I-T raid on ABG Shipyard offices, official residences.

Income Tax (I-T) authorities are carrying out search operations at various establishments of the ship- building and repairing firm, ABG Shipyard, for alleged tax evasion, an Income tax Department source said. - Govt warns against mails promising income tax refunds - Direct tax kitty grows 3.69% to Rs 1.52 lakh cr in H1FY10 - Bharati hikes open offer for Great Offshore to Rs 560/share - Life insurers seek changes in tax code - FMC levies 0.5% penalty on cash deals over Rs 20,000 - New tax code: Commerce Ministry bats for SEZs The searches are being carried out in about 26 establishments — both office complexes as well as residences of company officials — across four cities, the source added. The raids, conducted by the Director, Income Tax (Investigation) Unit 1, are being carried out in Mumbai and Surat, Dahej and Bhuj (in Gujarat). An official of the company, who asked not to be identified, confirmed the I-T raids saying these started at 7 am today. The spokesperson of the company, however, could not be reached for comments.

Bharati hikes open offer for Great Offshore to Rs 560/share.

Bharati Shipyard today said it has hiked the open offer price to acquire stake in offshore service provider Great Offshore to Rs 560 per share. - Share market not impressed at Grasim cement demerger - Sensex snaps three-day gains, down 268 points - BSE cuts transaction fee in cash from Oct 7 - Bharati hikes offer for Great Offshore to Rs 560/share - Global cues drag markets down - Eros International plans IPO for Indian unit With the increase in offer price the size of the proposal now stands at Rs 438.3 crore. The company, which holds 22.48 per cent share in Great Offshore, had initially offered to acquire 20 per cent stake in the latter for Rs 405 per share. Bharati Shipyard is locked in a takeover battle with rival ABG Shipyard, which has also made an open offer to buy over 32.12 per cent stake in Great Offshore at Rs 520 a share. In a filing to the BSE, Bharati Shipyard said its revision of the open offer price followed acquisition of 3.01 per cent stake in Great Offshore by Dhanshree Properties (a sister concern of Bharati) from open market on September 16.

FIIs net sellers of Rs 464 cr in cash mkt today.

Foreign institutional investors (FIIs) were net sellers of Rs 463.89 crore (provisional) today, according to data released by BSE. - FIIs net sell Rs 500 cr in F&O on Thursday - Investment through PNs rising again - FIIs net sell Rs 459cr, DIIs net buy Rs 117cr - FIIs net buy Rs 1,372 cr in F&O on Wednesday - FIIs net buy Rs 412cr, DIIs net sell Rs 257cr - FIIs net sellers Rs 325cr in F&O on Tuesday While FIIs made gross purchases of Rs 2,049.92 crore, gross sales totalled Rs 2,513.81 crore. Domestic institutional investors (DIIs) were net buyers of Rs 18.46 crore today. While DIIs made gross purchases of Rs 1,314.97 crore, gross sales totalled Rs 1,296.51 crore. FIIs were net sellers of Rs 334.30 crore on Thursday, November 19, according to data released by Sebi today. While FIIs made gross purchases of Rs 2,083.50 crore, gross sales totalled Rs 2,417.80 crore. Mutual funds (MFs) were net sellers of Rs 176.70 crore on Thursday. MFs made purchases of Rs 509.60 crore and sales of Rs 686.20 crore.

ABG Shipyard gears up to match Bharati's open offer.

Ship building firm ABG Shipyard is getting ready to counter the offer price of rival Bharati Shipyard to acquire offshore drilling company Great Offshore. - Bharati expects nod for Great Offshore open offer soon - Sebi may ok Bharati"s offer for Great Offshore in 10 days - No offer received from Bharati Shipyard, ABG: Great Offshore - No offer from Bharati Shipyard, ABG: Great Offshore - ABG to counter Bharati"s bid for Great Offshore - ABG to respond to Bharati offer for Great Offshore in 10 days "ABG Shipyard will definitely come up with a counter offer but with the Sebi approval for its open offer expected soon, they are holding their cards close to the chest as far as the pricing is concerned," a source close to the development said. On September 16, Bharati Shipyard acquired 3.01 per cent stake in Great Offshore from the open market with the highest share price at Rs 560, as a result of which the open offer price for acquiring Great Offshore has been revised to Rs 560 per share.