Reserve Bank Hiked CRR and Repo Rates again to Curb Inflation

In a bid to contain inflation, the Reserve Bank on Friday hiked the key short-term lending rate (repo) by 0.25 per cent to 7.75 per cent.The Central bank has also raised the Cash Reserve Ratio (CRR) by 0.5 per cent in two tranches. Initially, CRR would be up at 6.25 per cent w.e.f April 14 and 6.5 per cent from April 28.They have also cut interest on CRR to 0.5 per cent as against a per cent from April 14. The current CRR hike to drain Rs 15,500 crore from banks. Reports NDTV

ICRA IPO oversubscribed by whooping 75 times on the final day

ICRA IPO oversubscribed by whooping 75 times on the final day

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Advanta IPO Opens on March 26th 2007

Issue Period March 26, 2007 to March 30, 2007*
Issue Size 33,80,000 Equity Shares
Issue Type 100% Book Building
Face Value Rs. 10/-
Price Range Rs 600/- to Rs. 650/-
Tick Size Re. 1/-
Market Lot 10 shares
Minimum Order Quantity 10 shares
Maximum Subscription Amount for Retail Investor Rs.100000
Profile
Advanta India Ltd, a subsidiary of United Phosphorus Ltd, plans to raise a maximum of 2.20 billion rupees through an initial public offer, mainly to help pay off the dues of its subsidiary, it said on Tuesday.The agronomic seed company has set a price band of 600-650 rupees per share for its 3.38-million share issue.
Pre IPO Placement
The company has already allotted 1.7 million shares at 625 rupees each to a clutch of investors in a pre-IPO placement.The investors include Morgan Stanley Dean Witter Mauritius Co Ltd, Morgan Stanley Investments (Mauritius) Ltd, Citigroup Global Markets Mauritius Pvt Ltd, Deutsche Securities Mauritius Ltd and Emerging Markets South Asian Stars Fund.
Operations
Advanta India, which also has operations in Australia, Thailand and Argentina, plans to expand to Latin American and the CIS countries, Managing Director and Chief Executive Officer V.R. Kaundinya said at a press conference.
Fund Usage
Acquisitions would form part of the company’s future growth strategy, he added.
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Sensex Closing at 10,308 with +362 points

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ICRA Limited (an Associate of Moody’s Investors Service)

Issue Period March 20, 2007 to March 23, 2007Issue Size 25,81,100 Equity SharesIssue Type 100% Book BuildingFace Value Rs. 10/-Price Range Rs.275/- to Rs.330/-Tick Size Re. 1/-Market Lot 20 sharesMinimum Order Quantity 20 sharesMaximum Subscription Amount for Retail Investor Rs.100000IBook Running Lead Managers SBI Capital Markets Limited & Kotak Mahindra Capital Company LimitedSyndicate Members: Kotak Securities Limited & SBICAP Securities LimitedCategories: FI, MF, IC, FII, VC, FVCI, MLA, BDFI, IND, HUF, NRI, CO & OTH.Source: NseIndiaProfile :ICRA Limited (an Associate of Moody’s Investors Service) was incorporated in 1991 as an independent and professional company. ICRA is a leading provider of investment information and credit rating services in India. ICRA’s major shareholders include Moody’s Investors Service and leading Indian financial institutions and banks. With the growth and globalisation of the Indian capital markets leading to an exponential surge in demand for professional credit risk analysis, ICRA has been proactive in widening its service offerings, executing assignments including credit ratings, equity gradings, specialized performance gradings and mandated studies spanning diverse industrial sectors. In addition to being a leading credit rating agency with expertise in virtually every sector of the Indian economy, ICRA has broad-based its services for the corporate and financial sectors, both in India and overseas, and currently offers its services under the following banners:>Rating Services >Information, Grading and research Services >Advisory Services >Economic Research >OutsourcingPositive :* ICRA is the No. 2 credit rating agency in the country with 399 outstanding public issues under its belt. It enjoys a strong market position, brand recognition and creditability. * Moody�s Group, one of the global credit rating majors, holds a 29% equity stake. This will help ICRA to leverage the US company�s expertise in newer products. Also, ICRA provides certain outsourcing services to Moody�s Investors Service. Negative :* Higher Expense , Sales is very low.* 50 crore ESOS loan to be repaid by them .Finance :Annualized EPS for the nine months ended December 2006 on the post-issue equity works to Rs 15.9. On the price band of Rs 275-Rs 330, PE is 17.3-20.8. The only listed comparable player is Crisil, currently traded around Rs 2100, giving PE of 23 times FY 2006 consolidated EPS. Crisil deserves higher PE as it is: over four times larger than ICRA, growing at a faster rate than ICRA, perceived to be more aggressive, and has made much more headway in non-rating and international business. Besides, S&P controls a 56.5% stake in Crisil compared with 29% by Moody�s in ICRA. ICRA IPO Allotment status – come back here for the same.

