Sanco Inds to raise Rs 4.3cr via IPO; issue opens on Feb 24

Public issue of 24 lakh equity shares of Sanco Industries will open for subscription on February 24. The company has fixed issue price at Rs 18 per equity share. The issue will close on February 26. The company manufactures wide range of products such as rigid PVC conduit pipes, PVC casing & capping, PVC/PP-R plumbing pipes, PVC insulated domestic wires & cables and copper wire rod. Issue proceeds of Rs Rs 4.32 crore will be used for expansion of capacities at existing manufacturing facility at Paonta Sahib, Himachal Pradesh. The equity shares are proposed to be listed on the SME platform of the NSE i.e. EMERGE and traded in the SME Normal market. Keynote Corporate Services Limited are the book running lead manager to the issue. BEETAL Financial & Computer Services (P) Limited has appointed as a registrar to the issue. 

IKF Finance reports over two fold jump in Q3 net profit

The company has reported more than two fold jump in its net profit at Rs 2.89 crore for the quarter, as compared to Rs 1.32 crore for the same quarter in the previous year. Total income from operations of the company increased by 45.30% at Rs 15.62 crore for quarter under review, as compared to Rs 10.75 crore for the quarter ended December 31, 2012.

IKF Finance is one of the leading Non Banking Finance Companies in Southern India. IKF offers a variety of services including automobile loans, working capital loans etc. The company’s primary focus is on financing the purchase of commercial vehicles. The company had also entered into partnership agreements with banks and institutions for asset management and securitization.

HMT surges 7% on govt nod for restructuring package

Shares of  HMT rallied as much as 7 percent in early trade on Wednesday following the approval of revival and restructuring package of Rs 1,083 crore by Government of India. "The revival and restructuring plans of the company includes cash infusion of Rs 425 crore against which the company has to issue of 8 percent redeemable preferential shares," the company said in its filing. In the phase I, the Government of India has released the sanctioned funds amounting to Rs 217 crore. Further, the board of directors of the state-run company on January 25 approved the allotment of fully paid-up 8 percent redeemable preference shares of Rs 100 each for a face value of Rs 217 crore in favour of President of India. That is redeemable within two years as per the terms of sanction of the investment by Government, the release said. At 09:27 hours IST, the stock was up 6.41 percent to Rs 29.05 on the BSE.