MCX in focus after Blackstone hikes stake

MCX will be watched after Blackstone on Monday, 6 January 2014, bought 2.79% stake in MCX for around Rs 81 crore, after the Forward Markets Commission gave the private equity giant its nod to hike holding in the commodity bourse to 4.99%.

As per the stock exchange data, Blackstone GPV Capital Partners (Mauritius) VI FII acquired 14.22 lakh shares, or 2.79% stake in MCX at Rs 573 each from Merrill Lynch Holdings (Mauritius).

As on 30 September 2013, Blackstone GPV Capital Partners Mauritius VI FII held 10.19 lakh shares, or 2% stake, in MCX. Merrill Lynch Holdings (Mauritius) held 14.22 lakh equity shares, or 2.79% stake, in MCX.

Valecha Engineering said it bagged two projects worth an aggregate Rs 133.45 crore. The company won a Rs 58.98 crore order for designing and constructing a flyover at Pune. The company has also received pilling projects worth Rs 74.47 crore. As the company moves ahead, it is focusing on getting an appropriate project mix involving leading edge infrastructure technologies. This will achieve a de-risked business model and increase operational growth, Valecha Engineering said in a statement.

Commercial-vehicle maker Ashok Leyland's Managing Director, Vinod K. Dasari, was quoted by media as saying on Monday, 6 January 2014, that the company anticipates an increase in demand for its buses and trucks in the coming quarters. The company also expects to sell more products in January as compared with December, Mr Dasari added.

Wockhardt will be watched on reports the Food and Drugs Administration, the US regulator, is likely to visit the company's factory in Shendra (Aurangabad district of Maharashtra) for an inspection this month. If the company manages to get a go-ahead from the regulator for this plant, it might result in resumption of supplies of several of their products, barred from the US last year, reports added.

Shares of organised retailers may firm up on reports that Denmark-based fashion house Bestseller may soon apply for entry into India's multi-brand retail segment. Bestseller owns the brands Jack & Jones, Vero Moda and Only, which it sells in India through franchisee partner Bombay Rayon Fashion. The retailer will be approaching the Department of Industrial Policy and Promotion (DIPP) with its plan for a multi-brand apparel and fashion venture with Prashant Agarwal, managing director of Bombay Rayon, in the coming weeks. In the proposed venture, Bestseller will hold the permissible 51% stake while the rest will be held by Agarwal, reports added.

Accentia Technologies said that its board considered various options to raise funds to implement the company's current business plans in India, the Middle East, Europe and the US. The board also approved issuing 40 lakh equity shares on preferential basis to various investors.

Media reports on Monday, 6 January 2014, suggested that Financial Technologies (India) (FTIL) is planning to sell stake in its subsidiary National Bulk Handling Corporation (NBHC) to a private equity investor for over Rs 300 crore. FTIL later clarified on the bourses that it does not wish to comment on rumors or any speculative news items.

Almondz Global Securities said it has disposed off its stake in one of its subsidiaries, Almondz Insurance Brokers, by transferring the entire equity stake being held by the company to the promoters of the company, Avonmore Capital and Management Services.

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