Indian Stock Market News, Information, Tips, Analysis, Reports

There is some good news for investors looking to invest in the Reliance Power IPO. Reliance Power has bagged the Krishnapatnam ultra mega power project and this is likely to make the Reliance Power IPO more attractive to investors. Reliance Power’s bid of Rs. 2.33 per unit was by far the lowest in the auction and hence Reliance Power Limited would be awarded the contract for the Krishnapatnam ultra mega power project, as per sources in the Power Ministry. Apart from the Krishnapatnam ultra mega power project, Reliance Power has also bagged the Sasan and Mundra mega power projects.

The DRHP for Mahindra Holidays and Resorts IPO would be filed with SEBI by the parent, Mahindra & Mahindra (M&M) soon. Mahindra Holidays and Resorts IPO is likely to hit the markets in the first quarter of the next calender year. Another Mahindra group company, Tech Mahindra went public some time back and the IPO was a huge hit giving excellent returns to investors who applied in that IPO. Hope Mahindra Holidays and Resorts IPO will emulate the success enjoyed by the tech mahindra IPO.

The SBI Rights Issue was approved by the Cabinet today. SBI is India’s largest PSU bank. While many banks raised capital to meet the strong credit demand, SBI had its hands tied because of lack of government and regulatory approvals for raising capital. The approval of the rights issue is a major boost for SBI. This was seen in the surge of share prices of SBI today as soon as the news of the rights issue approval hit the market during trading hours today. SBI Rights Issue ratio and SBI Rights Issue record date will be updated here as soon as they are announced.

Finally some good news for Bombay developers. The controversial and useless act, Urban Land Ceiling and Regulation Act ULCRA has finally been repealed. Analysts tracking the real estate space suggest that over 15,000 acres would be released in Mumbai for development now after the Urban Land Ceiling and Regulation Act (ULCRA) is repealed. The ULCRA act prohibited individuals from owning over 500 sq m of land. ULCRA led to wide scale corruption and swindling of money in Maharastra. Real Estate stocks zoomed today after news that Urban Land Ceiling and Regulation Act (ULCRA) was repealed hit the stock markets.

The merger swap ratio for the Shaw Wallace - United Spirits Merger has been fixed. Under this swap ratio, the shareholders of Shaw Wallace & Company Limited will receive 4 shares of United Spirits for every 17 shares of Shaw Wallace that they hold. Fractional holdings will be pooled together, sold in the market and the realisation will be distributed on a pro rata basis to the shareholders of Shaw Wallace.

Kolte Patil IPO investors have been offered an exit option as per SEBI’s instructions. The exit option has been offered by Kolte Patil Developers Limited to investors who subscribed to the shares of the company in the IPO since there were some issues raises post IPO regarding cases filed against the company in the Whispering Meadows project. Apparantly, this information had not been revealed properly to the investors in the DRHP. The grey market premium of Kolte Patil IPO came down after this news hit the markets. However, not many investors are likely to withdraw their applications due to this sudden development. The Kolte Patil IPO allotment process is likely to get delayed because of this development.

Garware Offshore Open Offer Price has been fixed at Rs. 230 per share. IndiaSTAR, a Mauritius based company has made this open offer to the shareholders of Garware Offshore Limited. HSBC Securities and Capital Markets is the manager of the Garware Offshore Open Offer. The open offer opens on January 01, 2008 and closes on January 21, 2008. IndiaSTAR will pay Rs. 230 in cash to the shareholders of Garware Offshore who participate and surrender their shares in the open offer.

eClerx Services IPO is slated to open for subscription on 04 Dec 2007. eClerx Services Limited offers a portfolio of services which include but are not limited to data analytics, operations management, data audits, metrics management and reporting services. eClerx Services IPO price band has been fixed between Rs 270-315 per share. eClerx Services IPO subscription closes on December 07, 2007. The lead managers of the eClerx Services IPO are JM Financial Services and Edelweiss Capital. For eClerx Services IPO Subscription details, eClerx IPO Allotment status and news, analysis and reviews of eClerx Services IPO, do visit this site often.

Jyothy Labs IPO allotment chances for retail investors look good. Jyothy Labs IPO has subscribed less than 15 times in the retail category. Hence retail investors who applied for maximum quantity will get firm allotment. The institutional investor category in the Jyothy Labs IPO has been subscribed by about 66.5 times. Till yesterday, Jyothy Labs IPO subscription data was not looking too good. But today the IPO has seen heavy subscription activity and has managed to get heavily oversubscribed in the last few hours of subscription. Investors who did not apply for maximum qunatity will find allotment tough in Jyothy Labs IPO. The Jyothy Labs IPO Allotment Status will be updated here as soon as it is available.

Sadhana Nitrochem has informed the stock exchanges that the board of Sadhana Nitrochem will consider raising capital through a rights issue. More details about the Sadhana Nitrochem Rights Issue such as the rights issue ratio, rights issue price and the record date for the rights issue will be known after the board meeting on December 07, 2007 is over. The board will also consider increasing the authorised capital in order to accomodate the increase in the paid up capital of the company post rights issue.