Sensex Today : Live market updates for BSE and NSE, Indian Indexes

Aditya Birla Nuvo to buy Apollo Sindhoori
Diversified Indian firm Aditya Birla Nuvo Ltd said on Thursday it would acquire 56 per cent in Apollo Sindhoori Capital, expanding its financial services portfolio in a fast-growing market.

Temasek bullish on India despite global downturn
India and China were the two key investment destinations within Asia for Temasek, last year, when it generated record global profits of more than $12 billion.

Geojit offers free brokerage service on currency futures
Geojit Financial Services, a retail financial services company on Wednesday announced its offer of free brokerage on currency futures trading till the end of September.

3i may put $229 mn in Indian port operator
Private equity firm 3i Group Plc may invest Rs 8-10 bn in a south Indian port operator for a stake of up to 26 per cent.

Singapore's GIC may pick up 10% in Arcil
The investment arm of the Government of Singapore, GIC, may pick up slightly below 10% stake in Asset Reconstruction Company of India (Arcil), subject to approval from the FIPB.

Cairn to sell legacy holding in Videocon
Cairn India, the subsidiary of the Edinburgh-based Cairn Energy, is likely to sell its investments in Videocon Industries.

ICICI, major shareholders seek Rs 1,865 crore for Firstsource stake
The promoters and two major shareholders of Firstsource Solutions have put their combined 68% in the BPO firm up for sale.

UBI, KBC awaits SEBI's nod to float wealth management co
Union Bank of India has said it is awaiting market regulator SEBI's nod to float an asset management company with Belgium-based KBC Management Services.

Exim Bank extends $10-mn LoC to Uzbekistan bank
Exim Bank on Monday said that it has extended a Line of Credit (LoC) of $ 10-million to Uzbekistan's National Bank for Foreign Economic Activity.

PEs zeroing in on distressed firms
PE firms are eyeing distressed firms which has been a domain of the ARCs. Stocks 52 Week: <a href="http://economictimes.indiatimes.com/fiftytwoweekhighlow.cms?exchangeid=47&exchangegroup=&exchangeindexid=0&sectorid=0&ishigh=true&pagesize=30&pagenumber=1 " target="_blank">High</a>, <a href="http://economictimes.indiatimes.com/fiftytwoweekhighlow.cms?exchangeid=47&exchangegroup=&exchangeindexid=0&sectorid=0&ishigh=false&pagesize=30&pagenumber=1 " target="_blank">Low</a> | Gainers & Losers: <a href="http://economictimes.indiatimes.com/articleshow/3376869.cms " target="_blank">BSE</a>, <a href="http://economictimes.indiatimes.com/articleshow/3376883.cms " target="_blank">NSE</a> | Only: <a href="http://economictimes.indiatimes.com/buyersellerinfo.cms?exchangeid=47&isbuyer=true&pagesize=30&pagenumber=1&sortorder=bidofferquantity " target="_blank">Buyers</a>, <a href="http://economictimes.indiatimes.com/buyersellerinfo.cms?exchangeid=47&isbuyer=false&pagesize=30&pagenumber=1&sortorder=bidofferquantity " target="_blank">Sellers</a>

Pi Capital wants to expand operations into India
A rather unique entity in the crowded world of venture capitalists, private equity investors, and wealth managers, Pi Capital has so far worked mostly in the UK.

Shemaroo looking to raise Rs 100 cr through pvt equity route
Shemaroo Entertainment, is in talks with private equity players to raise Rs 100 crore for fuelling its expansion programme, a top company official said.

Development Credit Bank to focus on low-cost deposits
Private-sector lender, Development Credit Bank (DCB) has targeted to enhance its low cost deposit-base and expected to achieve an above 30 per cent growth in deposits and credits in FY 09, its chief said on Thursday.

PNB Housing Finance declares 20% dividend for 2007-08
NB Housing Finance Ltd, housing finance arm of Punjab National Bank on Wednesday declared 20 per cent dividend for 2007-08.

