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Spinning mills in Punjab to benefit from global recovery
The spinning mills of Punjab which were severely hit by the global financial meltdown are now gearing up to utilise higher capacities as the green shoots of recovery are visible in the international market.

India will not monitor 26/11 trials in Pakistan: Krishna
In response to Pakistan"s announcement that it would begin trials of the suspects held for Mumbai attacks from October 3, Indian External Affairs Minister S M Krishna has said that India would not "monitor" these proceedings.

News of the day

United Breweries Q1 net up 57% YoY
United Breweries (UBL), India"s largest brewery controlled by Indian billionaire Vijay Mallya, has posted a strong 57 per cent increase in net profit to Rs 35.5 crore for the first quarter of current fiscal as against the corresponding period of last fiscal. Net sales at Rs 556.4 crore was up 17 per cent, powered by a 25 per cent growth in strong beer.
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Adani Power IPO price fixed at Rs 100 per equity share

Adani Power has fixed the price at Rs 100 per equity share for its initial public offering, which has garnered over Rs 3,000 crore. - Adani Power IPO price fixed at Rs 100 a share - KSK Energy seeks shareholders nod to raise Rs 2,000 cr via QIB - JSW working on IPO - Pre-IPO placements back in vogue - Adani Power IPO subscribed 21.51 times - Adani Power IPO subscribed 14 times Adani Power is a power project development company promoted by Adani Enterprises. The price band of the IPO was Rs 90-Rs 100 per equity share. On offer were 301,652,031 equity shares of Rs 10 each for cash. The issue got subscribed 21.64 times with the Qualified Institutional Buyers (QIBs) portion being subscribed 39.47 times, the non-institutional portion being subscribed 8.62 times, and the retail portion being subscribed 2.96 times as per the NSE website, a press release issued here said. The issue opened on July 28 and closed on July 31. At least 60 per cent of the net issue will be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs) and five per cent of the QIB portion will be available for allocation on a proportionate basis to mutual funds only. The remaining QIB portion shall be available for allocation on a proportionate basis to all QIB bidders, including mutual funds, subject to valid bids being received at the issue price. The QIB portion includes anchor investor portion as per the Sebi guidelines, the release said. Further, not less than 10 per cent of the net issue will be available for allocation on a proportionate basis to non-institutional bidders and not less than 30 per cent of the net issue will be available for allocation on a proportionate basis to retail individual bidders, subject to valid bids, the release said. The global co-ordinator and book-running lead manager for the issue is DSP Merrill Lynch, the book-running lead managers for the issue are Enam Securities, IDFC-SSKI, JM Financial Consultants, Kotak Mahindra Capital Company, Morgan Stanley India, ICICI Securities and SBI Capital Markets.


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