Dalmias all out to woo FIIs
Mumbai: In the ongoing war for control of real estate company, Gesco Corporation, the Delhi-based Dalmia group is reportedly wooing foreign institutional investors with an aggressive offer.

Group company, Renaissance Estates, is offering to acquire FII holdings at an eventual offer price set by it, which can be the current offer price of Rs 27 or higher. This strategy is aimed at ensuring that the FIIs come to them with their holdings whatever the counter-bid, if any, from the Gesco promoters, is.

This move is taking advantage of the fact that contingent contracts are allowed under Indian law. According to Mr. Abhishek Dalmia of Renaissance Estates, the response from the FIIs has not been negative to this move.

The deadline for the Sheth family, which currently controls Gesco, to make a counter offer is November 11. The idea behind Renaissance making its contingent offer is to sew up purchases even before Gesco makes a counter-offer.

The Dalmia group says they may consider moving the Securities and Exchange Board of India (Sebi) at a later stage in case no counter-offer came, to find out whether there was any manipulation of the price in trying to keep the market price above the Dalmias' offer price.
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Sustained holiday keeps the sensex down
Mumbai: The shadow of the holiday mood continued to keep market sentiments down. The benchmark sensex was down by about 40 points on Monday. A large part of the downward trend in the sensex was also on account of rumours that income tax officials have conducted raids on some big brokerage houses, during the early hours of trading.

The Sensex, which opened at 3,744.10 points, went up to touch the day's high of 3,751.28 points before following a roller coaster ride to close at 3,689.43 points, against 3729.12 points on last Friday.

The 50-stock S&P CNX Nifty of the National Stock Exchange has also followed suit with a loss of ten points during the session.

Zee Telefilms was the major loser among the index stocks with Rs 23.55 or 7.63 per cent of loss during session. Market sources said that the stock was hammered as its "latest programme - Sawal Dus Crore Ka - had failed to come up to the expectations of the audience."

Other major losers were Silverline Technologies, Glaxo India, L&T (5.16 per cent) and Novartis India (5.1 per cent). The major IT stocks that found place in the prominent losers were NIIT and Satyam Computers with a knock of 4.57 per cent and 4.3 per cent respectively.
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