The fixed price portion of the Hughes Software IPO has been oversubscribed more than 40 times the initial size of Rs 27 crore. According to market sources, Hughes has collected Rs 1098 crore through the fixed price portion of the IPO which closed on October 12. Through the book building route, during which the company had offered 90 per cent of its 43.75 lakh shares that were on offer, the total book size was at Rs 6000 crore. Subsequently to the book building process, the price was fixed at the upper band of Rs 630 which was also the price for the fixed price portion of the IPO.

JM fund rechristened

JM Mutual Fund has rechristened its debt fund as JM High-Liquidity Fund. However, the fundamental attributes of the scheme including its investment objective and portfolio planning will remain the same. Launched in December, 1997 the open-ended fund is an investment vehicle for corporate treasuries and high networth individuals surplus with cash. To avoid confusion with the regular bond-oriented fund (JM liquid fund), the name of the fund has been changed.

Tata MF net assets up 79 per cent

The net assets of nine schemes of Tata MF have shot up by 79 per cent to Rs 590 crore in the first half of the current fiscal. Four equity funds have provided a total one year return ranging from 92 per cent to 135 per cent as on September 30, against a return of 54 per cent from BSE Sensex. The Tata Income Fund has declared a five per cent half-yearly return under its regular income option.

Sebi issues warning to brokers

Sebi has warned Euro Asian Securities Ltd (earlier known as Lloyd Brokerage), member of the Bombay and Pune Stock Exchanges, for violations of Sebi regulations. The broker has been warned for irregularities in issuance of contract notes, delay in making payments and deliveries to clients, for not reporting off-the-floor transactions to the exchange and not maintaining segregation between clients' funds and own funds.

ICICI discloses NPA list

ICICI Ltd has, for the first time, in its retail bond issue given details of its non-performing assets. And, contrary to popular perception, it's not companies from the steel or cement sector which top ICICI's NPA list.