Feedback on Forward Contracts Amendment Bill sought
Mumbai: The Forward Markets Commission has invited public comments, views or suggestions on the Forward Contracts (Regulation) Amendment Bill, 2006.

The comments, views or suggestions can be sent latest by July 2, to either Paul Joseph, senior economic advisor, department of consumer affairs, or to BC Khatua, chairman of the Forward Markets Commission.

The Government and the FMC will then consider the comments, views or suggestions.
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Amara Raja doubles net, proposes 1:5 stock split
Chennai: Amara Raja Batteries, manufacturers of the Amaron brand of automotive batteries, has reported a net profit of Rs47 crore for 2006-07, close to double of Rs23.84 crore for the previous year.

Amara Raja's turnover increased 67 per cent to Rs595.80 crore (Rs363.67 crore).

In the fourth quarter of last year, the company's turnover was Rs193.60 crore (Rs109.96 crore). Net profit for the quarter was Rs15.23 crore (Rs9.19 crore).

The board of directors has recommended a dividend of Rs3.50 a share (35 per cent). It has also recommended a proposal to split the company's shares of Rs10 each to Rs2 each.

The company also said announced that its upcoming plant for the production of batteries for 2-wheelers would be ready for production by October, and the product in the market by December.

The company expects 2W batteries sales of around Rs20 crore this year.

The company, which has achieved a 92 per cent capacity utilisation of its automotive batteries plant, is expanding its capacity from 4 million now to 5.5 million by the first quarter of next year. Back to News Review index page  

UK-based investment firm, Trinity Capital, to pick up 1.66% stake in Phoenix Mills
Mumbai: UK-based investment firm, Trinity Capital, has announced that it will be acquiring 1.66 per cent stake in Phoenix Mills. According to a statement made to the London Stock Exchange, Deutsche Bank and Americorp would invest in Phoenix Mills along with Trinity.

Trinity informed the exchange that it would be acquiring 3.7 lakh Phoenix Mills shares for a sum of Rs59.2 crore, at a price of Rs1,600 per share. This would be at a discount to the market price of Phoenix Mills, which is about Rs1,900.

Phoenix Mills is involved in seven retail-led developments, covering 15 million sq ft and will also be actively engaged in the development and management of Trinity's own retail projects.

In April 2007, the merger of Phoenix Mills with the Ashok Ruia group, a developer of retail complexes and hotels, was announced.

The merger is likely to be completed by October.

The stock of Phoenix Mills rose 2.63 per cent to close at Rs1,950 on the BSE on Friday.
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ICICI Bank issue subscribed 12 times, retail segment remains shy
Mumbai: ICICI Bank's follow-on public offer closed with a bang on the last day with total subscription crossing the Rs1,20,000-crore mark, over-subscribed by more than 11 times.

The retail segment, which had shied away from the issue from the beginning, failed to generate any interest even towards the end of the issue, and just about picked up the portion allotted to it. There were hopes in the market that interest may pick up in the latter days of the issue, after studying the pricing pattern offered by other investors. This did not occur, however.

The issue met with a robust response from qualified institutional buyers (QIB) who overbid by at least 23 times before close.

The bank's scrip was up 0.43 per cent to close at Rs953.75 on the BSE today, up from the previous close of Rs949.70.
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