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In a circular sent to all the stock exchanges of the country, Market regulator SEBI (Securities and Exchange Board of India ) has asked the bourses to do away with imposition of price bands ( circuit limit on first day of trading) in the case of non-IPO share listings in order to facilitate accurate price discovery.

Currently, price band policy on first day of commencement or recommencement of trading involves cases of merger, de-merger, amalgamation, capital reduction, scheme of arrangement, revocation of suspension, direct listing on another stock exchange while being listed on one exchange.

Following consultation with the bourses, SEBI said it has been decided that in cases of merger, demerger, amalgamation, capital reduction, scheme of arrangement, and in cases of rehabilitation packages approved by the Board of Industrial and Financial Reconstruction and in cases of Corporate Debt Restructuring (CDR) packages, “there is no need to have a price band on the first day of commencement or recommencement of trading.”

“The price band may be retained in all other cases on the first day,” SEBI said. The new policy for commencement and recommencement of trading of securities would be implemented with immediate effect, it noted.

The new policy is aimed at protecting the interests of investors in securities and promote the development of and regulate the securities market.

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Planning Commission Deputy Chairman Montek Singh Ahluwalia today said in Mumbai thatIndia was on target to achieve an average nine per cent growth for five years, despite a slowdown this year.

“Even if we are slowing down, the country can achieve an average nine per cent growth for five years,” Ahluwalia said.

Observing that there has been a lot of turmoil in global markets, Ahluwalia said this will have some impact on the country.

“Around the world, we have seen huge increases in fuel, food and commodity prices. Our performance has been better than others,” Ahluwalia also said.

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Despite losing a lot at the bourses and continued uncertainty about their stock market performance, the mid-cap group has recorded the best results for the quarter ended December ’07.Companies in the sales group of Rs 100-200 crore and Rs 200-500 crore have posted maximum growth in profits.

On other hand , companies in the sales group of less than Rs 20 crore saw profit decline by as much as 64%, whereas Rs 500-2000 crore group saw a profit growth of only 0.1%.

It may be noted that top two sales groups, Rs 500-2,000 crore and more than Rs 2,000 crore, contribute nearly 60% of aggregate sales and 70% of profits

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Gold dipped on Friday but held above a 1-month low hit the previous day.Gold fell to $914.40/915.20 an ounce from $920.30/921.10 ounce late in New York and off Monday’s record high of $1,030.80 an ounce. Gold futures for April delivery on the COMEX division of the New York Mercantile Exchange fell 3.72 per cent to $915 an ounce off Monday’s record of $1,033.90.

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The Paris-based Organisation of Economic Cooperation and Development (OECD) has projected zero growth for the US economy in the second quarter of 2008, indicating that America is inching towards a recession.

“It may be premature to declare a recession, but with the pace of activity so far below potential, economic slack is widening rapidly,” the OECD said pointing out that economic growth rate was likely to slip from 0.1 per cent in Q1 to zero in the second quarter.

Giving growth projections for the G7 nations (US, Japan, Euro Area, Germany, France, Italy, UK and Canada), the OECD report said Japan and Europe were also likely to witness slowdown in growth.

In addition to the sub-prime mortgage crisis, the OECD attributed the slowdown in the US Economy to factors like soaring energy and food prices.

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Hi everyone,

I am Kavitt Sharma. I live in India and am pursuing B.Tech. in Information Technology (I.T.). I am an MBA aspirant and interested in the business world and its affairs.

I am very pleased to bring to you Bizcues.com - the latest in Biz world.

This blog is now going to be my third home (apart from my home in Chandigarh and my hostel). The reason I started Bizcues.com was to keep myself, and in the process also the readers, abreast with the latest Indian business news and the international news that affects the global economy. My focus would be business (for the weekdays) and leisure (after a gruesome week, for the weekends).

Shortly, I’ll also be adding a technology blog — technology is my second love after business.

Welcome to Bizcues.com..

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