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ICRA Limited (an Associate of Moody’s Investors Service)

Issue Period March 20, 2007 to March 23, 2007Issue Size 25,81,100 Equity SharesIssue Type 100% Book BuildingFace Value Rs. 10/-Price Range Rs.275/- to Rs.330/-Tick Size Re. 1/-Market Lot 20 sharesMinimum Order Quantity 20 sharesMaximum Subscription Amount for Retail Investor Rs.100000IBook Running Lead Managers SBI Capital Markets Limited & Kotak Mahindra Capital Company LimitedSyndicate Members: Kotak Securities Limited & SBICAP Securities LimitedCategories: FI, MF, IC, FII, VC, FVCI, MLA, BDFI, IND, HUF, NRI, CO & OTH.Source: NseIndiaProfile :ICRA Limited (an Associate of Moody’s Investors Service) was incorporated in 1991 as an independent and professional company. ICRA is a leading provider of investment information and credit rating services in India. ICRA’s major shareholders include Moody’s Investors Service and leading Indian financial institutions and banks. With the growth and globalisation of the Indian capital markets leading to an exponential surge in demand for professional credit risk analysis, ICRA has been proactive in widening its service offerings, executing assignments including credit ratings, equity gradings, specialized performance gradings and mandated studies spanning diverse industrial sectors. In addition to being a leading credit rating agency with expertise in virtually every sector of the Indian economy, ICRA has broad-based its services for the corporate and financial sectors, both in India and overseas, and currently offers its services under the following banners:>Rating Services >Information, Grading and research Services >Advisory Services >Economic Research >OutsourcingPositive :* ICRA is the No. 2 credit rating agency in the country with 399 outstanding public issues under its belt. It enjoys a strong market position, brand recognition and creditability. * Moody�s Group, one of the global credit rating majors, holds a 29% equity stake. This will help ICRA to leverage the US company�s expertise in newer products. Also, ICRA provides certain outsourcing services to Moody�s Investors Service. Negative :* Higher Expense , Sales is very low.* 50 crore ESOS loan to be repaid by them .Finance :Annualized EPS for the nine months ended December 2006 on the post-issue equity works to Rs 15.9. On the price band of Rs 275-Rs 330, PE is 17.3-20.8. The only listed comparable player is Crisil, currently traded around Rs 2100, giving PE of 23 times FY 2006 consolidated EPS. Crisil deserves higher PE as it is: over four times larger than ICRA, growing at a faster rate than ICRA, perceived to be more aggressive, and has made much more headway in non-rating and international business. Besides, S&P controls a 56.5% stake in Crisil compared with 29% by Moody�s in ICRA. ICRA IPO Allotment status – come back here for the same.