Nexus India Capital announces closure of $220 mn fund
Nexus India Capital, announced closure of Nexus India Capital II, L.P., a 220 million dollar fund which will invest in early stage companies with significant market opportunity or delivery presence in India.

'Citi not selling stake in HDFC'
Citigroup Inc has no intention of selling its stake in India's Housing Development Finance Corp and is refining its strategic vision for the country, its Asia-Pacific head told the Mint paper.

Kotak PE invests in Rubicon Research
Kotak Private Equity said on Tuesday that it has invested in Rubicon Research, a product development company.

Popular FMPs attract Fidelity's India unit
The country fund unit of Fidelity International will launch its first fixed maturity plan (FMP) on Wednesday, marking entry into a product class that has cornered the most of the inflow into new funds this year.

JPMorgan India plans first globally-invested fund
The Indian fund unit of JPMorgan plans to launch a fund investing in Middle East, Africa and emerging Europe, joining the likes of ING and Mirae, who are looking to offer global diversification to domestic investors.

Cost-conscious banks raise fees for paid services
Banks are raising charges of fee-based products, including use of ATM & credit card facility, locker services, DD and cheque issue. <a href="http://economictimes.indiatimes.com/quickiearticleshow/2987175.cms" target="_blank">Benefits of money back policy</a>

Mahindra Financial Services to hike lending rates by 0.5 pc
Mahindra & Mahindra group's non- banking finance firm is planning to increase lending rates by 0.50 per cent within next one month following RBI's tight monetary policies.

Home loan borrowers look panic-stricken now
Number of home loan borrowers making foreclosures and partial repayments has shot up by 20-25%. <a href="http://economictimes.indiatimes.com/articleshowpics/3370086.cms" target="_blank">Biz Week In Pics</a> | <a href="http://economictimes.indiatimes.com/newsletter.cms" target="_blank">Weekend Platter</a> | <a href="http://economictimes.indiatimes.com/quickiearticleshow/3137357.cms" target="_blank">Challenges for India</a>

Doha Bank's brokerage firm to enter non-banking sector
Doha Brokerage & Financial Services Limited (DBFS), an associate of Doha Bank headquartered in Qatar, is all set to enter the non-banking financial company (NBFC) operations in India soon.

PEs eye standalone regional hospitals
PE firms are going beyond large corporates and super specialty hospitals to tap the Indian healthcare market.

India Inc mops up $22 billion via syndicate loans so far this year
Global meltdown seems to have had no impact on India Inc's fund raising capacity. Weekly Gainers: <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=A&sectorid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=true&pagenumber=1&Go=Go " target="_blank">Group A</a> | <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=B&sectorid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=true&pagenumber=1&Go=Go " target="_blank">Group B</a> | <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=50&exchangegroup=&sectorid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=true&pagenumber=1&Go=Go" target="_blank">NSE</a>, Losers: <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=A&sectorid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=false&pagenumber=1&Go=Go " target="_blank">Group A</a> | <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=B&sectorid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=false&pagenumber=1&Go=Go " target="_blank">Group B</a> | <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=50&exchangegroup=&sectorid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=false&pagenumber=1&Go=Go" target="_blank">NSE</a>

Private PFs equity play to get bigger
The revised norms announced by govt permit private PFs to invest a higher amount of their corpus into the stock market. Weekly Gainers: <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=A&sectorid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=true&pagenumber=1&Go=Go " target="_blank">Group A</a> | <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=B&sectorid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=true&pagenumber=1&Go=Go " target="_blank">Group B</a> | <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=50&exchangegroup=&sectorid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=true&pagenumber=1&Go=Go" target="_blank">NSE</a>

RBI surprises govt with a Rs 15k-cr profit share
The Reserve Bank of India (RBI) has transferred a record Rs 15,011 crore to the government as surplus from its profits for 2007-08.

