One indication of this was the fact that many large bond buyers stayed away from the Rs 12,000 crore auction conducted on August 7.
As the government's Budget moves unfold, market participants are treading with caution. As a result, the open interest (OI) positions have taken a beating during June, especially during the last few weeks.
The Mahindra Holidays initial public offer --the third public float in the current year and the single largest issue over the last 12 months--was subscribed 11 times and four companies raised an estimated Rs 4,000 crore yesterday through QIPs. This came after realtor Unitech's announcement on Friday that it has raised over Rs 2,700 crore via a QIP at Rs 81 a share.
CitiFinancial, Citibank India's non-banking finance arm, has reduced its asset book by one-third and its branch network by a quarter of the year-ago level as part of a restructuring exercise, Citi CEO for South Asia Mark T Robinson told Business Standard.
Sources close to the development said the finance ministry was yet to receive a formal proposal to this effect from the bank, though SBI chairman OP Bhatt had recently said the lender had sought government permission to raise Rs 20,000 crore (Rs 200 bn).
The Securities and Exchange Board of India is discussing a proposal to make it mandatory for brokers to collect margins from clients in the cash market. This is now practised only in the derivative segment.
OECD has identified at least four tax jurisdictions -- Jamaica, Qatar, Botswana and Ghana - whose tax information system would be studied to find out if they are emerging as the new tax havens following the crackdown on the existing ones. A unique tax identification number would be akin to a global permanent account number for Indian taxpayers which could remain the same across jurisdictions.
Life Insurance Corporation of India intends to pump in around Rs 1,05,000 crore into non-convertible debentures and equity in the current financial year, nearly 20 per cent more than the Rs 88,000 crore it invested in these instruments in 2008-09.
The rally was over before they could even blink.
Move aimed at strengthening Sebi's powers to investigate market-related offences.
As part of wage settlement, new recruits will be asked to shift to the New Pension Scheme.
Though the overall environment seems to be improving, Reliance Capital CEO Sam Ghosh tells Business Standard that the company is opting to be cautious.
The total number of agents of Reliance Life at the end of September stood at 211,293. By December-end, the numbers were down by 68,450 to 142,843, according to an investor presentation made by the company.
Investment banking experts and capital market advisors, who are engaged in talks with companies that are looking at fund-raising options, said that while 13 large-cap companies were looking at raising capital to the tune of Rs 30,000 crore through QIPs, rights issues and NCDs, 20 other companies had initiated talks to raise about Rs 15,000-20,000 crore. At least 10 NCD issuances are expected during the first half to raise a total of Rs 10,000-15,000 crore.
The government has reopened the case for convergence between the capital market and commodity futures regulator, a move that has attracted opposition from the Forward Markets Commission, which regulates the commodities futures business.
It hopes to enter the business in 9-15 months. "We have plans to enter diesel generator, petrol, LPG and kerosene segment, but it will be too early to comment on any specific deal," said Kalyan Bhattacharya, president and CEO, Birla Power Solutions. "The size of the acquisition will depend on the horse power of the engines manufactured by the company. BPSL is looking at a company manufacturing diesel engines of capacities ranging between 25 horse power and 200 horse power."
Fund managers queued up to grab a pie of the new pension scheme that opens for subscription on May 1. But even before the scheme is launched, they are complaining of it being a loss-making business with the investment management fee fixed at 0.009 per cent.
In an interview with Business Standard's Shyamal Majumdar and Sidhartha, Kochhar says she is going to focus on the immediate challenge of correcting the cost structure of the country's second largest bank.
Former Axis Bank chairman and CEO PJ Nayak said managements should look at appointing outsiders only when the organisation is weak.
Market experts said on an average around 80,000 accounts were opened every month during 2008-09 as against 0.3 million accounts monthly in 2007-2008. "Investors are closing their accounts as brokerage houses have started levying annual maintenance charges. Even the depositories have increased their transaction fees. We currently open about 25,000 accounts on an average per month as compared to over 40,000 accounts during 2007-08," said an official at a large securities house.
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