Street signs: Environmental 'troubles' for delay in PSU IPO

Investment banking sources say IPO may get pushed to next financial year

After the success of Cochin Shipyard, the Centre is planning to take another big state-owned shipbuilder Mazgaon Dock Shipbuilders public. The proposal, however, has run into rough weather with the Union environment ministry. Investment banking sources say the initial public offering (IPO) may get pushed to the next financial year due to the delay in the environment ministry’s nod. Cochin Shipyard IPO, too, faced similar delays. “It is unfortunate the IPO may not be able to cash in on the positive sentiment in the primary market due to intra-government procedural delay," said a banker.
 

Pavan Burugula

 
MFs nurse losses in HDIL
 
Bankruptcy proceedings have ruined the mutual fund party in Housing Development and Infrastructure (HDIL). All the major Indian fund houses, including Birla Sun Life, UTI MF were seen raising their stake in construction firm HDIL in the June quarter. In the past two weeks, the stock has gone into a downward spiral, plummeting 30 per cent after bankruptcy proceedings were initiated against its subsidiary Guruashish Constructions. Foreign investors had pruned their holdings considerably in the Mumbai-based firm in the June quarter.
 

Pavan Burugula

 
Aadhaar trouble for brokers

Brokers have sprung into action following a stock exchange circular asking them to procure Aadhaar details of their clients. However, the move has hit an operational roadblock, as brokers are facing difficulty in uploading their clients’ Aadhaar details due to mismatch in spellings. “We are staring at a logistical nightmare, as we will have to do a lot of back and forth between the clients and exchanges. We have approached the regulator and exchanges, highlighting the problem and seeking relaxation in the deadline,” said a broker. The deadline to furnish Aadhaar details for the existing clients ends on December 31.
 

Samie Modak