New yr bonaza for IPO scam hit investors

if you had applied in 21 IPOs That opened between 2003 and 2005, and were not allotted even a single share, you could be in line for some windfall gains. A sebi committee that was set up to suggest ways to compensate these investors who were affected by the IPO scam which was first detected in dec 2005, said that money recovered from the scamsters should be distributed among the affected IPO applicants.
the committee, headed by retired supreme court judge D P Wadhwa, also suggested ways to recover the gains from scamsters and distribute the same among those affected by the scam. the report said that the scamsters gained rs95.7cr by rigging the IPOs. as on oct 31, 2007, the value of frozen shares of these scamsters in the depositories worked out to Rs 147.85 cr and the balance in their bank accounts frozen by CBi was at rs 1.2 cr.

Ranbaxy exist Chinese Jv

Ranbaxy laboratories on tuesday said it has sold its entire stake in Chinesejoint venture Ranbaxy Ghuangzhou pharmacy co Ltd for an undisclosed amount.
Ranbaxy Ghuangzhou China(RGCL) is a joint venture formed in 1993 between the ranbaxy group, Guangzhou baiyunshan pharmaceutical company ltd, China and Hongkong new Chemic. This transaction will help Ranbaxy in cosolidating the overall global manufacturing operations by bringing synergies and in reducing complexities in production, a spokesperson of gurgaon based company told.

Infosys plans to set up 2nd Orissa facility

IT major Inofosys Technologies has decided to set up its second project in Orissa at an investment of Rs 300 cr, official said.
Infosys's plan for the state was announced by its director of human resource, T V Mohandas Pai, after a meeting with the chief minister Naveen Patnaik in Bhubaneswar on Tuesday.
while as many as 3,000 IT professionals were now busy working at the first infosys project in the state, he said about 5000 workers would get placement in its second project.The second project would come up at IT valley on the side of the National Highway no-5 between the state capital and Khurda town

jindal power files IPO prospectus to raise rs 7k cr

Navin jindal led Jindal power on tuesday said it has filed draftprospectus with market regulator SEBI to raise Rs7,200 cr through its maidan public issue.
Jindal power has filed a draft red herring prospectus (DHRP)with the securities and exchange board of India (SEBI), on tuesday" JPL said in a statement.
jindal power, which has sedt up the country's first mega power project- the 1000 MW O P Jindal Super Thermal power plant at Raigarh in chattisgarh, is a subsidary of Jindal Steel and Power Ltd(JSPL). the company would utilise the issue proceeds to part finance the construction and development of various thermal projects, besidesfor general corporate purpose. the equity shares pf the company are proposed to be listed on the Bombay Stock Exchange and National Exchange of India.

No rate hike in 6 months:SBi

India inc can rejoice .State bank of India chairman O P Bhatt on tuesday indicated that there will be no increasein intrest rates for next six months despite inflationary pressure.
As inflation is rising, the speculation is rife that RBI might take measures to tighten the money supply, leading top hardening of interest rates, in its review of monetary policy in january. As the global economy is still in the grip of recession, industry captains feel that any hike in intrest rates will affect the economic recovery in india.
Bhatt said there was surplus liquidity in the system and credit offtake was slowly picking up.This situation of liquidity surplus will force banks not to increase interest rates.Because of this surplus liquidity, banks have cut deposits rates.But they are not cutting the lending rates due to slow credit offtake, despite the speculation that RBI can increase key rates(repo or reverse repo)to contain inflation.

IBM signs 10 yr deal with Gujrat CO-OP Bank

Global IT major IBM on monday said it signed a 10 yr aggrement for providing managed IT services with Gujrat -based sardar bhiladwala pardi people co-operative bank.
under the agreement,IBM will provide managed services like servers network security back-up and database management to the bank, IBM said in a statement.
The engagement a complete expenditure in pay as you go model, would enable the bank to save up to 50% in it infrastructure epenses, it added.

govt to divest 8.38% in NMDC by this fiscal

The govt will sell its 8.38% stake in NMDC by march 31, 2010, the navratna mineral company said on tuesday. the govt of India has desiredx to complete the process of disinvestment of 8.38% of paid up equity in NMDC Ltd out of govt's shareholding through further public offer in the domestic market during the current fiscal year, the company said in a filing to the bombay stock exchange. As part of disinvestment programme the govt is proposing to offload 8.38% of its stake in NMDC through a follow-on public offer(FPO).