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Tata Power completes FCCB allotment
Tata Power today announced the completion of allotment of $300 million Foreign Currency Convertible Bonds (FCCBs) on November 20.

RIL, ONGC lead stock surge
Heavy buying by foreign and domestic institutional investors saw the Bombay Stock Exchange (BSE) Sensex rise 2.25 per cent, or 339 points, to close at a 10-month closing high at 15,466. The rally was led by index heavyweights Reliance Industries (RIL) and Oil and Natural Gas Company (ONGC) as global crude oil price touched $71 a barrel after settling above $70 for the first time in over seven months. Firm global markets too helped the rally.

News of the day

Adani Power IPO subscribed 21.51 times
The Initial Public Offering (IPO) of Adani Power Ltd. (APL), which hit primary markets on July 28, has got an overwhelming response. The issue was over-subscribed 22 times.
Small Business

Citizen banks on Eco-Drive in India

Japanese watch maker Citizen Watches is expecting its Eco-Drive collection of watches to boost sales in the Indian market. The Eco-Drive collection presently contributes 50 per cent to its sales which is expected to touch 80 per cent in the next three years. Sensex ends up 35pts “We are looking at a 30 per cent growth per annum this year. Citizen watches are available across more than 500 outlets which gives us good visibility in the market. We have 32 First Citizen showrooms where we will add two more. The initiative will double the company’s turnover of Rs 60 crore in the next three years,” said Kawaguchi. The company imports the watches from Japan and does not plan to bring maufacturing to India in the near future. “We are seeing a shift in the consumer mindset where they are moving up the value chain. From the Rs 1,000 price range, consumers are now looking at the Rs 4-5,000 price bracket for premium watches,” said an official from the company.


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