MOIL IPO subscribed 0.76 times; should you subscribe

The initial public offering (IPO) of MOIL (formerly Manganese Ore India) hasbeen received good response on day one despite weak market conditions. Ithas been subscribed 0.76 times, as per data available on National StockExchange

MOIL aims to raise over Rs 1200 crore via offering of 336 lakh equity shares athigher end of price band of Rs 340-375. Retail investors and MOIL employeeswill get shares at 5% discount to final offer price. The issue will close forqualified institutional bidders on November 30 and for other investors onDecember 1.

MOIL is obviously the India’s largest manganese ore producer and the qualityof their mines are also very high and there is also growth in the business. Theycontinue to find new reserves and we think that basically the stock shouldtrade at some sort of premium to the fair value of its reserves and based onthat we put a value around Rs 470. So even at the high end of that IPO pricingrange, there is decent upside if somebody wants to hold the stock for a year orso and that is why we recommend subscribing to the IPO."

Toyota Etios will come with Rs 5.25 lakh tag

Toyota is all set to make a pitch for the Indian car market as it launchesEtios, the entry-level sedan, at an aggressive entry price of around Rs 5.25lakh.

The car, the most ambitious product from Toyota’s stable, has beenspecifically designed keeping in mind India and other emerging markets andwill take on well-established models like Maruti Dzire , Tata Indigo andHonda City .

For which it has invested Rs 3,200 crore on a new plant near Bangalorewith an annual capacity of 70,000

Its current line-up in India includes multi-purpose vehicle Innova, luxurysedans, Corolla and Camry, and SUV Fortuner and it hopes to sell around73,000 units this year, expecting to double this to about 145,000 units after thelaunch of the Etios.

Banks to continue to lend to realty, housing, say top bankers

• State Bank of India Chairman, O P Bhatt said banks will not stop lending

to real estate and housing segment because of the scam unearthed by the

CBI .

• The real estate and the housing segments are important for the economy and, hence, banks will not stop lending (to them), Bhatt told reporters after a meeting of the Indian Banks Association (IBA) here

• The bank always monitors the end use of the fund it lends, the SBI Chief said.

HDFC Bank Managing Director Aditya Puri and ICICI Bank's Chief, ChandaKochhar, both said the scam does not point to any systemic problem

Over 1,29,000 foreigners visited Taj Mahal during CWG: Govt

• A total of 1,29,390 foreign tourists visited the "centrally protectedmonuments at Agra, including Taj Mahal," in the month of October,compared to 1,23,371 foreigners who visited the heritage site in the samemonth last year, Minister of State for Tourism Sultan Ahmed said in awritten reply to a question in Lok Sabha

• According to the data presented by the Minister, a total of 5,55,352domestic tourists also visited the Taj Mahal in October. CommonwealthGames were organised in Delhi between October 3 and 14.

• the data shows that 29,70,221 Indian tourists visited Taj Mahal in 2009,while their number was 26,22,956 in 2008 and 27,42,041 in 2007

Wild swings on D-Street: Is it time for bottom fishing

The party is over. Indian markets are badly are bruised falling

from the levels of 21000 in Diwali

The end of day the Nifty was down 7.80 points or 0.82%

points ending below 5800 to settle at 5,751.95 and the Sensex

lost 181.55 points or 0.94% to close at 19,136.61.

In the last three weeks, the Sensex shed 1,868.35 points and

the Nifty 560.5 points from their all-time closing highs of

21,004.96 and 6,312.45 touched on Mahurat trading day,

respectively.

In this week, the markets continued downtrend for fourth

consecutive day today. Heavy sell-off due to lingering impact of

housing finance scam dragged Nifty below the all important

technical support area of 5700 and the Sensex below 19000

mark in morning trade but in second half of trade, indices

managed to show recovery due to short covering.