Stock Watch

Owner of Energy giant Reliance Industries, Mukesh Ambani has put in an extra 0.68% in EIH Ltd. With this, his total stake in the hotel chain has increased to 14.8%. In a filing to the Bombay Stock Exchange, EIH said that the shares were purchased from the market on Tuesday.

Shares of Reliance surged 0.3% at Rs. 939.3 in proportion to the Mumbai market at 1.26pm, while EIH shares witnessed a 4.5% rise at Rs. 150.2.

On Monday, Reliance was quoted saying that it is widening its horizon and has procured 14.12% stake in EIH for a sum of $217.5 million.

On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before.

Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year.

The Anil Dhirubhai Ambani Group’s fraction, Reliance Broadcast Network Ltd. traded at a good level, by remaining at Rs. 116 on Thursday at the Bombay Stock Exchange.

The scrip started at 4.98% better than its preceding close, which is a day after the firm said that it was going to raise R, 400 crore in funds.

Post the closure of stock markets on Monday, RBNL said that its board has approved an offer concerning raising funds worth Rs. 400 crore via preferential issue of equity shares to the promoter association and other shareholders.

With mild gains in the local share market and Dollar’s weakened spot, helped rupee maintain its impetus by being on the stronger side of its value on Thursday.

The partially changeable rupee remained at 46.77/78 per dollar which is at 1:56 pm, with an opening of 46.75 and on Wednesday, it closed at 46.805/815.

Azim Premji, who is the billionaire tycoon and the founder and Chairman of Wipro Ltd. from India, has named his elder son as the Chief Strategy Officer of the information technology business.

Rishad Premiji has taken his office from 1st September, but his appointment is going to be in effect by next year’s January and the 33 year old is going to work with Lakshminarayan K. R., who is the Managing Head of Strategy, handling mergers and acquirements for the IT business.

Today, Hero Group brushed off rumors that its joint enterprise with Japanese auto giant, Honda, was not going to end since there was news of Honda planning an exit by selling its possessed 26% stake.

As per the report given by the media, whilst Honda was in plans to vend out 20% to another promoter, Munjal family of the Hero Group, it was looking at vending 6% of stake to KKR, which is private equity Company.

The Supreme Court seemed all in rage today while ruling out an order for the so-called suggestion made by Sharad Pawar that a free distribution of the rotting foodgrains was not possible, since the Government was already offering foodgrains at quite a cheap price; but the court said that it was giving an order to distribute the rotting grains and it was not a mere suggestion.

Ramalinga Raju, the founder and former Chairman of Satyam Computers, is not the only one who has been a witness to the leniency shown by the court, for there are many other related instances.

The spectacular collapse of the Polly Peck business empire, everyone must remember, had the master mind Asil Nadir behind it. He is said to have allegedly transferred 34 million pounds to his own account. But he will soon be returning to Britain on bail and won’t even face any sort of punishment for escaping from the country. For, the bail, a UK court says, had never been properly set.

Questions are being raised on the Government's decision to ban the export of iron ore. The High Court division bench says that it is not right to ban the export of iron ore just because illegal mining was taking place as this would result in thousands of people losing their jobs and the state losing its revenue.

To be able to utilize the untapped potential of the small and medium term enterprises, India's largest asset management company, Reliance MF (RMF) has started a new fund. The Small Cap Fund is going to invest predominantly in the small cap companies but will also look at the mid cap companies as well.

This is the first of its kind fund by Reliance MF and the announcement of the starting of the fund was done by Sundeep Sikka, CEO, Reliance Capital Asset Management. The fund manager for the NFO will be Sunil Singhania, Deputy Head, Equities, RMF.