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Rel Power has decided to issue 3 bonus shares for every 5 shares held...

Maruti might bleed tomorrow --

NEW DELHI: Korean car major Hyundai on Wednesday said it has got approval for supplying vehicles to government institutions for the first time since it set up shop in India in 1996. The mid-sized sedan Accent GLE, has been selected by the Government of India for its fleet of official cars, Hyundai Motor India Ltd (HMIL) said in a statement. The Directorate General of Supplies & Disposals in the Department of Supplies under the Ministry of Commerce, the central purchase and quality assurance organisation of the Union Government, has approved the Accent GLE for use by all government departments across the country, it added. Commenting on the development, HMIL Senior Vice-President,Marketing and Sales, Arvind Saxena said it is a welcome acknowledgement of the company's products. "This government supplies is an important market for us and the Accent is the right product for this category of users with its compact size, high fuel efficiency and time tested performance," he added. With this, Hyundai Motor India, which currently sells around 1,000 units of the Accent GLE a month, expects to increase the user base of the sedan, the statement added. The Accent will be supplied to all government agencies at the Union and state levels at a special rate, it said without specifying details. The DGS&D is also currently evaluating the Hyundai Verna and Sonata models for registration as approved automobiles for acquisition by government bodies, it added.

ख़बर है कि.........

* Morgan Stanley units are a good bet in the volatile market. The fund is converting to an open ended fund soon. * Asian Oilfield services is at an attractive price level considering its future earnings potential. * Companies with open offer are a good bet. Check out on Lanxess ABS, NDTV for risk-free investments. * Budget could spur low budget realty growth. Eldeco and Ashiana Housing are good bets in this sector. * Ennore Coke looks good in view of the buoyancy in the coke prices worldwide. The scrip could race past Rs.150 mark in the next 6 considering its Metallurgical Coke project this months and power project next month. * Phoenix International Ltd. has come up encouraging Q3 numbers and looks highly undervalued at Rs.29. * Important developments are on in NEPC India Ltd. and the stock is already in the upper circuits.

Reliance Power board considering free bonus shares

New Delhi (PTI): In an unprecedented move, Anil Ambani Group company Reliance Power will give free bonus shares to all its shareholders to compensate the losses they suffered when the company was listed a week ago.

"Reliance Power board will consider issuing free bonus shares to all shareholders excluding the promoters," a group spokesperson said.

On the day of its listing at Rs 547.8 a share, Reliance Power performed miserably at the stock exchanges and closed the day nearly 32 per cent lower.

The IPO had attracted a total demand of about Rs 7,50,000 crore and the company had issued the shares at Rs450 while giving a discount Rs 20 a share to retail investor.

In the face of previous disappointment among investors, group chairman Anil Ambani is believed to have taken this unique step to win over the investors and give a message that in an Ambani company shareholders would not lose.

"The move by the Reliance Power board will reduce the cost of acquisition by shareholders who had helped the company mop up Rs 11,560 crore through IPO," the spokesperson said, adding that the promoter group would accept the dilution of their stake due to the issuance of free bonus shares.

The move would help over four million shareholders of the group, the spokesperson said. Prior to over 10 per cent equity dilution in Reliance Power through IPO, Anil Ambani and his group company Reliance Energy were the equal stake holders.

On the day of the listing, retail investors had lost a total of over Rs 475 crore, while FIIs suffered over Rs 800 crore.

A board meeting of Reliance Power would be held next Sunday, February 24, to consider issuance of free bonus shares, the company informed the stock exchanges today.

"From the time of opening of initial public offer of Reliance Power on January 15, the Sensex was down 13 per cent while the Reliance Power stock was down 11 per cent from the IPO price for retail investors, and 15 per cent for other categories of investors," the company said in a statement.

The company said that the decline in share price has been compounded by "a vicious and orchestrated campaign of market manipulation and market abuse unleashed by rival corporate interests," it said.

The campaign was to hammer down all Reliance ADA group stocks in an attempt to undermine its fair name and reputation and cause losses to millions of genuine investors, the statement added.

Reliance Power has formally written to market regulator SEBI seeking an investigation into the same.

Adarsh Derivatives/ Vikas Granaries

Scrip code : 531518 Name : Adarsh Derivatives ltd.

Subject : Adarsh Derivatives - Updates on Outcome of EGM

Adarsh Derivatives Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on January 11, 2008, inter alia, have accorded the following: 1. Increase the Authorised Share Capital of the Company from Rs 17,00,00,000 (Rupees Seventeen Crore) divided into 17000000 (One Crore Seventy Lacs) Equity Shares of Rs 10/- (Rupees Ten) each to Rs 31,00,00,000 (Rupees Thirty One Crore) divided into 31000000 (Three Crore Ten Lacs) Equity shares of Rs 10/- (Rupees Ten) each & consequential amendments in the Memorandum & Articles of Association of the Company. 2. Authority to the Board to create, issue offer and allot equity shares / Convertible instruments, whether optionally or otherwise, with or without detachable warrants ("Securities") up to an aggregate amount of Rs 85 crores (Rupees Eighty five crores), for cash, at such premium as may be determined by the Board through public issue and /or rights issue and / or Qualified Institutional Placement or a combination thereof at such time or times and at such price whether premium or discount to market price and on such terms and conditions including rate of interest etc as may be decided by the Board of Directors at the time of the issue or allotment consider the prevailing market conditions and any other relevant factors wherever necessary in consultation with the Merchant Bankers, subject to necessary provisions & approvals. 3. Change the name of the Company from "Adarsh Derivative Ltd" to "Vikas Granaries Ltd".