Jet Airways lists at premium
Mumbai: The scrip of Jet Airways (India) Ltd listed on the National Stock Exchange (NSE) and the first trade for 4000 shares was struck at Rs1428 per share. Later, the airline stock was trading at Rs1206.

The private airline, which had floated an IPO for 1.72 crore shares of Rs10 each, constituting 20 per cent of the post issue capital, had raised Rs1,899 crore. The IPO received 4.47 lakh bids for 27.75 crore shares, resulting in oversubscription of 16.08 times the issue size.

The bidding price band for the IPO was Rs950-1,125 per share of face value Rs10 each. The bidding for the 100 per cent book-built issue opened on February 18 and closed on February 24.
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Warburg sells off another six per cent in Bharti Tele
New Delhi: Warburg Pincus, one of the world's largest FIIs, has sold a six per cent stake in Bharti Tele, amounting to about 11.2 crore shares, worth Rs2,466 crore.

The sale took place over two block deals on the BSE just as markets opened, with the first one at Rs218 per share, while the second was at Rs223.90 per share. The buyers are some of the biggest FIIs in the world, including Fidelity, Government of Singapore and Capital International.

Warburg had invested $300 million in 1999 to pick up an 18 per cent stake in the company. Last August, Warburg Pincus offloaded 3.35 per cent of its stake for about $200 million and last month, offloaded another three per cent for $308 million. After yesterday's sale, it still holds 10.8 crore Bharti shares or 5.8 per cent of the company. Warburg has also said it will support Bharti's forthcoming GDR issue.
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Jaiprakash Hydro-Power public issue to open on Mar. 22
Mumbai: Jaiprakash Hydro-Power Ltd (JHPL), a 100 per cent subsidiary of Jaiprakash Associates Ltd (JAL), is coming out with a public offer of 18 crore equity shares, which will be issued through a book building process. The price band has been fixed at Rs27-32 per share, at a face value of Rs10, and the issue is open for the period March 22-29.

JHPL is operating the country's largest privately run hydro-power project, the 300 MW Baspa-II plant in Himachal Pradesh, which was commissioned in June 2003. The plant will generate 1.3 billion KWh of power annually. The Himachal Pradesh State Electricity Board is purchasing the entire power.

Company officials said that there were plans for the company to foray into power distribution, apart from consolidating its generating capacities. The company is setting up another 400 MW hydro-power project in Vishnuprayag in Uttaranchal, which is scheduled to be commissioned in June 2006, apart from a 1,000 MW project at Karcham on River Sutlej in Himachal Pradesh. The group is targeting a capacity of 700 MW in the hydro power sector by 2006 and 1,700 MW by 2010.

Company officials also pointed out that the country held out enormous potential in the power sector, with the Government proposing to add 41,000 MW and 59,000 MW of power in the Tenth and Eleventh Plan Periods respectively, which meant that 10,000 MW of power would have to be added every year.
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Principal MF to launch scheme for Nifty Junior stocks
Kolkata: The Principal Mutual Fund has lined up a scheme for investing in stocks chiefly drawn from the 50-share CNX Nifty Junior index. These stocks will account for at least half of the scheme's assets under normal circumstances, an exposure that can be scaled up to 100 per cent if needed. A maximum of thirty per cent would be invested in money market instruments.

Nifty Junior, according to the NSE, represents the "next rung of liquid securities" after the Nifty and the two indices make up the hundred most liquid stocks in the domestic market. It also accounts for a key portion of the total market capitalisation.

Data gleaned from the NSE indicates that the Nifty Junior closed at 4388.20 points on February 28, representing a rise of 140 points (3.31 per cent) compared to its January 31 close. Its market cap increased from Rs1,57,825 crore on January 31 to Rs1,68,860 crore on February 28, marking an increase of nearly seven per cent.
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