Business Daily from THE HINDU group of publications
Thursday, Nov 08, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Nov 08, 2007 ePaper | Mobile/PDA Version |
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Stock Markets Money & Banking - Stocks Markets - IPOs Columns - Ear to the ground Three banking stocks – State Bank of India, Punjab National Bank and Bank of Baroda – have been gaining on the bourses of late. BoB gained 15.24 per cent week-on-week and SBI jumped 9.64 per cent, while PNB improved about 4 per cent over a week period. During the period, the BSE Sensex declined by 2.76 per cent. Merchant bankersAccording to market participants, the IPO plans of UTI Asset Management company, which would appoint merchant bankers by this month end for valuing the firm, seemed to have lifted sentiment for these stocks. UTI AMC, which manages UTI Mutual Fund, had planned the IPO to allow partial exit for the four sponsors. Apart from these three, LIC is the other sponsor. UTI AMC would be the country’s first fund house to tap the capital market. All the sponsors have an equal stake of 25 per cent in UTI AMC. SEBI regulationsIt may be recalled that at the time of restructuring exercise, the four sponsors paid a total of Rs 1,236.95 crore to the Government for the stake, making the UTI AMC at par with other private mutual funds complying with the SEBI regulations. Profits for the divesture should aid the valuation of these sponsors, say marketmen. K.S. Badri Narayanan More Stories on : Stock Markets | Stocks | IPOs | Asset Management Companies | Ear to the ground
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