Promoter boost for KSK Energy QIP

Last week, KSK Energy Ventures' Rs 400-crore qualified institutional placement (QIP) was subscribed two times. Market sources said the issue, which saw high interest from domestic players, did well because of a gesture by the promoters. In March, they had said they would issue preferential shares at Rs 71 a piece. The promoters said last week they will subscribe to the preferential issue at Rs 99 - the same price as the QIP. The promoters' confidence enthused investors. KSK's share price has been rising consistently, closing at Rs 116.40 on Friday.

NSEL brokers send SOS to FM

Stockbrokers linked to the National Spot Exchange are worried. With the Income-Tax and with the Economic Offences Wing training their guns on them, the brokers are afraid that they stand to lose out in the recent market rally unless they get some relief. Some have even asked the finance ministry relief from probe.

ONGC spike surprises market

While hopes of an increase in natural gas prices will boost RIL and ONGC, market players were surprised at the sharp rise of over 10.5 per cent in ONGC stock on Friday. RIL share rose just 2.97 per cent. Speculations are rife the new government might reduce the subsidy bill, improving ONGC's prospects. A report by Barclays says during the UPA regime, RIL stock rose 176 per cent when Murli Deora was the oil minister in 2006-11. During the NDA regime, when Ram Naik was oil minister in 1999-04, ONGC's share price rose 243 per cent. The ONGC stock closed at a high of Rs 464 on Friday.