TCS offer record

Mumbai, Aug. 6: Tata Consultancy Services’ initial public offering has been oversubscribed by over 10.3 times, while retail response created a record with small investors putting in 13.5 lakh applications. The IPO received cumulative bids for 58.18 crore shares as against 5.54 crore shares on offer, as per the latest data available with the Bombay Stock Exchange today. Helped by a special IPO financing scheme launched by banks, the total retail applications for the offer crossed the 13.5-lakh mark, merchant banking sources said.

Birla assets

Calcutta, Aug. 6: The Birla family is planning to file a petition in Calcutta High Court for the appointment of an administrator to manage the assets of the MP Birla group. “The family will file a petition in Calcutta High Court in the next three to four days,” said an official.

Corsa price

New Delhi, Aug. 6: General Motors India today announced a limited Rs 16,000 discount on its mid-size car, Opel Corsa as part of anniversary celebrations of its Chevrolet brand in India.

Fieo meet

New Delhi, Aug. 6: A team of the Federation of Indian Export Organisations (Fieo) will be leaving for Singapore, Indonesia and Malaysia soon to promote the country’s services exports in areas other than infotech.

Trade policy

New Delhi, Aug. 6: The new foreign trade policy will revise schemes to make exports competitive to achieve a growth rate of over 16 per cent annually, said commerce minister Kamal Nath.

Grains output

New Delhi, Aug. 6: The National Council of Applied Economic Research has forecast a lower foodgrain production of 210.8 million tonnes during 2003-04 as against the targeted 212.2 million tonnes.

FDI flow

New Delhi, Aug. 6: Foreign direct investment in the first quarter of calendar year 2004 increased 71 per cent year-on-year to Rs 5076.61 crore compared with Rs 2968.26 crore last year, the ministry of commerce and industry said.