sub-regulation (3) of Regulation 29 of Sebi (stock brokers and sub-brokers) Rules and Regulations, 1992, the market regulator said in a release here.

The brokers are Nagindas C Shah, Bluechip Share Broker Services Pvt Ltd and Atul K Dalal of Ahmedabad, B R Murlidhar of Bangalore, George Pappally, Suresh Chandra Mallia, Manoj Mathew, Suresh Shenoy, C V Joseph and P N Unnikrishnan of Cochin and Yogesh Mehta of the Bombay Stock Exchange, the release added.
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Pioneer bluechip fund prefers BPCL, Infy, ITC
DELHI: BPCL, Infosys, ITC, HPCL and ICICI Bank, with over 8.0 per cent exposure, topped Pioneer ITI's Rs 336.92-crore blue-chip fund, which invests 99.6 per cent in equities.

The company, in its latest report for the period ended March, 2002, said the total equity exposure had increased from 95 per cent owing to more exposure in the banking and petrochemcial sectors, despite the exit from cement segment in the latest quarter.

The fund had 8.94 per cent exposure in the shares of BPCL, , with a market value of Rs 30.08 crore, while Infosys' scrips formed 8.89 per cent with a value of Rs 29.88 crore.

The mutual fund invested Rs 29.62 crore in ITC, which formed 8.81 per cent of the fund portfolio.

HPCL-in which Reliance and ONGC have shown interest in acquiring stake-formed 8.55 per cent of the portfolio with a market value of Rs 28.77 crore.
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RBI to start open market ops
Mumbai: The Reserve Bank of India (RBI) is set to conduct yet another open market operation (OMO) to mop up excess liquidity from the system and realign the dropping yield of government papers. This is the second OMO in three days.

The security to be auctioned is 10.95 per cent 2011 paper for an amount of Rs 3,000 crore. The apex bank conducted an OMO auction of two other government papers -- Rs 2,000 crore of 10.25 per cent 2021 government paper and Rs 3,000 crore of 11.19 per cent 2005 bond on 8 April.
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Axles India to make open offer at Rs 7 per share
Chennai: Axles India Ltd has informed the stock exchanges that it proposes to come out with an open offer for buying back the 9.04 per cent equity from the shareholders of the company.

The price per share has been fixed at Rs 7, and Indian Overseas Bank has been appointed as managers to the offer.

Currently, Axle Holdings and Spicer (both of the US), and the TVS group companies, Sundaram Finance and Wheels India, hold 90.96 per cent of Axle India Ltd. This is the second time since 1999 that Axles India's shareholders are getting an opportunity to sell their shares in an open offer.
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Kerala HC stays Astra offer
Kochi: The Kerala high court has stayed the move of Swedish pharma firm, Astra Pharmaceuticals public offer to acquire the entire shares in its Indian subsidiary before delisting the company.

High court justice K Abdul Gaffoor prevented Astra Pharmaceuticalss public offer to buy the shares of Astrazeneca Pharma India Ltds at very low prices.
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