In the two weeks since the terror attacks in Mumbai, most of the large Indian business groups in the city have been conspicuous by their absence in offering help to terror victims.
GE Shipping, the country's largest private sector shipping company, is bringing down its exposure to the dry bulk segment to withstand the 93 per cent downfall in freight rate for such vessels.
In a wide-ranging interview with Abhineet Kumar, SCI chairman and managing director S Hajara discusses the problems facing the shipping industry.
The proposal to scrap 'indicative portfolios' has arisen because investors have sometimes found deviations of as much as 80 per cent between the indicative and actual portfolios. In some cases, the entire corpus has been invested in a single instrument. Sebi will also consider Amfi's suggestion of a 3 to 6 per cent exit load for FMPs, a minimum tenure of three months and a faster processing of redemption payouts,
Indian shipping companies' reluctance to take piracy insurance is probably linked to sky-rocketing costs. According to the site of London-based corporate security firm BGN Risk, piracy in the Gulf of Aden could increase insurance and transport costs by $400 million. Special risk insurance for crossing the Gulf has soared from $500 a voyage last year to $20,000 now, the company said.
Sebi likely to come out with a policy paper soon.
Though the fund houses have garnered over Rs 1,500 billion from investors, only 8-10 would declare their monthly FMP portfolios till a few months ago. Instead, they gave 'indicative portfolios' and 'indicative returns' to the potential investor. This month, all fund houses declared the portfolios of their schemes because of the half-yearly results. And, to the horror of many investors, the real portfolios were 80-90 per cent different from the 'indicative portfolios.'
With recession threat looming large, Indian corporate houses may be forced to rethink their projects, which have been stalled following problems in land acquisitions, industry analysts said.
In upmarket areas like Bandra and Khar, the going brokerage is as high as 4 per cent
Last week was unprecedented in the history of the Indian mutual fund industry-- the net asset values (NAVs) of nearly a dozen liquid-plus funds fell.
Fixed maturity plans, which have garnered Rs 102,133 crore (Rs 1021.33 billion) of average assets under management, are facing the prospect of rising defaults on their investments in the real estate and non-banking financial companies. This implies that if there are redemption pressures from their corporate and retail clients, these FMPs would have to raise cash from other resources to meet the demand.
Prospective home buyers, who are looking forward to discounts this festival season, may be in for a rude shock. According to banking sources, most banks are unlikely to offer any discount.
The company has appointed an investment banker to find a buyer for its equity in its joint venture company, Raymond UCO Denim, whose loss doubled to Rs 120 crore (Rs 1.2 billion) in the last financial year. Europe's UCO Denim holds 50 per cent stake in the denim company, which was formed in August 2006. The turnover of the denim business is estimated at Rs 600-800 crore (Rs 6 to Rs 8 billion).
In times like these, when the financial industry is reeling under the pressure of scepticism, communication has become the most important tool for financial services providers. Hence the flood of emails to associates, employees and investors.
In a move to soften the blow of Lehman Brothers' bankruptcy in the Indian stock and asset markets, four banks are set to take over its structured products businesses in India.
The stressed asset business will be a mix of an ARC and a distressed asset fund. Ambit has already started insurance brokerage and equity research and sales businesses this year. It closed a $100-million private equity fund called Ambit Pragma Ventures recently. It is also keen on starting proprietary trading.
IT major Wipro Technologies and Gurgaon-based knowledge process outsourcing firm Copal Partners have expressed interest in bidding for the Indian back office business of Lehman Brothers Holdings, the US-based investment banking firm that filed for bankruptcy protection on Monday.
Home loan borrowers perpetually worry about the consequences of defaulting. And whether they wish it or not, there could be situations where they are forced to do so. For instance, after the Mumbai bomb blasts on July 11 2006, a large number of affected families found themselves in deep financial trouble leading to difficulties in servicing their home loans
This comes after both parties failed to arrive at an agreement on an appropriate valuation of the stake, a company executive said. Sterlite bought 51 per cent stake in Balco in March 2001 for Rs 552 crore (Rs 5.52 billion) when the National Democratic Alliance (NDA) government decided to divest the government stake in the public sector company.
Most car buyers, when applying for a loan, grapple with the question of whether they should opt for a fixed or a floating rate option.
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