MUMBAI - Bank of India (BoI) has acquired a controlling stake in Securities Trading Corporation of India Ltd (STCI), the country's largest primary dealer with a paid-up capital of Rs 500 crore.BoI has picked up 1,32,01,300 shares of STCI at a price of Rs 141.25 crore. With this, the bank's stake in STCI has gone up from 1.97 per cent to 28.37 per cent. Bank of India picked up the STCI shares, carrying a face value of Rs 100, at a premium of Rs 7. The RBI stake in STCI has now gone down from 50.18 per cent to 14 per cent. The central bank has directed BoI to pay the money on or before December 12.Initiative Media gets Cadbury adsMUMBAI - After two years of buying TV `informally' for Cadbury India Ltd, Initiative Media (the arm of the Lintas group) was finally awarded the entire media business for this company, covering both planning and buying for all brands for all media. This was after a formal pitch against O & M, which handles most of the creative business, in the last week of September.The account is expected to add another Rs 25 crore to IM's Rs 500 crore plus business.DTC cuts diamond suppliesMUMBAI - Gary Ralfe, managing director designate of De Beers, said the Diamond Trading Company has already cut supplies of rough diamonds to India during the last quarter of this year and the policy for restricting supplies would continue if market conditions so demanded it.Ralfe categorically stated that the DTC did not believe in and had not put forward any concept of a two-tier market system. He reiterated that the diamond prices of all categories were interrelated.Speaking at the meeting, Praveen Shanker Pandya, Chairman of the Gem & Jewellery Export Promotion Council, applauded the supportive role of De Beers, the biggest producer of rough diamonds.
