Air India IPO
New Delhi, Jan 11 The government is considering divesting its stake in national carrier Air India through an initial public offering (IPO) in the second half of 2008.
This was stated by Civil Aviation Minister Praful Patel Friday on the sidelines of a press conference to launch India's first civil aviation exhibition, India Aviation 2008.
"We may consider issuing an IPO in the second half of this year," he told reporters, noting the divestment may be in the range of 10-15 percent of the shareholding.
Patel said he would also be meeting Finance Minister P. Chidambaram to discuss reduction in excise and custom duty on aviation turbine fuel (ATF).
He said states could make their "taxation" policy more "reasonable", by reducing their levy on ATF, which will directly affect ticket prices.
India's aviation growth will be through Indian state governments and smaller cities, rather than the central government or metropolitan cities, he added.
"I am in favour of bringing in the states. They themselves can be the drivers of growth," Patel said.
While he was confident about the airports in Bangalore and Hyderabad becoming operational this year, he had a "little doubt" about the supporting infrastructure like road connectivity, being ready on time.
"I want to make 2008 the year of the helicopter and sea planes," said Patel, adding that it was a mystery as to why these two sectors had not received any attention.
"Why can't we build a heliport in Delhi and Mumbai without bickering?" he asked.
He pointed out that a small nation like Maldives had 30-40 seaplanes, while India, with it long coastline, did not have a single one.
Announcing India Aviation 2008, Patel said that it would be the first international exhibition of its kind in India on the Indian civil aviation sector. The expo will be held between Oct 15 and 18, 2008.
Friday, January 11, 2008
Friday, January 4, 2008
Indian share market scale new heights
New Delhi, Jan 4 The Key Indian stock market shares zipped to their highest-ever levels Friday on the back of some active buying across several counters and renewed interest ahead of a mega initial offering by Reliance Power.
In the process, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose to a historic intra-day peak of 20,762.80 points, before ending the day at 20,686.89 - also a record close for the barometer index.
At Friday's closing level, the 30-share index had gained 341.69 points, or 1.68 percent, against the previous day's close at 20,345.20, data with the exchange showed.
The gainers and losers among Sensex stocks, however, were evenly matched, with 16 logging advances, and the remaining 14 ending with losses. At a broader level, 1,470 shares declined, 1,437 advanced and 17 remained unchanged.
The broader 50-share S&P CNX Nifty of the National Stock Exchange (NSE) was also up 1.55 percent at 6,274.30 points after scaling an all-time peak of 6,300.05 points against the previous close of 6,178.55.
Consumer durable stocks were the flavour of Friday, with the specific index for such stocks at the BSE registering a 2.56 percent jump, followed by a rise of 2.31 percent in the oil and gas index.
The index for power was also up on account of the interest generated by the upcoming public issue by Reliance Power, owned by Anil Dhirubhai Ambani-led Reliance Energy.
While banking stocks also moved by 2.01 percent, those for automobiles declined 0.73 percent. IT stocks also went down by 1.02 percent and healthcare by 0.07 percent.
In the process, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose to a historic intra-day peak of 20,762.80 points, before ending the day at 20,686.89 - also a record close for the barometer index.
At Friday's closing level, the 30-share index had gained 341.69 points, or 1.68 percent, against the previous day's close at 20,345.20, data with the exchange showed.
The gainers and losers among Sensex stocks, however, were evenly matched, with 16 logging advances, and the remaining 14 ending with losses. At a broader level, 1,470 shares declined, 1,437 advanced and 17 remained unchanged.
The broader 50-share S&P CNX Nifty of the National Stock Exchange (NSE) was also up 1.55 percent at 6,274.30 points after scaling an all-time peak of 6,300.05 points against the previous close of 6,178.55.
Consumer durable stocks were the flavour of Friday, with the specific index for such stocks at the BSE registering a 2.56 percent jump, followed by a rise of 2.31 percent in the oil and gas index.
The index for power was also up on account of the interest generated by the upcoming public issue by Reliance Power, owned by Anil Dhirubhai Ambani-led Reliance Energy.
While banking stocks also moved by 2.01 percent, those for automobiles declined 0.73 percent. IT stocks also went down by 1.02 percent and healthcare by 0.07 percent.
Wednesday, January 2, 2008
Reliance Power IPO Price band Rs 405 to Rs 450
Each share of Reliance Power has been priced at Rs 405 at the lower end and Rs 450 at the upper end of the band. The company plans to offer the retail investors or those applying for Rs 1 lakh, a 5 per cent discount.
Reliance Power IPO would raise between Rs 10,500 crore to Rs 11,700 crore with the sale of 26 crore shares in the public offer.
Rating agency Crisil assigned an above average 4-on-5 rating to the proposed initial public offer of Reliance Power.
Bankers to the Reliance Power initial public offering issue include ABN Amro Rothschild, Deutsche Bank AG, Enam Securities Pvt., ICICI Securities Ltd., JM Financial Consultants Pvt., JPMorgan Chase & Co., Kotak Mahindra Capital Co. and UBS AG.
Reliance Power IPO would raise between Rs 10,500 crore to Rs 11,700 crore with the sale of 26 crore shares in the public offer.
Rating agency Crisil assigned an above average 4-on-5 rating to the proposed initial public offer of Reliance Power.
Bankers to the Reliance Power initial public offering issue include ABN Amro Rothschild, Deutsche Bank AG, Enam Securities Pvt., ICICI Securities Ltd., JM Financial Consultants Pvt., JPMorgan Chase & Co., Kotak Mahindra Capital Co. and UBS AG.
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