Bizbits

Rush to buy OPGC stake

MUMBAI: Power majors BSES Ltd and Tata Electric Companies are believed to be among the eight companies shortlisted in the first round of selection for privatisation of the Orissa Power Generation Corporation OPGC. However, officials of the two firms were not available for comment. The list, comprising an equal number of domestic and foreign players, was shortlisted from around 20 companies which had applied. The second and final bids are scheduled to be submitted early next month.

Canbank MF

MUMBAI: After a two-year gap, Canbank Mutual Fund is planning to tap the market with a new scheme which is likely to be on the lines of an index fund. The scheme being proposed is one that is likely to track the NSE-50 index, ie the Nifty. It has obtained permission from its board of directors to alter the terms of two of its schemes 8211; Cancigo and Cangilt. Both are open-ended debt funds and were orginally designed to offer assured returns at the rate of 12.50 percent and 12.25 per cent per annum respectively.