Current news & Rumours in the mkt
- Thread starter praveen taneja
- Start date
Unitech Plans Corporate Restructuring, Hires Advisors - Unitech Ltd, the second-largest real estate developer in the country, is exploring opportunities for potential merger of its subsidiaries, demerger and other forms of restructuring, besides acquisition plans. The company has already appointed Ernst & Young, S R Batliboi & Co and Amarchand & Mangaldas & Suresh A Shroff & Co, as advisors to assist the restructuring exercise. The company has been looking at demerger of its non-core businesses in order to focus only on real estate.
SEBI Cuts Listing Time For IPOs - Market regulator the Securities and Exchange Board of India (SEBI) has proposed to reduce the time between the close of a public issue and the company's listing to 12 days from up to 22 days now. The new timeline will be applicable to all public issues opening on or after May 1, 2010. Apart from listing time, the regulator has made some changes in the time frame of filing financial results as well. With the changes, the listed companies have to submit their audited quarterly and annual financial results within 45 days and 60 days, respectively.
Indian listed companies will now have to disclose their balance sheets within 45 days from the end of the half-year. SEBI has amended the listing agreement that companies sign with stock exchanges. SEBI has also made it mandatory for listed companies to disclose their results within 45 days of the end of every quarter. Companies will also have to submit to stock exchanges an auditor's certificate for accounting treatment under schemes of arrangement like amalgamation or merger.
Blackstone Group is investing $50 Mn in Jagran Media Network Pvt. Ltd., which will hold majority share in Jagran Prakashan Ltd.
This announcement comes within a month of Independent News & Media Investments Ltd.(INM) selling 7.5% stake in Jagran Prakashan for Rs 255 Cr to domestic and foreign funds. The stake sale by INM comes as a part of it's strategy to exit non core assets.
Khaitan & Co were the the legal counsel to Blackstone on this deal
This announcement comes within a month of Independent News & Media Investments Ltd.(INM) selling 7.5% stake in Jagran Prakashan for Rs 255 Cr to domestic and foreign funds. The stake sale by INM comes as a part of it's strategy to exit non core assets.
Khaitan & Co were the the legal counsel to Blackstone on this deal
Aban Offshore rose 1.57% to Rs 1266 at 11:11 IST on BSE after the company signed a contract with Brunel Shell Petroleum Sendirian Berha to deploy its jack-up rig Deep Driller 8.
The announcement was made during trading hours today, 10April 2010.
On BSE, 1.42 lakh shares were traded in the counter as against an average daily volume of 4.74 lakh shares in the past one quarter.
The stock hit a high of Rs 1267.55 and a low of Rs 1239 so far during the day. The stock had hit a 52-week high of Rs 1679.50 on 5 October 2009 and a 52-week low of Rs 389 on 8 April 2009.
The announcement was made during trading hours today, 10April 2010.
On BSE, 1.42 lakh shares were traded in the counter as against an average daily volume of 4.74 lakh shares in the past one quarter.
The stock hit a high of Rs 1267.55 and a low of Rs 1239 so far during the day. The stock had hit a 52-week high of Rs 1679.50 on 5 October 2009 and a 52-week low of Rs 389 on 8 April 2009.
TODAY'S LEADERS (at India time)
9:00AM -- Department of Telecommunications to start 3G auction, Delhi. 11:00AM -- SIAM president to detail FY10 auto sales, Delhi.
11:45AM -- Jet Airways head to detail expansion plan, Mumbai.
1:00PM -- Finance minister at 25th Accountants General meet, Delhi.
3:30PM -- Rajasthan CM to meet Plan panel to fix FY11 state Plan, Delhi. Abroad
6:00AM -- U.S Fed Chairman Bernanke to speak in Washington.
2:00PM -- U.K. March Producer Prices.
7:30PM -- U.S. Feb Wholesale Trade Inventories.
9:00PM -- ECB Chief Trichet speaks in Milan. IPL Fixtures
8:00PM - Kings XI Punjab vs Mumbai Indians, Mohali.
9:00AM -- Department of Telecommunications to start 3G auction, Delhi. 11:00AM -- SIAM president to detail FY10 auto sales, Delhi.
11:45AM -- Jet Airways head to detail expansion plan, Mumbai.
1:00PM -- Finance minister at 25th Accountants General meet, Delhi.
3:30PM -- Rajasthan CM to meet Plan panel to fix FY11 state Plan, Delhi. Abroad
6:00AM -- U.S Fed Chairman Bernanke to speak in Washington.
2:00PM -- U.K. March Producer Prices.
7:30PM -- U.S. Feb Wholesale Trade Inventories.
9:00PM -- ECB Chief Trichet speaks in Milan. IPL Fixtures
8:00PM - Kings XI Punjab vs Mumbai Indians, Mohali.
CX Partners have picked up 8% stake in Monnet Ispat Ltd for Rs 150 cr from the secondary market.
CX bought the stake from a clutch of foreign institutional investors for nearly Rs 390 a share during the last two months. The deal values Monnet Ispat at Rs 1,875 cr against its market capitalisation of Rs 2,083 cr.
As on December 31, 2009, FIIs owned a 33.76% stake in Monnet Ispat.
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CX bought the stake from a clutch of foreign institutional investors for nearly Rs 390 a share during the last two months. The deal values Monnet Ispat at Rs 1,875 cr against its market capitalisation of Rs 2,083 cr.
As on December 31, 2009, FIIs owned a 33.76% stake in Monnet Ispat.
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