JSW to raise Rs462 crore through the issue of securities

JSW Steel Ltd said it will raise Rs462 crore through the issuance of securities to Japan’s JFE Steel Corporation.

The Japanese firm currently has 14.61% stake in the Sajjan Jindal-led firm.
“The finance committee, a sub-committee of the board of directors of the company, at its meeting... decided to open on 13 December 2010, the issuance of 30,85,814 global depository receipts (GDRs) to JFE Corporation, Japan, on a preferential basis,” JSW Steel said in a filing to the Bombay Stock Exchange (BSE).

The issuance of GDRs has been approved by JSW Steel’s board and shareholders.
Each GDR would be priced at Rs1,500, valuing the total issue at around Rs462 crore.

On 6th December, JSW Steel received its shareholders’ nod to issue over 9.7 lakh equity shares on a preferential basis, as well as GDRs, to JFE Steel.
On Tuesday, JSW Steel ended 3.23% up at Rs1,165 on the BSE, while the benchmark Sensex gained 0.55% to 19,799 points.

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Cotton output likely to be around 325 lakh bales

Mumbai: Cotton output in India this year is expected to be around 325 lakh bales, reports PTI quoting a senior government official.

“I am sure that it will not be less than 325-lakh bales,” textile commissioner, AB Joshi, said at a FICCI-organised event on sports textiles here.

Concerns have been expressed in the past few months about cotton production in the country likely to get affected following unseasonal rains.

“Yes, rains had a damaging effect on cotton output, especially in regions like Andhra Pradesh which was hit by cyclonic showers. But as a counter, production from other pockets like Maharashtra has been very high and rains have in fact, helped increase the output,” Mr Joshi said, indicating that it is a mixed-bag sort of situation.

The Cotton Advisory Board (CAB) had made a prediction in August that production could be around 325 lakh bales.

Various industry bodies have given different estimates ranging from 300 lakh bales to 350 lakh bales, indicating divergent views on the impact of the rains on cotton production.

The CAB’s prediction is generally very sound and historically it has not gone wrong, the textile commissioner said, adding a review of the estimate will be done at a CAB meeting to be held shortly.

The cotton crop in India is sown in June-July and its harvesting is done in September. The crop starts hitting the market from October onwards.

On technology, Mr Joshi said the government plans to soon start a technology mission for technical textiles which will basically entail strengthening of already existing textile technology centres. Four such centres already exist.

Four new ones will be started, he said, adding one of them will focus on sports textiles.

In the next 2-3-days, a Government Resolution (GR) for setting up these technology missions will be moved, he said.

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Personal finance today

Fidelity MF unveils 370 days plan; Principal MF floats new 91 days plan; Religare MF launches Medium Term Bond Fund
 

Fidelity MF unveils 370 days plan

Fidelity Mutual Fund has launched Fidelity Fixed Maturity Plan Series IV–Plan E, a close-ended income scheme.

The investment objective of the plan is to generate reasonable returns and reduce interest rate volatility primarily through investment in money market and short to mid term debt instruments having maturity, on or before the date of maturity of a plan. The tenure of Plan E shall be 370 days from the date of allotment.

The new issue closes on 15th December. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. The plan will be managed by Shriram Ramanathan and Mahesh Chhabria (assistant fund manager).

Principal MF floats new 91 days plan

Principal Mutual Fund has launched Principal Pnb Fixed Maturity Plan–91 Days–Series XXVII, a close-ended income scheme.

The investment objective of the scheme is to build an income oriented portfolio and generate returns through investment in debt/money-market instruments and government securities. The scheme will have growth and dividend options.

The new issue opens on 14th December and closes on 15th December. The exit load is nil. The minimum investment amount is Rs5,000.

The benchmark index for the scheme is CRISIL Liquid Fund Index. Shobit Gupta is the fund manger.

Religare MF launches Medium Term Bond Fund

Religare Mutual Fund has launched Religare Medium Term Bond Fund, an open-ended income scheme.

The investment objective of the scheme is to generate regular income and capital appreciation by investing in medium term debt and money market instruments. The scheme will have growth and dividend (payout) options.

The new issue closes on 24th December. The exit load is nil. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore.

CRISIL Composite Bond Fund Index is the benchmark index. Nitish Sikand is the fund manger for the scheme.

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