The Mint Report for 29 April 2010

The Mint Report for 29 April 2010

New Delhi: The Finance Bill 2010 finally got through the Lok Sabha on Thursday, but not without some changes. Modifications include extending direct tax benefits for building hospitals with more than one hundred beds. The bill also removes tax on share transfers for companies turning into limited liability partnerships. And finance minister Pranab Mukherjee even threw in a Rs241 crore debt relief package for coffee growers.

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It’s the worst opening day for a government IPO since August of last year. State-run SJVN limited received bids for just 43% of the offer, which amounts to some 177 million shares. The company is offering investors 415 million shares and plans to raise 950-1,070 crore in the process. Back in August, the NHPC IPO was subscribed over the very first day. Bankers involved with the IPO have indicated that Life Insurance Corporation may step in and help SJVN if necessary.

Markets started to recover Thursday after the previous day’s losses. The Sensex gained 123 points to wind up at 17,503. And the Nifty climbed 39 to end trade at 5,254.