Hyderabad-based Fortune Informatics is planning a Rs 1.8-crore IPO at par. Although most of the software companies are entering the premium rat race, Fortune Informatics has decided to issue shares at par as its venture into software business is just one and half years' old. This is the third software par IPO in recent times. A few months back, Cybermate Infotech had tapped the market with a par issue (an oversubscription of around 27 times) and now Compudyne Infosys is planning to offer 25 lakh shares at Rs 10.

`Bourses may not react to poll results'

The possibility of a fractured verdict in the forthcoming Lok Sabha poll and the resultant uncertainty will have little impact on the stock markets, according to a leading fund manager. "In the last three to four years political uncertainty was a key market moving factor, though now markets have almost factored in instability," Kothari-Pioneer Asset Management company vice-president Prem Khatrisaid.

Sebi suspends broker

Sebi on Tuesday suspended Dinesh G Ved, member of Sauhrashtra Kutch Stock Exchange for a period of six months. He has been suspended in terms of sub-regulation (3) of regulation 29 of Sebi (stock brokers and sub-brokers) regulations, 1992, for dealing with unregistered sub-brokers, not maintaining clear segregation between clients' funds and own funds, document register and irregularities in issuance of contract notes.

Infosys ADR at new high

The Infosys ADR surged by over $ 2 on the Nasdaq market, closing at its 52-week high of $ 51.750 on Monday. Over the last one month or so, the Infosys ADR has risen from a low of $ 42, registering a gain of around 23 per cent. However, in the domestic market, Infosys shares lost Rs 35 on Tuesday to close at Rs 3115. The ADR continues to trade at a huge premium to the domestic price. At current prices and exchange rate the premium works out to a whopping 42.8 per cent. While a couple of analysts have recommended a strongbuy in the ADR market, the signals from the domestic market appears to be weak. But on Tuesday, Infosys announced a strategic tie-up with Cyberspace Corporation to provide E-commerce services.