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

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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.

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