Pru ICICI: biggest fund house in February
Mumbai: Prudential ICICI Mutual Fund crossed Reliance Mutual Fund and UTI Mutual Fund to become the country's top fund house in February in terms of asset under management (AUM) mainly due to an extraordinary Rs8,535 crore (24 pc) growth in asset value.

The fund house's total AUM grew from Rs34,745.72 crore to Rs43,280.67 crore during the month as it witnessed growth across all verticals - most of its gains came from the liquid fund schemes and Fixed Maturity Plans (FMPs).

As per data released by the Association of Mutual Funds in India (AMFI), out of 32 mutual fund houses, 14 gained in AUM, while the asset value of 15 went down. The total AUM of the industry grew by 4.10 pc to Rs3, 53, 183.96 crore as against Rs3,39,271.79 crore a month ago.

Reliance MF, however, topped the average AUM for the month with Rs43,586.66 crore as against Prudential ICICI's 39,079.24 crore.

UTI Mutual Fund, which lost its top slot to Reliance MF in January, has now been pushed to the third spot as its asset stood Rs38,602.99 crore from last month's AUM of Rs37,535.07 crore.
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Gold price falls as equity markets spurs selling
London: Gold prices fell as the fall in equity markets spurred selling by investors.

Bullion futures prices in Japan had the maximum fall as allowed by the Tokyo Commodity Exchange as the Nikkei 225 Stock Average had its biggest weekly decline since June.

Gold has dropped 2.9 per cent this week as more than $1.5 trillion in global equity values was erased and China's stocks fell the most in a decade.

Gold for immediate delivery dropped $1.90 , or 0.3 per cent, to $662.55 an ounce. Futures in Tokyo plunged 60 yen, the maximum allowed, or 2.3 per cent, the biggest decline since October 5.

Silver rose 5 cents to 13.675 dollar an ounce today. Platinum dropped 9 dollar to 1,229 dollar an ounce and palladium declined 2.50 dollar to 348 dollar an ounce.
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Metal futures rise on NMCE
Ahmedabad: Futures trading in base metals- aluminium, copper, lead, nickel, tin and zinc -jumped at the National Multi-Commodity Exchange (NMCE) as the February 2007 series expired on Wednesday.

The metals are traded in lots (units) of one or two tonnes, varying from commodity to commodity, but the prices are quoted in rupees per kg.

The February series of aluminium traded on NMCE terminals settled at Rs127 per kg, copper Rs271, nickel Rs1,929, tin Rs607, zinc Rs607 and lead Rs86 per kg.

As far as the intra-day volume and turnover are concerned, the March series in aluminium had hit a high of 1,612 lots valued at Rs41 crore on February 24, copper 1,196 lots worth Rs31.14 crore on February 20, nickel 480 lots worth Rs23.70 crore on February 27, lead 400 lots worth Rs24.52 crore on February 15, tin 684 lots worth Rs21.27 crore and zinc 652 lots worth Rs51.56 crore, both on February 28.
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SEBI approves NSE for corporate bond trading
Mumbai: Trading in corporate bonds can now be reported either on the BSE or the NSE platform as SEBI has allowed the National Stock Exchange to set up a reporting platform for corporate bonds.

Earlier, the capital market regulator has allowed only Bombay Stock Exchange to set up a reporting platform.

This paves the way for the system of multiple trading platforms for corporate bonds as suggested by the R.H. Patil Committee.

SEBI has also allowed FIMDA, the organisation representing primary dealers in government securities also to go in for a reporting platform, which could provide value addition to details provided by the exchanges.
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Subex Azure raises $180 million
Bangalore: Subex Azure has raised funds worth $180 million through foreign currency convertible bonds (FCCBs) to fund its proposed acquisition of Syndesis, a global telecom software solutions provider.

The offering is priced at Rs656 per bond, marginally higher than the current market price. Subex will use part of the proceeds to fund the Syndesis acquisition for $164.5 million.

Subex shares ended 4 per cent lower on Friday at Rs596 on the BSE. This capital raising exercise of the convertible bonds, to be listed at the London Stock Exchange, represents an important milestone for Subex Azure said company officials.
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