Archive for February, 2008

New York-based hedge fund Renaissance Technologies Corporation, with assets worth $35.4 billion (Rs 1,41,600 crore), has received approval from the Securities and Exchange Board of India (Sebi) to operate in the Indian stock markets as a foreign institutional investor.

The designation allows the firm to participate directly in India’s financial markets.RenTech is the largest hedge fund to register in India since the new scheme was unveiled.

Other funds with foreign institutional investor status.

• D.E. Shaw
• Och-Ziff Capital Management
• Citigroup’s Old Lane

The Boeing 747 operated by Virgin Atlantic Airways flew from London to Amsterdam with one of its four engines using fuel derived from plant-based oils.

The fuel used by the plane is a combination of regular kerosene-based jet fuel and a biodiesel from Imperium Renewables composed of babassu oil and coconut oil. Babassu comes from a tree in Brazil.The oils came from existing plantations.

Addressing the media before the flight took off, the President of Virgin Atlantic, Sir Richard Branson, said no modifications were made to either the aircraft or the engines for the flight to be operated.

The results of the flight will be shared with other airlines seeking to cut carbon emissions in the rest of the industry.

 Pic: Mr Anil Ambani, Chairman, Reliance Power, announced a 3:5 bonus issue for the shareholders.

Reliance Power Ltd (RPL), part of the Reliance Anil Dhirubhai Ambani Group (RADAG), announced it would give 3 bonus shares for every 5 held in an effort to reduce losses by shareholders after the poor performance of the stock after its listing on February 11.

Briefing news persons after the Reliance Power board meeting , Reliance Power Chairman Anil Ambani said that the bonus issue would not apply to promoters Reliance Anil Dhirubhai Ambani Group and Reliance Energy who together hold 90 per cent.

HDFC Bank and Centurion Bank of Punjab Boards agreed, for a merger between the two banks– in what is poised to be the biggest financial sector deal in India’s banking history.

HDFC Bank is the third biggest bank in the country by share market value. Centurion Bank of Punjab itself had acquired the privately-owned Lord Krishna Bank in last year.

Still the merged will be way below India’s biggest private sector bank ICICI and state-run State Bank of India in terms of assets.