Austral Coke and Projects may see action on debut

Kolkata-based Austral Coke and Projects, engaged in the business of manufacturing low ash metallurgical coke (LAM coke), will debut at the bourses today, 4 September 2008. The company fixed the issue price at the top end of the Rs 164 to Rs 196 IPO price band.
The government may reportedly remove a $5-million-per-client limit imposed on participants in the currency futures market. Finance ministry officials, markets regulator Securities and Exchange Board of India and the central bank will review future initiatives for currency futures by September-end this year, the reports added.

Bharat Heavy Electricals is reportedly in talks with several foreign firms including Alstom, Siemens and General Electric to sell 49% in a greenfield locomotive plant it plans to set up at a cost of Rs 1000 crore. The Indian firm has identified locations in Madhya Pradesh and Andhra Pradesh for the project.

Oil and Natural Gas Corporation (ONGC) reportedly plans to list wholly-owned overseas exploration unit ONGC Videsh in 2009. The proceeds will be used to repay some of the bridge loans that ONGC Videsh will raise to finance its $2.8-billion acquisition of Imperial Energy and for future acquisitions.

Bombay Dyeing and Manufacturing reportedly expects to sell 450,000 square feet of commercial property that it is developing, for about Rs 900 crore next year. The funds will be used to reduce its borrowings.

UCO Bank reportedly plans to raise about Rs 600 crore from follow on public offer (FPO) in the September-December quarter of the current fiscal. The bank will offer 10 crore shares to the public at a face value of Rs 10 and expects premium in between Rs 50-60. The bank would be able to raise Rs 500-600 crore from the market, the reports added.

Sona Koyo Steering Systems reportedly plans to diversify into new verticals like aerospace and windmill technology in order to lower dependence on automotive sector, which has been plagued by rising input costs and demand slowdown.

Gujarat NRE Minerals, the Australian unit of metallurgical coke producer Gujarat NRE Coke, reportedly plans to invest $450 million to ramp up capacities at its two mines in New South Wales by 2012/13.

Source: Capital Market