Micromax gets SEBI approval for IPO

MUMBAI: Market regulator SEBI has given nod to homegrown mobile handset maker Micromax to sell 10 per cent stake through an initial public offer.

According to SEBI data, the company had filed draft red herring prospectus on September 29 last year and was given the market regulator's approval on January 14 this year.

The company will be offering 2.15 crore shares and it may consider a discount of 10 per cent on the IPO issue price for retail investors.

The Delhi-based mobile handset maker may also consider participation by anchor investors.

The firm is raising funds for establishment of a new handset manufacturing plant, enhancement of the Micromax brand and investment in acquisitions and other strategic initiatives, and for general corporate purposes, it said in DRHP.

JM Financial , Citigroup , Edelweiss and Nomura are the book running lead managers for the issue.

The company at present exports handsets to countries like Nepal, Sri Lanka, Bangladesh and the Middle East countries. It is eyeing a revenue of Rs 2,500 crore this fiscal, as it expands its operations globally and strengthens its product portfolio.

ET

Sensex ends above 19000; TCS, Sterlite, Sun Pharma up

MUMBAI: The BSE benchmark index Sensex rose for the second day today gaining 210 points on buying by funds in fundamentally strong scrips, especially software and metal stocks, after impressive corporate earnings amid a firming global trend.

The Bombay Stock Exchange benchmark Sensex spurted by 209.80 points to close at 19,092.05 points.

The broad-based National Stock Exchange index Nifty shot up by 69.30 points to 5,724.05 points.

Market sentiment improved after software major TCS reported nearly 30 per cent rise in the third quarter net profit, brokers said.

The metal sector stocks were second in a row in pushing up the market following a recent hike in steel prices and a rising base-metal prices in overseas markets.

Besides, a better trend in emerging markets, which rose for the first time in four days as technology companies gained on speculation demand for software services will be sustained, was another boosting factor.

The IT sector index gained the most rising by 2.60 per cent to 6,720.76 as the segment major TCS rose by Rs 62.40 to Rs 1,200.55, Infosys by Rs 50.20 to Rs 3,318.15 and Wipro by Rs 13 to Rs 479.15.

The metal sector index rose by 2.31 per cent to 16,528.72 points as shares of Tata Steel , JSW Steel , Sterlite Industries and Hindalco recorded handsome gains.

As the buying activity spilled over a wide-front, the midcap index rose by 0.45 per cent to 7,155.35 and small cap index by 0.28 per cent to 8,893.27 points.

ET

Sensex ends above 19000; TCS, Sterlite, Sun Pharma up

MUMBAI: The BSE benchmark index Sensex rose for the second day today gaining 210 points on buying by funds in fundamentally strong scrips, especially software and metal stocks, after impressive corporate earnings amid a firming global trend.

The Bombay Stock Exchange benchmark Sensex spurted by 209.80 points to close at 19,092.05 points.

The broad-based National Stock Exchange index Nifty shot up by 69.30 points to 5,724.05 points.

Market sentiment improved after software major TCS reported nearly 30 per cent rise in the third quarter net profit, brokers said.

The metal sector stocks were second in a row in pushing up the market following a recent hike in steel prices and a rising base-metal prices in overseas markets.

Besides, a better trend in emerging markets, which rose for the first time in four days as technology companies gained on speculation demand for software services will be sustained, was another boosting factor.

The IT sector index gained the most rising by 2.60 per cent to 6,720.76 as the segment major TCS rose by Rs 62.40 to Rs 1,200.55, Infosys by Rs 50.20 to Rs 3,318.15 and Wipro by Rs 13 to Rs 479.15.

The metal sector index rose by 2.31 per cent to 16,528.72 points as shares of Tata Steel , JSW Steel , Sterlite Industries and Hindalco recorded handsome gains.

As the buying activity spilled over a wide-front, the midcap index rose by 0.45 per cent to 7,155.35 and small cap index by 0.28 per cent to 8,893.27 points.

ET

Bhimsen Joshi's condition improves

PUNE: Health condition of legendary vocalist Pandit Bhimsen Joshi has shown marginal improvement in the last 24 hours.

