Share price of Hindustan Construction Company or HCC has been rising steadily in the past one week as its subsidiary Lavasa Corporation is believed to be close to offering a 5% stake to Deutsche Bank for around Rs 500 crore. People familiar with the deal say it will be announced sometime later this month.
Only last week, Axis Bank had bought a 2% stake in Lavasa, which is being developed as
The first phase (Dasave) is scheduled to become operational by June 2009. The company spokesperson declined to comment on the latest buzz. While the stock of HCC has gained nearly 18% in the last one week, it lost 2.3% on Thursday to close at Rs 90.30.
Broking houses forced to leave AMC ambitions behind
What started as an ambitious venture for top brokerages is now turning out to be a non-starter, if industry sources are to be believed. The prolonged sluggishness in the market is forcing most brokerages to delay or defer their plans to set up an AMC (asset management company) and launch an NFO (new-fund offer).
While most brokerages are putting on a brave face, there are apprehensions as to whether these neo-asset management companies would be able to collect money when they come out with NFOs. A few ‘smarties’, while being outwardly quixotic about equities, have covertly applied for a few debt funds.
A few others are delaying their NFO launches for the want of product approval from Sebi. “Sebi takes 4-5 months to approve a product proposal,” they say. But sources in established fund houses contradict newly-approved fund houses by saying Sebi - in the most complex of products - takes just a couple of months. “If it can’t decide until then, Sebi will simply trash the product,” said the fund manager of a leading AMC. Goldman Sachs, India Infoline, Religare, Edelweiss, Indiabulls and Bharti AXA are some of the financial houses that have got approvals to launch mutual funds in
(Contributed by Rajesh Unnikrishnan & Shailesh Menon)
The Economic times dt. 11 7 2008
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