Market Commentary Friday, March 09, 2012 08:42 Hrs IST

Print this page
Send this page to a friend


STOCK ALERT

MCX to list today

Shares of Multi Commodity Exchange of India (MCX), India's biggest commodity exchange by turnover, debuts on the secondary equity market today, 9 March 2012. The company had priced the initial public offer (IPO) at Rs 1,032, the top end of the Rs 860-1,032 per share price band.

The MCX IPO was subscribed a massive 54.13 times. The IPO got bids for 29.77 crore shares. The issue had opened for bidding on 22 February 2012 and closed on 24 February 2012.

Mahindra Satyam has acquired Delhi based BPO firm vCustomer's International operations for $27 million. This is the first 100% acquisition by Mahindra Satyam since it became part of Mahindra Group. The acquisition marks the entry of Mahindra Satyam's BPO operations into other verticals such as retail and consumer technology in addition to enhancing its technical support business.

Seamec said it leased its vessel, Seamec Princess, in Bombay High to Abu Dhabi-based National Petroleum Construction Company for a firm period of 30 days with option for extension. Seamec said the charter commenced from 2 March 2012. The contract value for the firm period would be $1.66 million approximately.

Rajesh Exports said it cleared its obligations towards the issue of foreign currency convertible bonds (FCCB) within the stipulated time. The company had issued 1500 FCCB of $100,000 each, totaling to $150 million on 22 February 2007. Investors opted for a conversion of 1349 bonds into equity shares. The last of the equity share from the converted bonds was issued in February 2011. Investors opted for redemption of 151 bonds, for which an accredited value of $22,381,493.31 was to be paid to the investors. The company said it fully discharged its obligation towards the bond holders, by making a payment of $22,381,493.31 on time.

The board of L&T will reportedly meet today, 9 March 2012, to pass an enabling resolution that will allow the diversified conglomerate to explore inorganic opportunities for growth. According to reports, L&T's board meeting would help it pursue its opportunity in Hexaware Technologies.

The Life Insurance Corporation (LIC) of India reportedly wants to divest its 18.81% stake in state-owned Mahanagar Telephone Nigam (MTNL) through private placement of shares.

Elder Pharmaceuticals announced after market hours on Wednesday, 7 March 2012, that there was an income tax search on various premises of the company. However, the said search has hardly yielded anything against the company, it added.

Other Stories
4  ICICI Prudential Life Insurance Company to list today (29-Sep 08:03 Hrs IST)
4  Motherson Sumi Systems in focus after RBI hikes FPIs investment limit (28-Sep 08:25 Hrs IST)
4  IRB Infra in spotlight after winning order (27-Sep 08:21 Hrs IST)
4  Canara Bank in focus on fund raising plan (26-Sep 08:06 Hrs IST)
4  L&T Technology Services in focus on debut (23-Sep 08:36 Hrs IST)
4  Union Bank of India in focus after completing stake acquisition in two joint ventures (22-Sep 08:39 Hrs IST)
4  NBCC (India) may gain after new order win (21-Sep 08:18 Hrs IST)
4  Dr Reddy's Lab in focus after launching Paricalcitol injection (20-Sep 08:22 Hrs IST)
4  ICICI Bank in focus as ICICI Prudential IPO to open for bidding (19-Sep 08:26 Hrs IST)
4  PSU OMCs and auto stocks will be in focus after revision in fuel prices (16-Sep 08:40 Hrs IST)
Next4