"His respiratory status is marginally better following which the ventilator support has been slightly reduced," said physician Atul Joshi of Sahyadri Hospital where the 89-year-old kirana gharana maestro was admitted on December 31.

There is no further deterioration in his health. "He is showing spontaneous movement of right side limbs. He is maintaining the blood pressure without medication. He continues to remain drowsy but has occasional blinking of eyes. We continue to put in our best efforts for his recovery," Joshi said.

Shriniwas Joshi urged people not to crowd the hospital. "Admirers and well-wishers of Panditji have been crowding the hospital. I just want to make an earnest appeal to everyone not to do so, as this results in inconvenience to other patients in the hospital. Panditji is critical but stable. So please pray for his recovery," he said.

Read more: Bhimsen Joshi's condition improves - The Times of India http://timesofindia.indiatimes.com/city/pune/Bhimsen-Joshis-condition-improves/articleshow/7307619.cms#ixzz1BNtiTAhM

Rupee up by 4 paise against dollar in early trade

MUMBAI: The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today.

Dealers said a firm opening in the equity markets supported the rupee sentiment. Besides, dollar weakness against other Asian currencies and the euro overseas also supported the rupee.

The Bombay Stock Exchange benchmark Sensex rose by 152.11 points to 19,034.36 in early trade.

The rupee had ended at a seven-week low of 45.52/53 a dollar in the previous session.

Read more: Rupee up by 4 paise against dollar in early trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-up-by-4-paise-against-dollar-in-early-trade/articleshow/7309527.cms#ixzz1BNtOcTth

Sensex rises in noon trade

MUMBAI: A benchmark index of Indian equities markets Tuesday rose in noon trade, helped by strong earnings reported by corporates. Gainers in front-line stocks were led by IT and telecom firms.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,983.2 points, was ruling at 19,008.28 points -- up 126.03 points or 0.67% from its previous close at 18,882.25 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange too was in the green, trading 36.55 points or 0.65% higher at 5,691.3 points.

Broader markets were, however, trading dull, with the BSE midcap index ruling 0.24% up and the BSE smallcap index trading 0.34% higher.

Realty, power and energy stocks saw some selling, while gains were seen in IT and telecom scrips.

The market breadth was positive, with 1,431 stocks advancing compared to 1,133 scrips on the decline, while 107 stocks remained unchanged.

Among gainers on the Sensex were TCS, Wipro, Cipla and Tata Motors, while the losers included Tata Power, Reliance Infra, Jindal Steel and DLF.

Most other Asian stock markets were ruling higher Tuesday, except the Chinese stocks markets which continued to loose after the Chinese central bank's latest move to tighten monetary policy cast a gloom on trading.

The Chinese Shanghai Composite index shed 0.44% to trade at 2,694.68 points, while Hong Kong's Hang Seng was ruling 0.75% higher at 24,339.27 points.

The Japanese Nikkei closed flat at 10,518.98 points.

TOI

Foreign investment in China hits record in 2010

BEIJING: Foreign direct investment in China hit a record $105.7 billion last year, the government said Tuesday, highlighting growing confidence in the economy even as Beijing seeks to rein in growth.

Investment by overseas companies rose 17.4 percent year-on-year, with more than a fifth of the money flowing into the red-hot property sector, commerce ministry spokesman Yao Jian told a regular briefing.

China attracted $14.03 billion in foreign direct investment (FDI) in December alone, up 15.6 percent from a year earlier, Yao added.

"The improvement in the investment environment has become a new driving force of China's FDI," Yao told reporters.

Blistering growth in the world's second-largest economy and expectations for a stronger currency have attracted a growing number of foreign investors to China, hoping to get a better return on their money, analysts said.

"The strong full-year FDI figures show that the world is still largely sold on the China growth story, viewing China as a high-growth, high-returns location," said Alistair Thornton, an analyst at IHS Global Insight.

"Tepid growth prospects in the eurozone and United States have only served to heighten this."

The data were released ahead of key figures due later this week that are expected to show the Chinese economy expanded by a rapid 10 percent in 2010.

