InterGlobe Aviation, the company that operates IndiGo airline, has seen its grey market premium go up from Rs 8-10 a share to Rs 18-20 a share, operators say. Reports of Rakesh Jhunjhunwala's participation in the initial public offering and the proposed reforms, including increasing foreign direct investment (FDI) cap in the draft aviation policy, have increased the demand for the airline's shares in the unofficial market. Jhunjhunwala also picked up one per cent stake in Jet Airways through a block trade on Friday.
Sebi to allow institutions to hedge in commodity markets
The Securities and Exchange Board of India (Sebi), as the new regulator of the commodity market, is keen on allowing new categories of investors such as foreign portfolio investors, financial institutions and banks to hedge in the commodity derivatives market. According to a finance ministry official, the announcement is likely in next year's Budget. These investors will also be allowed to speculate in the futures and options market at a later stage, once Sebi is convinced of risk management systems, the official added.
Domestic broker in hiring mode
A top domestic broker has recently gone on an overdrive by strengthening its advisory, sales and technology teams. The broking firm is also appointing separate heads for broking, distribution and wealth management businesses, which are currently headed by one person. A new COO is also on the way.