Private PFs don't invest even 5% in equities
The finance ministry’s proposal to allow private provident funds (PFs), superannuation funds and gratuity funds a greater exposure to equity and market-linked instruments has been cheered on by market participants.

TimesofMoney launches new remittance product
TimesofMoney has launched a remittance solution called My Exchange Rate, targeted at its NRI customers in the US.

Tata Capital in alliance with Mitsubishi UFJ
Tata Capital said on Wednesday it had signed a memorandum of understanding with Mitsubishi UFJ Securities Co for investment banking, global offerings of Indian equities and other services.

Banks brace for loan defaults in retail space
Bankers anticipate a rise in bad loans, especially in the retail segment after the latest bout of interest-rate tightening.

NHB to pick up12.5% stake in Mahindra Rural
National Housing Bank (NHB) has decided to acquire a 12.5% stake in Mahindra Rural Housing Finance, a wholly-owned subsidiary of Mahindra & Mahindra Financial Services (MMFSL) for an undisclosed sum.

NHB to acquire 12.5 pc stake in Mahindra Rural Housing Finance
The National Housing Bank (NHB) will be acquiring a 12.5 per cent stake in Mahindra group company, Mahindra Rural Housing Finance Ltd (Mahindra Home Finance).

Banks pull up socks to pump up car loans
Car sales are clearly on downswing, but that hasn't prevented auto financiers from coming up with schemes to boost sales. <a href="http://economictimes.indiatimes.com/articleshowpics/3345061.cms" target="_blank">Biz week in pics</a> | <a href=" http://economictimes.indiatimes.com/quickiearticleshow/3121855.cms" target="_blank">Car buyers' tips</a>

Bank of Italy says tighter credit conditions in Q2
Italian banks continued to moderately tighten criteria on loans to companies and households in the second quarter.

Frontline Strategy invests USD 7-mn in Krishna Saa Fabs
Mauritius-based Frontline Strategy, announced on Wednesday that an investment of USD 7-million in Krishna Saa Fabs Pvt Ltd.

Buyout firm Candover readies early India entry, names Harsha Raghavan as head
After KKR, Carlyle and Blackstone, European buyout firm Candover is planning an office in India. The company, which is in the process of raising a E5 billion fund, has roped in Harsha Raghavan from Goldman Sachs to head its India unit.

FM to meet bankers next week, discuss loan waiver scheme
The finance ministry is expected to take a stock on the farm loan waiver and banks’ performance in the forthcoming meeting with the chiefs of government-owned lenders.

AMP Cap to invest Rs 2 bn in Gayatri Projects unit
Construction firm Gayatri Projects Ltd said that AMP Capital Finance will invest 2 bn rupees in the former's wholly-owned subsidiary, Gayatri Infra Ventures.

ADAG makes an entry into PE advisory biz
Anil Ambani's financial services arm Reliance Capital has launched a wholly-owned subsidiary Reliance Equity Advisors (REAL) to offer the entire bouquet of private equity services.

More's merrier to manage ultra HNIs' riches
Families with legacy wealth, and billionaire entrepreneurs are hiring services of multiple wealth management outfits to manage their wealth. <a href="http://economictimes.indiatimes.com/quickiearticleshow/2997214.cms" target="_blank">Formula for success</a>

BoI hikes deposit rates in certain maturities
State-owned, Bank of India (BoI) on Saturday hiked its deposit rates in certain maturities by upto 0.35 per cent with effect from August 4.

BoR to issue 1:5 bonus shares
Bank of Rajasthan on saturday said it has received shareholders' approval for issue of bonus shares in the ratio of one share for every five shares held.

Yes Bank ups interest rates on fixed deposits
Private sector lender Yes Bank has increased its fixed deposit interest rate by 0.25 per cent on a tenure of one year and one day up to 18 months to 10 per cent from the earlier 9.75 per cent.