Beijing, alarmed by soaring food and property prices, has been trying to reduce the volume of money flowing into the economy as inflation continues to soar -- in November, it rose at the fastest pace in two years.

The large amount of foreign funds into the real estate market -- 22.7 percent of total FDI -- will likely be a "concern" for Beijing, Thornton said.

FDI slowed sharply in August, rising just 1.4 percent year-on-year compared with 29.2 percent in July and 39.6 percent in June.

But in September it picked up again, increasing 6.1 percent year-on-year, while in October it rose 7.9 percent and then leapt 38.17 percent in November.

The data include investment by overseas companies in industries such as manufacturing, real estate, services and agriculture but exclude money put into banks and other financial institutions.

China's investment abroad in non-financial sectors also hit a record in 2010, rising 36.3 percent on year to $59 billion as the country pumped more money into overseas energy, mining and agricultural projects.

Despite the sharp increase, Yao said China wanted even greater access to foreign markets and highlighted the recent obstacles encountered by Chinese firms when trying to invest in the US steel, manufacturing and telecom sectors.

"China is improving our investment environment and legal system. We hope relevant countries will further open their markets and areas available for foreign investment," he said.

Overseas investment through mergers and acquisitions totalled $23.8 billion, accounting for 40.3 percent of the total.

At the end of 2010, the country's accumulated overseas investment in non-financial sectors stood at $258.8 billion, Yao said.

Read more: Foreign investment in China hits record in 2010 - The Times of India http://timesofindia.indiatimes.com/business/international-business/Foreign-investment-in-China-hits-record-in-2010/articleshow/7310358.cms#ixzz1BNswp9l9

Sonia meets PM, Cabinet reshuffle likely later this week Read more: Sonia meets PM, Cabinet reshuffle likely later this week

NEW DELHI: Congress president Sonia Gandhi today met Prime Minister Manmohan Singh amid speculation that a reshuffle of the Union Council of Ministers is on the cards later this week.

Gandhi met Singh at his residence here. She was accompanied by her political secretary Ahmed Patel.

The meeting comes a day after the Prime Minister met President Pratibha Patil.Though it was described as a routine meeting, there were indications that a re-jig of the UPA ministry was possible later this week.

Sources said that Singh may utilise the opportunity to inject fresh blood into the Cabinet.

Ministers like Sharad Pawar and Kapil Sibal are holding more than one portfolio and are likely to shed some of them.

There are some vacancies including that created by the resignation of A Raja, Prithviraj Chavan and Shashi Tharoor.

The feeling in the Congress was that major portfolios like Finance, Home, Defence and External Affairs may not be disturbed in the proposed exercise which is mainly aimed at filling up the vacancies.

Pawar, who holds Agriculture, Food and Consumer Affairs Ministries, has earlier expressed his intention to shed some of his burden.

Similarly, Sibal who has the charge of HRD, Telecom and Science and Technology, may shed Science and Technology. He is said to be passionate about retaining HRD in which he has initiated certain reforms and would like to pursue them.

He is unlikely to be disturbed from Telecom which was given to him after Raja's resignation in the wake of 2G spectrum allocation scam.

Union Ministers C P Joshi (Rural Development) and Vilasrao Deshmukh (Heavy Industry) may be drafted for party work.

DMK, which has a vacancy in the Cabinet after Raja's exit, may get a berth. The name of T R Baalu, a former minister, is among those mentioned from the party as a replacement for Raja.

Sudip Bandhopadhyay, a Trinamool Congress leader, may get a berth as a representative of the largest constituent after Congress in the UPA.

There has been no representation to three states in the Union ministry -- Chhattisgarh, Goa and Manipur.

Gandhi had detailed deliberations with Singh more than twice in the last week, apparently to plan out the exercise, which would be the first after the UPA-II came to power in May 2009.

Read more: Sonia meets PM, Cabinet reshuffle likely later this week - The Times of India http://timesofindia.indiatimes.com/india/Sonia-meets-PM-Cabinet-reshuffle-likely-later-this-week/articleshow/7310257.cms#ixzz1BNqcZQYE