3.62 crore shares were traded in Ispat Industries counter on BSE today. The scrip topped volumes on BSE. The share price declined 0.15% to Rs 34.40.
As per recent reports, Ispat Industries is planning to invest about Rs 10,000 crore within five years to ramp up domestic production. It is also planning to expand in overseas through capacity expansion and backward integration.
IFCI clocked the second highest volume of 1.44 crore shares on BSE. The share price rose 2.4% to Rs 79.05.
Ten bidders have line up for acquiring 26% strategic stake in IFCI. These include IDFC, Kotak Mahindra Bank, GE Capital, Cargill (FS), Newbridge Asia, Blackstone, French bank Natixis, and a consortium led by Japan's Shinsei Bank with Punjab National Bank and JC Flowers. Besides, a Sterlite and Morgan Stanley consortium, and a group led by Wilbur Ross with Standard Chartered Bank and HDFC and Goldman Sachs are also in the race. The company made this announcement before the market hours, today 17 September 2007.
IFCI will now follow a two-stage process for the selection of a strategic investor by end of January 2008. The names of the shortlisted candidates from among those responding to the expression of interest (EoI) will be announced by 25 September, 2007. In August 2007, IFCI had invited expressions of interest for the 26% stake.
IFCI is seeking a strong partner, be it an Indian entity or from overseas, which can add value to the company. The 26% stake sale is part of IFCI's aim of being a world-class term-lending institution and not converting itself into a bank.
Meanwhile, the Reserve Bank of India said on Friday, 14 September 2007, foreign funds can resume buying shares of state IFCI through the secondary market in India. The share holdings of such investors have gone below the caution limit of the paid up capital of IFCI, the central bank said in a statement.
Centurion Bank of Punjab clocked the third highest volume of 1.25 crore shares on BSE. The share price declined 1.69% to Rs 37.70.
Centurion Bank of Punjab announced on 28 August 2007 that it has received the Reserve Bank of India's approval for the merger of Lord Krishna Bank with it. The merger is effective from 29 August 2007 and Centurion will issue seven shares in itself for every five held in Lord Krishna Bank.
Net profit of Centurion Bank of Punjab rose 14.90% to Rs 33.01 crore on 75.84% rise in total operating income to Rs 445.60 crore in Q1 June 2007 over Q1 June 2006.
Indowind Energy clocked the fourth highest volume of 96.45 lakh shares on BSE. The share price surged 15.12% to Rs 131.30.
Foreign fund Citigroup Global Markets Mauritius purchased 5 lakh shares in the company via a bulk deal on the BSE on Friday, 14 September 2007
Indowind Energy had debuted on BSE on Friday, 14 September 2007 at Rs 80.25, a premium 23.46% over the IPO price of Rs 65. On that day, the scrip had settled at Rs 114.05 on the BSE, a premium of 75.46% over the IPO price.
Sunflag Iron & Steel Company clocked the fifth highest volume of 87.91 lakh shares on BSE. The share price rose 18.30% to Rs 22.30.
Net profit of Sunflag Iron & Steel Company rose 4.35% to Rs 6.71 crore on 15.07% rise in sales to Rs 221.20 crore in Q1 June 2007 over Q1 June 2006.
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