Federal Bank eyeing strategic stakes in lenders
Kerala-based Federal Bank is looking to pick up small strategic stakes in other lenders, including major ones, a top executive said on Friday.

StanChart to review its BPLR soon: Swaroop
Private lender Standard Chartered Bank may again review its benchmark prime lending rates (BPLR) soon, a top bank official said.

Rising borrowing costs leave microfin cos in a spot
For microfinance institutions (MFIs), bad news is coming in threes. First, the Reserve Bank of India (RBI) hiked capital requirement. This was followed by global funds cutting exposure to microfinance, following the credit squeeze.

ICICI Bank raises lending rate by 75 bps
ICICI Bank, India's No 2 lender, on Thursday raised its main lending rates by 75 basis points after the central bank had raised its key rate earlier in the week.

Investors skip long-term bonds over liquidity fears
Only some nationalised banks have been investing in long-tenor papers while bond houses are active, placing short-term bets.

Citi, Ashoka launch worldwide search for financial solutions
Citi has in association with Ashoka, launched the Changemakers’ competition ‘Banking on Social Change: Seeking Financial Solutions for All’, a worldwide search for financial-service projects.

Reliance Capital breaks into EPF management
Around 4.5 crore workers are expected to gain from the cos' asset management expertise on retirement savings. <a href="http://economictimes.indiatimes.com/quickiearticleshow/2997214.cms" target="_blank">Formula for success</a>

Private cos get an invite for pension play
Central board of trustees of the Employees’ Provident Fund chose four asset management companies (AMCs) to manage fresh additions to the EPF corpus.

RBI warns govt against fiscal position
The RBI on Tuesday warned the govt against deteriorating fiscal position due to growing off-budget liabilities, expenditure on subsidies and loan waiver.

Interest rates set to harden: Bankers
Bankerssaid that both lending and deposit rates are likely to go up by a minimum of 0.5 per cent.

IFC consortium to invest in Maldives' housing sector
IFC, a member of the World Bank Group, the Asian Development Bank, and HDFC Investments, a subsidiary of HDFC, are investing in Maldives to help reduce the country's severe housing shortage.

PE investors offer invaluable advice and right perspective
For many emerging companies, Private Equity investors provide invaluable advice and the right perspective, when it matters most. <a href="http://economictimes.indiatimes.com/quickiearticleshow/2997214.cms" target="_blank">Formula for success</a>

R-Power to take ECB route for raising $4 billion
Reliance Power will raise $2 billion each for the Sasan and Krishnapatnam ultra mega power projects (UMPPs) through external commercial borrowings.

TutorVista.com gets $18-m PE funding
TutorVista.com, the consumer online education services company, has raised $18 million from PE player Sequoia Capital and LightSpeed Venture Partners to fund its expansion into a hybrid (online-offline) education model.

Higher FDI in insurance to boost economy: Moody’s
Moody’s has said that raising foreign direct investment limit in insurance would be a positive for the Indian economy.

BoE panel split three ways over rate increase
Bank of England policy makers were split three ways in the decision to keep interest rates unchanged this month, as Timothy Besley cast the first vote for an increase in a year and David Blanchflower favoured a reduction.

BMA to invest Rs 50 cr to expand reach
Stock broking firm BMA Wealth Creators, part of the Rs 850 crore BMA group, said it would expand its reach to 800 locations in the current fiscal at an investment of Rs 50 crore.

Companies offer higher coupon rates as funds get costly
Cash conditions in the banking system have tightened driving up the cost of borrowing. Corporates are now willing to offer over 10% as coupons on their bond offerings.

Tata Capital signs pact with Japanese bank
Tata Capital, a wholly-owned subsidiary of Tata Sons Ltd, has entered into an alliance with the Tokyo-based Mizuho Corporate Bank Ltd for cooperation in various business areas, it said here on Tuesday.

