RBI relaxes FII norms on forward contracts
Mumbai: The Reserve Bank of India has allowed FIIs to cancel and rebook forward contracts up to 2 per cent of the market value of their investments in equity and-or debt in India. A notification by the RBI said the limit for calculating the eligibility for re-bookings shall be based on the market value of the portfolio as at the beginning of the financial year (April - March).

The outstanding contracts must be duly supported by underlying exposure at all times it said. The RBI in the Mid-Term Review of Annual Policy, 2006-07 allowed FIIs to rebook 25 per cent of the cancelled forward contracts, provided such contracts are supported by underlying exposure.
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Global Broadcast debuts at 70 pc premium
Mumbai: The share of Global Broadcast News Ltd, owners and operators of news channel CNN-IBN, debuted on the NSE at a 70 per cent premium at Rs425 against the offer price of Rs250. The stock saw an intra-day high at Rs518.80 before closing at Rs505.90. The total traded quantity shares on NSE was 1,83,79,066 shares.

On the BSE, the stock listed at a premium of 66.84 per cent at Rs417.10. It touched an intra-day high at Rs524, low at Rs381.25 before settling at Rs510.10. A total of 1,30,80,245 shares were traded on the BSE.
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Astral Poly plans to float IPO
Mumbai: Astral Poly Technik, manufacturer of plastic pipes and plumbing products, is entering the capital market on February 14 with a public issue of 29.71 lakh equity shares of Rs10 each at a price of Rs115, to raise Rs34.17 crore. The issue will close on February 22. Out of the total issue, 1.5 lakh equity shares are reserved for employees. The issue would constitute 26.44 per cent of the post issue paid-up capital of the company. The company proposes to utilise the net proceeds to part finance expansion of the company's existing facilities in Gujarat and Himachal Pradesh. Earlier, Astral Poly raised Rs4.16 crore in a pre-IPO placement, selling four lakh shares, at Rs104 each to Corporation Bank.
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AMD Metplast IPO on Feb 15
Mumbai: AMD Metplast, which manufactures crown caps, plastic closures and PET performs, is entering the capital market with a public issue of 1.02 crore equity shares of Rs10 each through a 100 per cent book building process. The price band for the issue is Rs65 to Rs75. The issue opens on February 15 and closes on February 23.

The proceeds will meet capital expenditure of Rs22.58 crore for setting up a new PET preforms line at its existing plant in Neemrana, Rajasthan to double capacity from 4,620 tonnes per annum to 9,240 tonnes. The funds will go to part finance long-term capital needs of Rs20 crore and repayment of a Rs12-crore debt.
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SMS Pharma IPO subscribed 2.6 times
Mumbai: The initial public offering of SMS Pharmaceuticals was subscribed 2.64 times on the BSE and NSE at 6:30 pm Thursday. Bids were received across the price band of Rs360-Rs380. Total bids were received were about 68 lakh shares against the issue size of 25.8 lakh while 21 lakh bids were received at the cut off price.
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Commodity derivatives turnover rises 72 pc
Mumbai: Commodity derivatives turnover has risen 72 per cent in the year to over Rs30 trillion during the first 10 months of 2006-07 (April-March), according to the data released by the Forward Markets Commission.

The turnover for January 16-31 was Rs1.45 trillion, up 11.6 per cent from Rs1.30 trillion for the same period a year ago.

However, it was down 2 per cent from January 1-15 figure of over Rs1.47 trillion, the data said.

MCX, the country's largest exchange in terms of turnover, has registered slightly higher turnover at Rs1.06 trillion, compared with Rs1.05 trillion a fortnight ago. Gold remained the top traded contract on MCX followed by silver and copper.
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