Prudential ICICI asset management company's FMCG fund, a sectoral fund investing in fast moving consumer goods (FMCG) companies, has reopened for subscription. "The fund, with a collection of Rs 73 crore, is an open-ended growth fund that seeks to generate long-term capital appreciation with 90 per cent investments in equities and equity-related securities of a select group of FMCG companies", Prudential ICICI, managing director Ajay Srinivasan said in a statement in Mumbai today. The fund, with a focus on the personal care and food products business, reopened for subscription on June 5 with an opening net asset value of Rs 10.28. FMCG stocks have performed better than the market in the last three years, giving an annualised return of 34.3 per cent.

NSE suspends broker

The National Stock Exchange today suspended prudential stocks and Securities Ltd and declared Alembic Securities (P) ltd as defaulter. Action was taken against the brokers on account oftheir failure to meet obligations/liabilities to the exchange/clearing corporation, NSE said in a statement in Mumbai.

Kashyap Radiant System plans IPO

Chennai-based Kashyap Radiant Systems is offering 57 lakh equity shares at Rs 10 each aggregating Rs 5.70 crore. Interestingly, at an annualised earning per share of Rs 2.41 for the five-month ended February 1999, the price-earning multiple works out to a low of 4.15. Against this, almost all the software issues which are currently lined up to go public, command P/Es in the range of 10 to 20.

TimesBank kicks off IPO campaign

Bennett, Coleman & Co promoted TimesBank's public issue is opening on June 30. TimesBank, a new generation bank with a four year track record, is offering 3.5 crore equity shares at a price of Rs 10, aggregating Rs 35 crore.

GDR index declines

The Skindia GDR Index representing GDRs of 17 actively traded companies declined by 2.99 per cent to 735.63 points from 758.31 on June 14. The Skindia GDR Index p/eratio fell by 2.54 per cent to 29.02 from 29.77, while the Skindia GDR Index premium dropped by 8.84 per cent to 14.69 per cent. There were 11 gainers, 21 losers and 31 unchanged GDRs. The top gainers were GNEC, Ashok Leyland and SAIL, while BSES Ltd., Ranbaxy and ITC lost value.