Prajay Engineers Syndicate Ltd said its subsidiary received foreign investment of Rs70 crore for its ongoing construction and development project at Hyderabad. The project envisages development of residential township of approximate 45 lakh sq ft.
On Monday, Prajay shares ended 3.3% up at Rs29 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.6% up at 17,338 points.
In the past two months, Gateway Distriparks has been witness to major stake sales by one of its directors and one of its shareholding companies. According to sources, more stake sales are expected from the company’s top management.
Gateway Distriparks Ltd may be all set for yet another stake sale, this time from its own promoters. According to sources, a number of Gateway's shareholders, particularly those based out of Singapore, are also keen on exiting the company.
Gopinath Pillai, chairman, Gateway Distriparks Ltd and Satpal Khattar, director, Gateway Distriparks Ltd, are two of the prominent names who might be looking to offload their holdings. "Some of the Gateway promoters are looking for a stake sale. Their shareholders, particularly those based out of Singapore, want to quit.
Gopinath Pillai and Satpal Khattar are among the ones planning to quit," said a source who did not want to be named.
As on 31 March 2010, Gopinath Pillai held around 7,16,000 shares, or around 0.67% stake. Satpal Khattar holds around 3,300,000 shares, or around 3% stake. In a disclosure dated 13 May 2010, made on the Bombay Stock Exchange (BSE) website, the company stated that Mr Pillai's shareholding in the company had increased to 0.69% through market purchases. Mr Pillai is also the chairman of Windmill International Pte. Ltd, which holds a 5.07% stake in Gateway Distriparks.
In the past two months, Gateway Distriparks has witnessed stake sales by one of its directors, Saroosh Dinshaw, and by one of its shareholding companies, Thakral Corporation Ltd.
On 18 May 2010, the company, in its disclosure on the BSE website, states: "Thakral Corporation Ltd, which held 7.74% stake in the company, had offloaded its entire stake through market sale". Then again on 1June 2010, the company reported to the BSE that Saroosh Dinshaw, director, had offloaded 0.06% shares through market sale.
This is not the first time the company has witnessed major stake sales. In March 2009, Temasek, which held 6.65% in the company, had offloaded around 5.59 % stake through open market on BSE.
Later in November 2009, Gateway Distriparks raised around Rs300 crore through a stake sale in its subsidiary company, Gateway Rail Freight Ltd, to Blackstone Group.
An email inquiry sent to the concerned official at Gateway Distriparks last week, remained unanswered. "We would be unable to respond as we are busy and need to discuss it with other officials," said the concerned official over the telephone. An email sent to group chairman Gopinath Pillai's office today, remained unanswered till the time of writing the story.
The RBI is scheduled to announce the first quarterly review of the monetary policy on 27th July, during which the central bank could take some action to deal with the deteriorating price situation
As the latest inflation data breached the double-digit barrier, the Planning Commission today suggested that the Reserve Bank of India (RBI) aim at curbing the galloping prices, reports PTI.
Planning Commission deputy chairman Montek Singh Ahluwalia said he agrees with the suggestion of Prime Minister's Economic Advisory Council (PMEAC) chairman C Rangarajan that rising inflation and not robust industrial output should guide the RBI.
"...I completely agree with (Rangarajan)", he said, when asked whether like the PMEAC he, too, favours policy action by the central bank to curb inflation, which crossed the double digit mark in May at 10.16%, hitting a 19-month high, as per provisional figures.
The RBI is scheduled to announce the first quarterly review of the monetary policy on 27th July, during which the central bank could take some action to deal with the deteriorating price situation.
Late last week Mr Rangarajan had told PTI that the RBI should look at the May inflation data and not the robust April IIP numbers to decide before finalising its next policy move.
Industrial production rose by 17.6% in April-the second best in over a decade.
"It would be completely absurd to start tightening monetary policy simply because the (industrial) production has increased. The only reason to tighten monetary policy is that if you feel that inflation has gone too high," Mr Ahluwalia said.
"In this case, a little bit of inflation is picking up…you also got good growth…supply is increasing... That is why (Mr) Rangarajan must have said inflation should be the basis (for tightening the monetary policy). I think that inflation is the relevant thing," the Planning Commission chief added, even though he hoped that inflation would moderate in the coming months.
"There is no doubt that in the first few months there has been rise in inflation. Our assessment is that it is going to come down towards the end of the year. I think that remains my view and you will see (that)," he said.
Prime minister Manmohan Singh last month had said inflation would moderate to 5%-6% by the end of the calendar year.