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Corporate entities, HNIs also get ASBA facility
In a move that may lead to faster primary market issuances, the Securities and Exchange Board of India (Sebi) today said Asba (applications supported by blocked amount) facility would also be extended to non-retail, high net worth and corporate investors. The measure was introduced in Sebi’s scheme of ASBA-II. All investors, except qualified institutional buyers, would be able to apply through the facility, a Sebi circular said.

Markets gain ahead of Reliance results
The markets witnessed some volatility in the first half of the day, as traders awaited the Reliance numbers. However, renewed buying interest in the latter half of the day backed strong quarterly earnings so far saw the markets stage a smart rally.

News of the day

Coal ministry mulls proposal to divest stake in CIL
The Coal Ministry is working on a proposal to disinvest 5-10 per cent stake in navratna PSU Coal India Ltd, a move which may pave way for early listing of the country"s largest producer of the dry fuel.
Corporate

Fortis Healthcare gains on fund raising plans

Fortis advanced 1.5% to Rs 102. The stock touched an intra-day high of Rs 105 and a low of Rs 101. Around 275,716 shares were traded as against its two-week average traded quantity of 338,454 shares. _____________________________________________________________ F&O OUTLOOK: Downside limited from current levels US markets end in the green Fortis Healthcare has soared 3% on the back of the company"s plan to raise money through a right"s issue. The stock opened at Rs 103, touched a low of Rs 102 and then advanced to a high of Rs 105. The scrip is now trading at Rs 104, up 3% from the previous close. The counter has clocked volumes of 122,240 shares on the BSE and the stock has moved up 31% in a month. The company has announced that it will raise Rs 1,000 crore through a rights issue. The price of the share has been fixed at Rs 110 on the BSE.The funds collected would be used to set up a medicity, two greenfield hospitals and a small portion would be kept for inorganic growth.


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