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Citigroup upbeat on India story
Mumbai: The Citigroup director Hans Goetti has said that India is the most attractive growth story for the next five years. He said Citigroup was bullish on ITC and banking stocks, and their top pick is HDFC Bank.

He said that in the long run the group was bullish on the domestic demand theme in Asia and the same applies to India.

He said that in the short term the fear was that the market is a bit over extended in terms of valuations. Stocks are being valued at 17 times earnings at the moment, which means it is expensive compared to other Asian markets. Inflation is picking up, but that is across the region and that means the interest rates will go up. That is the tactical side.

He said that in terms of fund flows the two countries that stand out are Korea and India, where a large shift is taking place from domestic savings to equities. He said this was very encouraging and hopefully, sign of what will come in future.
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Bharat Gears to issue rights shares in 3:10 ratio
Mumbai: Bharat Gears' board of directors have approved the issue of equity shares on rights basis to existing shareholders in the proportion of three equity shares for every 10 existing shares of Rs10 each, at a premium of Rs30 per share, subject to the shareholders approval, the company informed the Bombay Stock Exchange.
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Indo Pacific gives 1:1 bonus
Mumbai: Indo Pacific Software and Entertainment has allotted bonus shares in the 1:1 ratio to its shareholders. The board at its meeting held yesterday took a decision to this effect, the company informed the BSE.
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Shanthi Gears raises funds through FCCBs
Mumbai: Shanthi Gears has raised US$15mn by way of foreign currency convertible bonds. The bonds, convertible into equity shares of Re one each, are issueable in two tranches consisting of bonds worth US$10mn in series A and bonds worth US$5mn in series B, the company informed the exchanges.

The proceeds of the FCCBs are due in 2010, and would be used for certain capital projects planned by the company, it said.

EMG Corporate Finance is the international lead manager while SBI Capital Markets acted as the domestic lead manager to the issue.
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