Cautious optimism lifts Sensex

STOCK MONITOR

Number of up/down moves4/1  LIC Housing Finance got a fillip last week, following reports that the company has raised about $29.85 million through its maiden global depository receipts (GDR) issue.  The issue, which opened for subscription on August 27 and closed on 29, has been oversubscribed about 1.5 times, and has been priced at $5.97 per GDR, translating to Rs 138.36 per share.  The issue represents 11.77 per cent of the equity capital of LIC Housing Finance. Post-offering, holdings of foreign institutional investors (FIIs) will rise above 25 per cent.  LIC Housing has been attracting a lot of interest from FIIs, especially foreign mutual funds such as Templeton and Merrill Lynch. The GDRs will be listed on the Luxembourg Stock Exchange. The proceeds of the GDR issue will help the company reduce costs of funds and will be deployed in housing finance activity.  RECAP: ITC HOTELS
The stock moved up only marginally, ending at Rs 120.30, up 0.08 per cent from its previous weekend close.  Small-cap mover
 

SRI ADHIKARI BROTHERS
Last week's close (Rs)	85.15
Prev. week's close (Rs)	88.78
Week's high (Rs)	95.43
Week's low (Rs)	83.13
Last week's ave. daily turnover (Rs cr)	3.28
Prev. week's ave. daily turnover (Rs cr)	4.31
Futures close	NT
Number of up/down moves	1/4

 Media major Sri Adhikari Brothers slipped at the bourses last week, ending over 4 per cent lower than its previous weekly close.  The stock was in the limelight amid news of Sony Entertainment Television (SET) being set to acquire a majority control in the television channel of Sri Adhikari Brothers Television Network (SABTN).  The channel, popularly known as SAB TV, was spun off into a separate company recently. SET was known to be in advanced stages of negotiations with SABTN to acquire a majority stake in SAB TV.  However, the time-frame for the acquisition was not specified. SABTN's attempt to sell the broadcasting business followed the company's plan to concentrate on its content business, which is regarded as its core area of operations. The proceeds of the sale will go to the books of SABTN.  RECAP: WIMCO
The stock declined 0.82 per cent to end the week at Rs 39.65.