SEBI to raise the cap on shareholding in stock exchanges

Market regulator SEBI has proposed to raise the cap on shareholding pattern from currently 5% to 15% in the stock exchanges. The move is likely to limit such a privilege to the individual investors like bourses, depositories, clearing members and insurance companies. However, any other shareholder would continue to hold up to 5% in the equity of the stock exchange.

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Patel Engineering in advanced stages of acquiring Indonesian coal mine

Mumbai-based construction major Patel Engineering (PEL) is in advanced stages of talks for acquiring a mid-sized coal mine in Indonesia. The transaction size is pegged at Rs 100 crore, according to a media report.

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Inflation moderates further to 12.34% for the week ended August 23

The wholesale price index (WPI) based inflation rate on a Year-on-Year basis for the week ended August 23 further moderated to 12.34% from 12.40% for the week ended August 16, 2008. The inflation figures have declined for the second consecutive week.

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Sun Pharma extends offer for purchase of Taro shares by a month

Domestic pharmaceutical major Sun Pharmaceutical has extended the tender offer for the purchase of the shares of Israel’s Taro Pharmaceutical Industries by a month. The offer will now close on October 3, 2008.

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Tata Motors suspends work at the Nano small car plant in Singur

India’s leading passenger car and commercial vehicle manufacturer Tata Motors on Tuesday evening announced suspension of work at the Nano small car plant at Singur in West Bengal. The decision was taken in view of the ongoing indefinite agitation by the Trinamool Congress since August 24, 2008.

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RIL, Shyam Telecom, SAIL likely to see some action today

Private sector petroleum giant Reliance Industries (RIL) is expected to receive a $400 million loan guarantee from the US Export-Import (Exim) Bank. The bank has approved the lending facility to be used by RIL for purchase of US engineering services, oil field equipment, offshore platform support and drill and well services for its exploration and production initiatives in the Krishna Godavari basin

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Debutant Resurgere Mines closes with a gain of almost 100%

Resurgere Mines & Minerals India that made its debut on the bourses and closed with a gain of almost 100%

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Govt in no mood to cut retail fuel prices

The government has not taken any decision to reduce retail fuel prices despite a steep decline in global crude prices, according to petroleum minister Murli Deora on Monday. He added that the cooling of crude prices in the international market was not sufficient enough to warrant a price cut in the domestic market.

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SBI to launch ASBA from Monday

India’s largest bank State Bank of India (SBI), which has been certified as Self Certified Syndicate Bankers by market regulator Securities and Exchange Board of India (SEBI), is set to launch the facility of Applications Supported by Blocked Amount (ASBA) from Monday, September 1, 2008 to retail investors in shares.

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