NHB to buy banks' home loan portfolios
The housing finance market is about to breathe easy as far as liquidity goes. The National Housing Bank (NHB) is working on a mechanism under which it proposes to buy housing loans from banks and housing finance companies (HFCs) to provide liquidity and free up capital to these lenders.

Rabobank launches Private Equity Fund
Rabobank Group, IFC, Finance for Development (FMO) and Deutsche Investitions - und Entwicklungsgesellschaft (DEG) on Monday announced the first private equity fund focused on investing in agribusiness in India.

Indians still prefer to transact in cash
The share of cash currency in total money supply has fallen from over 30% in the 70s to almost less than 15% now. <a href="http://economictimes.indiatimes.com/marketstats/2189002.cms" target="_blank">Gainers & Losers</a> | <a href="http://economictimes.indiatimes.com/Markets/Stocks/ViewsRecommendations/articlelist/3053611.cms" target="_blank">Views & Recommendations</a>

JP Morgan,Goldman Sachs propose to buy stake in Global Holding
Private equity firms including J P Morgan and Goldman Sachs and telecom majors Nokia, Ericsson, Huawei and ZTE have proposed to pick up 22 per cent stake in Global Holding Corporation.

Market slump makes PE firms' exit difficult
The current downturn in the equity markets has made exits difficult for private equity (PE) players.

VC funds registering as PMS
VC funds are registering themselves as PMS in a bid to side step stringent Sebi laws.

Bank of India plans raising Rs 7,360 crore
State-run Bank of India said its board has approved raising Rs 7,360 crore in Tier I and Tier II capital.

Small's Big: Forum Synergies plans $200-mn fund for Indian SMEs
Bangalore-based private equity (PE) firm Forum Synergies is launching one of the biggest India-focused SME funds.

Unitech fund raises $300 m for realty push
Unitech International Real Estate Fund have raised $300 mn, which will be deployed in Unitech’s residential projects.

Dubai PE firm buys 15% in Avendus India
Even as the equity market has fallen sharply in India, investors from the Gulf region seem to have kept their interest the country intact.

Avendus raises Rs 100 cr from Eastgate Capital
Financial services company Avendus Capital has raised Rs 100 crore from private equity firm Eastgate Capital to fund the expansion of its institutional broking franchise and international presence.

Dubai based Eastgate invests Rs 100 crore in Avendus
Avendus Capital Pvt Ltd, a financial services company, has raised Rs 100 crore from Eastgate Capital group.

UAE based Emaar looks at $150 mn investment in India
UAE based Emaar Properties is set to inject $ 150 million for a 20 to 25 per cent stake each in three real estate developments in India, to boost funds in its Indian joint venture.

Bahrain bank launches $430 mn Navi Mumbai company
Khaleeji Commercial Bank, a Bahrain-based Islamic private bank, has launched its Global Logistix Navi Mumbai Investment Company with a target capital of $430 million.

PE firm eyes Indian restaurants
This includes SAIF Partners picking 20% in Mainland China, Navis Capital acquiring Nirula’s and IHC acquiring Mars Restaurants and SkyGourmet Catering. <a href="http://economictimes.indiatimes.com/articleshowpics/3236946.cms" target="_blank">Day in Pics</a>

Warburg, CGH in talks for Rs 325-crore deal
Private equity (PE) giant Warburg Pincus is seen in discussions with Kerala’s leading luxury resort operator Casino Group to invest Rs 300-325 crore.

PE funds to keep SpiceJet airborne
PE funds to keep SpiceJet airborne Spicejet’s plan to infuse private equity comes at a time when the domestic airline industry is finding it difficult to run operations profitably.

Market fall takes a toll on Edelweiss' bottomline
The performance of Edelweiss Capital during the June 2008 quarter reflects the sombre state of the equity market.

