RBI Circular: Alterations/Corrections on cheques effective 1st December, 2010

RBI vide their circular dated 22^nd June, 2010 had prescribed certain guidelines with respect to alterations/corrections on cheques with a view to minimize incidents of cheque frauds on account of alterations to various fields on the cheques and thus provide protection to the customers as well as  the banks.

These guidelines will now be effective from 1^st December, 2010.

As per the said guidelines, 'no changes/corrections should be carried out on cheques(other than for date validation purposes, if required). For any other change whether in respect of the payee's name, courtesy amount(amount in figures) or legal amount(amount in words) etc., fresh cheque forms should be used.

In line with RBI directives under the said guidelines, as and from the Effective Date any cheque bearing such alterations or corrections will not be accepted by the Banks at the time of deposit/presentation and are likely to be dishonoured.

 

Necessary precautions may therefore be taken to avoid dishonour of such cheques.

Shipping Corporation of India FPO

Shipping Corporation of India Ltd (SCI) is the next PSU FPO offering that is going to hit the market after MOIL IPO, Coal India IPO and Power Grid FPO.

 

SCI is offering initial public offer of 84,690,730 equity shares of Rs10 each for sale on November 30. The offer will close on December 03. 

FPO of Shipping Corporation of India Ltd (SCI) provides an opportunity to invest in country's one of the largest shipping companies in terms of Indian flagged tonnage. The company is committed to maintain its leadership position and it intends to leverage upon it to enhance relationships with existing customers and to seek new customers. It has plans in place to add vessels in its existing fleets to further diversify and to garner market share. The company is well positioned to take advantage of growth in India's oil refining, power and steel industries. The company intends to improve operating efficiency, service quality and competitiveness by taking various measures. It has a strong balance sheet. At the higher end of the price band, the company is valued at discount to its peers. The issue is available at a discount to its market price as well. 

 

We recommend subscribe to the issue with long term investment horizon.

Shipping Corp sets FPO price band at Rs 135-140/share

Shipping Corp sets FPO price band at Rs 135-140/share

 

Shipping Corporation of India (SCI), one of India's largest shipping companies in terms of Indian flagged tonnage, has set a price band at Rs 135-140 a share for its follow-on public offer (FPO) of 8,46,90,730 equity shares, which will open for subscription . The issue comprises of a fresh issue of 42,345,365 equity shares by the company and an offer for sale of 42,345,365 equity shares by the President of India, acting through the ministry of shipping, government of India. The issue comprises a net issue to the public of 84,267,276 equity shares and a reservation of up to 423,454 equity shares for subscription by eligible employees.

The lot size being 50 equity shares.

The share closed at Rs 145.40, down Rs 1.3, or 0.89% on the Bombay Stock Exchange while the price band is set at a 3.7% discount to its current market price. The company aims to raise around Rs 1,100 crore through the FPO.SCI has approximately 35% share of Indian flagged tonnage as of June 30, 2010, according to the website of Directorate General of Shipping, Government of India (DG Shipping). As of September 30, 2010, it owned a fleet of 74 vessels of 5.11 million dead weight tonnage (DWT). Its fleet includes dry bulk carriers, very large crude carrier (VLCC) tankers, crude oil tankers, product tankers, container vessels, passenger-cum-cargo vessels, phosphoric acid and chemical carriers, LPG and ammonia carriers, and offshore supply vessels.

The issue will close for subscription on December 3. Central and state governments' holding will reduce to 63.75% post issue.SBI Capital Markets Limited, ICICI Securities Limited and IDFC Capital Limited are the book running lead managers to the issue.

IPo : Claris Life Sciences Ltd.

The IPO of an Ahmedabad based pharmaceutical company, Claris Lifesciences will hit the market on Nov 24, 2010. It fixed price band at Rs 278 to 293. It will close on Nov 26, 2010.

 

IPO of Claris Life Sciences Ltd. provides an opportunity to invest in altogether different business model in pharmaceutical sector. It has well diversified injectable product portfolio, one of the largest in the country. On the profitability front, low competition augurs well for the margins. The company recently entered into a contract with Pfizer Inc with a view to tap the potential in United States and other regulated markets by expanding sales and distribution network. Further the company has certain technical advantages that make it highly competitive among its peers. At the higher side of the price band, the issue is available at a significant discount to traded peers.

 

We recommend subscribe to the issue with long term investment horizon.

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Manganese Ore India Limited (MOIL)

Manganese Ore India Limited (MOIL) is the next big PSU IPO offering that is going to hit the market after Coal India IPO and Power Grid FPO.

MOIL is offering initial public offer of 33,600,000 equity shares of Rs10 each for sale on November 26. The offer will close on November 30 for qualified institutional buyers and on December 1 for retail and non-institutional bidders.

The Price Band and Lot Size will be announced on November 23 2010.

IPO of Manganese Ore India Ltd (MOIL) provides an opportunity to invest in the India's largest manganese ore company with 'Miniratna' status. The company is committed to maintain its leadership position in the Indian manganese ore market by increasing its production capacity in line with growth in demand. It intends to add reserves and resources by undertaking exploration in and around its existing lease areas. It aims to become a vertically-integrated manganese ore producer by leveraging its midstream and downstream capabilities. In order to improve cost-efficiency through higher recovery rates and reduced production costs associated with labor, the company intends to pursue the mechanization process at its mines by investing further in new technologies. It has a strong balance sheet with zero debt and huge cash. We recommend subscribe to the issue with long term investment horizon.

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Safe Harbor:
The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
 
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