Hughes Software Systems has created history in the Indian markets, with its issue attracting bids worth Rs 6,000 crore. Oversubscribed over 25 times, the company has decided to fix the price -- as reported in The Financial Express on Wednesday -- at Rs 630 per share.

HLL files caveat

Hindustan Lever is understood to have filed a caveat in the Mumbai high Court to avoid any delay in acquiring the Cococare brand, say industry sources. After learning about the brand sale deal between HLL and Recon Oil Industries, Marico Industries served legal notices to the companies claiming it had reached an understanding with Recon on the sale of the trademark `Cococare' to Marico.

Tidal wave project

In a move aimed at enhancing power generation through non-conventional energy sources, the Centre has decided to go in for international bidding for the languishing Rs 5,000-crore, 900mw Hansphal creek tidal wave project in the Gulf of Kutch in Gujarat.Bidding for the project is likely to be held within the next month or two, people in the know of the matter say.

Spot gold drops below $300

Spot gold prices dropped below the key $300 an ounce level on Wednesday to around $297 bid after reaching two-year high overnight in Asia and pushing higher in the US late on Tuesday. Gold was quoted at $297/$299 a troy ounce at 0655 GMT.

Cement rates to rise in Mumbai

Despite a not-so-buoyant demand, retail cement prices are all set to move up in Mumbai, with Gujarat Ambuja Cements taking the lead by raising the price last week. Ambuja Cement has now become dearer by Rs 3 per bag in the country's largest cement market.

Banks to remain closed

All scheduled and cooperative banks will remain closed for public transactions today on account of half-yearly closing.

ICI nets Rs 87.26cr from units transfer

ICI India has received Rs 87.26 crore from the transfer of its explosives-making business to the 51:49 joint venture formed withOrica Ltd of Australia. ICI said the cash consideration for the assets was net of its equity investment of Rs 7.65 crore for the stake in Indian Explosives Ltd.

RIL raises polymer, polyester rates

Reliance has raised polymer and polyester prices in the range of 6-23 per cent. The price increase, effective from October 1, is the third hike in the last one month.

Adhikari Bros to launch Hindi channel

TV serial producer Sri Adhikari Brothers Television Network on Wednesday announced its plans to launch a Hindi entertainment channel. "The company intents to make forays into broadcasting arena by setting up of a wholesome family entertainment Hindi channel," Sri Adhikari Brothers said in a notice to the BSE.

Sensex up 64 points

Led by RIL, the markets further consolidated gains on Wednesday, with the Sensex gaining 64 points to close at 4797 points. According to marketmen, sentiment was strong after Star's exit poll put the BJP-led alliance in firm lead.

TRAI views ontelephony

TRAI will formulate its views on the modalities of opening up domestic long-distance telephony to the private sector within six to eight weeks, chairperson justice SS Sodhi said on Wednesday.

Insurance bill after re-appointment: FM

Yashwant Sinha promised leading American businesses that if the BJP-led coalition is returned to power and he is reappointed, he would move the Insurance Bill within three days of assuming office.

-- Compiled by S Hariharan