Overnight Index Swap boosting volatility: RBI
Offshore hedge funds are convinced that rates will rise, even as the economy is showing signs of slowing down. <a href="http://economictimes.indiatimes.com/quickiearticleshow/3234829.cms" target="_blank">Trillion-dollar Economies</a> | <a href="http://economictimes.indiatimes.com/marketstats/2189002.cms" target="_blank">Gainers & Losers</a>

SBI recovers Rs 2,000-cr bad loan
SBI is likely to report an improvement in its asset quality when it presents its first quarter results. According to top SBI sources, the bank has recovered bad loans worth around Rs 2,000 crore during April-June 2008.

Karnataka Bank may raise Rs 240 crore through QIP
Karnataka Bank, which has received approval from its shareholders for a rights issue, is also keeping open the option of qualified institutional placement (QIP) to raise funds.

VC fund inflows at $340 m in H1 ’08
Turmoil in the western financial markets has slowed the venture capital investments in India during the first half of this year, but not to the extent feared, according to numbers released by a research firm.

IFCI scouts for strategic partner
Country's oldest financial institution IFCI on Monday said that it is open to the process of inducting a strategic partner, despite failed attempts made last year.

ICICI, HDFC AMCs among 20 cos in race for managing EPFO funds
The government plans to appoint by September this year new fund managers for managing the Employees’ Provident Fund Organisation’s (EPFO) over Rs 1.55 lakh crore corpus.

Crude woes to hit oil companies' June numbers
The petroleum industry has been in the limelight for most of the last quarter, thanks to the sustained growth in crude oil prices which gained nearly 30% between April and June 2008.

Raising funds likely to be a tad easier for India Inc
Raising funds through foreign borrowings may get a tad easier. RBI has eased rules governing such borrowings or external commercial borrowings as they are known.

ABN Amro lags MNC peers in India, net falls 27% in FY08
Stung by a loss of Rs 71.7 crore on its exchange transactions, including those on derivatives, ABN Amro Bank’s Indian operation has reported a 27% decline in net profit for 2007-08 to Rs 280.6 crore.

ChrysCapital invests $440m in HCL, Infosys
Private equity major ChrysCapital has acquired around 5% stake in HCL Technologies for $220 million and slightly more than 1% in Infosys for $200 million.

Axis PE invests Rs 60 cr in Vishwa Infrastructures
Axis Private Equity, a company set up by Axis Bank to manage private equity funds, on Thursday announced investing Rs 60 crore in Vishwa Infrastructures & Services Pvt Ltd.

Credit crisis affecting I-banking hiring
Even as some of the players have had to cut down staff because of the global subprime issues, other players are still continuing to hire. <a href=" http://economictimes.indiatimes.com/quickiearticleshow/3204467.cms" target="_blank">Smart investment</a>

PE deals in Q1 leap 50% to $2.8 bn
PE investments clocked $2.8 billion in the first quarter of the current financial year, an increase of 50% compared to the corresponding period in 2007-08.

Fitch assigns AA rating to Brinhanmumbai Municipal
Credit rating agency Fitch on Wednesday assigned a national long-term issuer rating of AA to Brinhanmumbai Municipal Corp, the country's richest civic body.

Oxigen launches OxiCash for mobile & PC users
An electronic payment enabler Oxigen Services today launched OxiCash, a prepaid electronic payment system for mobile and PC users with which various utility payments can be made without paying cash.

ICICI Pru sees value in financial services stocks
ICICI Prudential Asset Management launched a financial services fund on Wednesday, seeking opportunities in a sector which has seen bigger losses in market value than the broader market in 2008.

ICICI Prudential AMC launches new equity fund
Asset management company ICICI Prudential AMC today launched an equity fund that is aimed at maximising long-term capital appreciation while investing in banking and financial services firm.

South Africa's FirstRand Bank eyes India for growth
South African integrated financial services group FirstRand Ltd is looking to India for future growth, a top company official has said.

Anil Ambani opens shop in Britain looking for European investors
Britain has approved the proposal of Indian tycoon Anil Ambani to open a London office of his fund managing company, (RAM), to attract European investors for the first time.