ICRA Limited (an Associate of Moody’s Investors Service)

Issue Period March 20, 2007 to March 23, 2007Issue Size 25,81,100 Equity SharesIssue Type 100% Book BuildingFace Value Rs. 10/-Price Range Rs.275/- to Rs.330/-Tick Size Re. 1/-Market Lot 20 sharesMinimum Order Quantity 20 sharesMaximum Subscription Amount for Retail Investor Rs.100000IBook Running Lead Managers SBI Capital Markets Limited & Kotak Mahindra Capital Company LimitedSyndicate Members: Kotak Securities Limited & SBICAP Securities LimitedCategories: FI, MF, IC, FII, VC, FVCI, MLA, BDFI, IND, HUF, NRI, CO & OTH.Source: NseIndiaProfile :ICRA Limited (an Associate of Moody’s Investors Service) was incorporated in 1991 as an independent and professional company. ICRA is a leading provider of investment information and credit rating services in India. ICRA’s major shareholders include Moody’s Investors Service and leading Indian financial institutions and banks. With the growth and globalisation of the Indian capital markets leading to an exponential surge in demand for professional credit risk analysis, ICRA has been proactive in widening its service offerings, executing assignments including credit ratings, equity gradings, specialized performance gradings and mandated studies spanning diverse industrial sectors. In addition to being a leading credit rating agency with expertise in virtually every sector of the Indian economy, ICRA has broad-based its services for the corporate and financial sectors, both in India and overseas, and currently offers its services under the following banners:>Rating Services >Information, Grading and research Services >Advisory Services >Economic Research >OutsourcingPositive :* ICRA is the No. 2 credit rating agency in the country with 399 outstanding public issues under its belt. It enjoys a strong market position, brand recognition and creditability. * Moody�s Group, one of the global credit rating majors, holds a 29% equity stake. This will help ICRA to leverage the US company�s expertise in newer products. Also, ICRA provides certain outsourcing services to Moody�s Investors Service. Negative :* Higher Expense , Sales is very low.* 50 crore ESOS loan to be repaid by them .Finance :Annualized EPS for the nine months ended December 2006 on the post-issue equity works to Rs 15.9. On the price band of Rs 275-Rs 330, PE is 17.3-20.8. The only listed comparable player is Crisil, currently traded around Rs 2100, giving PE of 23 times FY 2006 consolidated EPS. Crisil deserves higher PE as it is: over four times larger than ICRA, growing at a faster rate than ICRA, perceived to be more aggressive, and has made much more headway in non-rating and international business. Besides, S&P controls a 56.5% stake in Crisil compared with 29% by Moody�s in ICRA. ICRA IPO Allotment status – come back here for the same.

ICRA Limited (an Associate of Moody’s Investors Service)

Issue Period March 20, 2007 to March 23, 2007Issue Size 25,81,100 Equity SharesIssue Type 100% Book BuildingFace Value Rs. 10/-Price Range Rs.275/- to Rs.330/-Tick Size Re. 1/-Market Lot 20 sharesMinimum Order Quantity 20 sharesMaximum Subscription Amount for Retail Investor Rs.100000IBook Running Lead Managers SBI Capital Markets Limited & Kotak Mahindra Capital Company LimitedSyndicate Members: Kotak Securities Limited & SBICAP Securities LimitedCategories: FI, MF, IC, FII, VC, FVCI, MLA, BDFI, IND, HUF, NRI, CO & OTH.Source: NseIndiaProfile :ICRA Limited (an Associate of Moody’s Investors Service) was incorporated in 1991 as an independent and professional company. ICRA is a leading provider of investment information and credit rating services in India. ICRA’s major shareholders include Moody’s Investors Service and leading Indian financial institutions and banks. With the growth and globalisation of the Indian capital markets leading to an exponential surge in demand for professional credit risk analysis, ICRA has been proactive in widening its service offerings, executing assignments including credit ratings, equity gradings, specialized performance gradings and mandated studies spanning diverse industrial sectors. In addition to being a leading credit rating agency with expertise in virtually every sector of the Indian economy, ICRA has broad-based its services for the corporate and financial sectors, both in India and overseas, and currently offers its services under the following banners:>Rating Services >Information, Grading and research Services >Advisory Services >Economic Research >OutsourcingPositive :* ICRA is the No. 2 credit rating agency in the country with 399 outstanding public issues under its belt. It enjoys a strong market position, brand recognition and creditability. * Moody�s Group, one of the global credit rating majors, holds a 29% equity stake. This will help ICRA to leverage the US company�s expertise in newer products. Also, ICRA provides certain outsourcing services to Moody�s Investors Service. Negative :* Higher Expense , Sales is very low.* 50 crore ESOS loan to be repaid by them .Finance :Annualized EPS for the nine months ended December 2006 on the post-issue equity works to Rs 15.9. On the price band of Rs 275-Rs 330, PE is 17.3-20.8. The only listed comparable player is Crisil, currently traded around Rs 2100, giving PE of 23 times FY 2006 consolidated EPS. Crisil deserves higher PE as it is: over four times larger than ICRA, growing at a faster rate than ICRA, perceived to be more aggressive, and has made much more headway in non-rating and international business. Besides, S&P controls a 56.5% stake in Crisil compared with 29% by Moody�s in ICRA. ICRA IPO Allotment status – come back here for the same.

