Checks on bidding by FIs
Mumbai, July 17: In a bid to curb excessive bidding, Sebi’s primary market advisory committee has recommended that qualified institutional buyers (FIs) should be compulsorily charged a minimum level of margin in book-built issues, bringing them on par with retail and non-institutional investors. The committee, headed by HDFC chairman Deepak Parekh, has opined that this move would curb the practice of bidding for excessive amounts, beyond the quantity actually desired, leading to over-subscription in the issue.
Mumbai, July 17: The department of company affairs (DCA) appointed panel on private corporate bodies is likely to recommend a scheme to buy very small number of shares, held by retail investors, at fair value to consolidate holdings, panel chairman Naresh Chandra said.
New Delhi, July 17: In a move to widen its customer base, the Tatas-owned Idea Cellular today launched its global short messaging service (SMS) at a cost of Rs 5 per message across any network. In future, this is expected to be extended even to a landline phone.
Marico net up
Mumbai, July 17: Fast moving consumer goods major Marico has posted a 14 per cent rise in net profit at Rs 14.82 crore during the first quarter of this fiscal compared with Rs 13 crore in the previous fiscal. Turnover was up by 15.71 per cent at Rs 203.16 crore (Rs 175.57 crore), chairman and managing director Harsh Mariwala said.
Sonata net dips
Bangalore, July 17: Sonata Software’s net profit dipped to Rs 2.54 crore (Rs 3.19 crore) during the first quarter of this fiscal.