Close on the heels of the alleged money laundering by farm owner Hasan Ali Khan through Switzerland-based bank UBS, Europe's biggest bank by assets, another Swiss bank, Credit Suisse, has come under scrutiny of the Enforcement Directorate (ED), which investigates foreign exchange violations.
In the first-ever auction of 'enemy property' that the Indian government has held since the 1971 Indo-Pak war, rights shares of Tata Steel were sold to an Indian investment firm for Rs 485 per share against the rights issue price of Rs 300 per share.
The stock-selling spree unleashed by foreign institutional investors over the past one month from November has turned them net sellers in the cash market this calendar year. But the markets have shown resilience mainly due to big buying by insurance companies, say experts.
The continued selling in frontline stocks by foreign investors over the past one month, which also coincided with curbs on participatory notes (P-notes), delayed the Sensex and the Nifty from closing above the crucial milestone of 20,000 and 6,000 respectively.
Infrastructure, realty are the current favourites.
With the stock markets growing in size, this rule, which was framed eight years back, needs revision to allow such nominal dilution only if the IPOs are worth Rs 500 crore (Rs 5 billion) or above, according to experts. The rules require promoters to shed at least 25 per cent if the IPOs are less than Rs 100 crore (Rs 1 billion). The promoter holding in 500 listed companies has gone up to 58 per cent during the July-September quarter from 54 per cent in the April-June quarter.
While Geojit Financial Services and Kotak Securities are already managing large NRI portfolios in West Asian countries, Sharekhan, yet another local brokerage outfit, recently launched a broking platform called India First in Bangkok for NRI clients.
Credit Agricol (CA), the second-largest French bank, is all set to enter the Indian insurance and asset management business.US-based middle market focused investment bank Jefferies Group, which opened its representative office in New Delhi last month, plans to enter the institutional brokerage and asset management business in India.
High net-worth individuals, or the rich investors with investment portfolios of Rs 25 lakh and above, who totted up huge losses in this year's price corrections in February and August, are booking profits following the nearly 4,000-point surge in the Sensex since late August.
A day after Federal Reserve Chairman Ben Bernanke announced the rate cut, FIIs bought shares worth over Rs 2,400 crore (Rs 24 billion), lifting the index up by 650 points, one of its biggest intra-day gains.
Foreign institutional investors (FIIs), which were the major sellers last month, are on a buying spree.
Of the 450 stocks, 243 stocks -- mostly small- and mid-caps -- touched their 52-week highs on Tuesday. Both the Sensex and Nifty ended the day with declines of 0.34 and 0.24 per cent respectively.
Britannia Industries, the country's top biscuit maker, has taken the income tax department, Kolkata, to court after it received a show-cause notice asking it to explain the withdrawal of funds from the employees' pension fund in 2003.
Kode has proved that justice may be delayed but it cannot be denied to the 257 innocent who lost their lives in the blasts.
The Aditya Birla group's financial services firm, Birla Global, has seen some top level resignations.
Global management consultancy firm McKinsey has moved the Bombay high court against Reliance Industries and Reliance Communications for non-payment of dues of Rs 27 crore
The euro 14 billion French dairy major, Groupe Danone, has formally initiated arbitration proceedings to end its partnership with the Mumbai-based Wadia group.
Reach out-of-court settlement on trademark violation.
When Mumbai-born architect Mukesh Mehta first waded into Dharavi a decade ago, he went in as - in his own words - a mercenary looking to make money
Defaults due to rising rates resulted in the move.
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