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