ICRA Limited (an Associate of Moody’s Investors Service)

Issue Period March 20, 2007 to March 23, 2007Issue Size 25,81,100 Equity SharesIssue Type 100% Book BuildingFace Value Rs. 10/-Price Range Rs.275/- to Rs.330/-Tick Size Re. 1/-Market Lot 20 sharesMinimum Order Quantity 20 sharesMaximum Subscription Amount for Retail Investor Rs.100000IBook Running Lead Managers SBI Capital Markets Limited & Kotak Mahindra Capital Company LimitedSyndicate Members: Kotak Securities Limited & SBICAP Securities LimitedCategories: FI, MF, IC, FII, VC, FVCI, MLA, BDFI, IND, HUF, NRI, CO & OTH.Source: NseIndiaProfile :ICRA Limited (an Associate of Moody’s Investors Service) was incorporated in 1991 as an independent and professional company. ICRA is a leading provider of investment information and credit rating services in India. ICRA’s major shareholders include Moody’s Investors Service and leading Indian financial institutions and banks. With the growth and globalisation of the Indian capital markets leading to an exponential surge in demand for professional credit risk analysis, ICRA has been proactive in widening its service offerings, executing assignments including credit ratings, equity gradings, specialized performance gradings and mandated studies spanning diverse industrial sectors. In addition to being a leading credit rating agency with expertise in virtually every sector of the Indian economy, ICRA has broad-based its services for the corporate and financial sectors, both in India and overseas, and currently offers its services under the following banners:>Rating Services >Information, Grading and research Services >Advisory Services >Economic Research >OutsourcingPositive :* ICRA is the No. 2 credit rating agency in the country with 399 outstanding public issues under its belt. It enjoys a strong market position, brand recognition and creditability. * Moody�s Group, one of the global credit rating majors, holds a 29% equity stake. This will help ICRA to leverage the US company�s expertise in newer products. Also, ICRA provides certain outsourcing services to Moody�s Investors Service. Negative :* Higher Expense , Sales is very low.* 50 crore ESOS loan to be repaid by them .Finance :Annualized EPS for the nine months ended December 2006 on the post-issue equity works to Rs 15.9. On the price band of Rs 275-Rs 330, PE is 17.3-20.8. The only listed comparable player is Crisil, currently traded around Rs 2100, giving PE of 23 times FY 2006 consolidated EPS. Crisil deserves higher PE as it is: over four times larger than ICRA, growing at a faster rate than ICRA, perceived to be more aggressive, and has made much more headway in non-rating and international business. Besides, S&P controls a 56.5% stake in Crisil compared with 29% by Moody�s in ICRA. ICRA IPO Allotment status – come back here for the same.