While the benchmark Sensex recorded 38 per cent gains during 2007, shares of most brokerage houses more than doubled (Geojit Financial increased by 130.68 per cent, while Almondz Global Securities rose 113 per cent) this year.
In spite of a curb on P-notes and markets being generally volatile throughout November, IPOs have bucked the trend by most of them getting listed at a premium. It seems that FIIs have entered more aggressively into primary market after this move.
With the AIM (Alternative Investment Market) becoming increasingly popular as a fund raising destination, Indian companies are flocking to tap the opportunity provided by this sub-market of the LSE.
Sixty out of 154 mutual funds have underperformed their benchmarks by over 30 per cent
The new entrants into the Indian mutual fund industry are making big strides through a plethora of new fund offerings and fixed income schemes as they grow their assets under management at a fast pace. Fund house Lotus Asset Management Company, which was launched just a year ago, has seen its assets grow from Rs 6,385.86 crore (Rs 63.85 billion) to Rs 8,142.93 crore (Rs 81.42 billion) in October, a steep rise of 27.5 per cent.
This comes on the back of impressive performance in infrastructure stocks in 2006 and in the first seven months of this calendar.
Lower price-earnings ratio, big IPOs attract players.
The Indian mutual fund industry's assets under management race from Rs 3 trillion to Rs 4 trillion has come in just nine months.
The ministry of corporate affairs (earlier company affairs) is amending the stringent IDR (Indian depository receipts) regulations to make it easier for foreign companies to list here.
India Inc created a new record by mobilising Rs 24,993 crore (Rs 249.93 billion) in FY06-07, which is higher by as much as 5 per cent compared with the previous year's Rs 23,676 crore (Rs 236.76 billion).
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