The Bombay Stock Exchange has called off its plan to acquire 26 per cent in the Ahmedabad-based National Multi Commodity Exchange. The deal was terminated just before the resignation of BSE Managing Director and CEO Rajnikant Patel.
India Inc is seeing yet another family feud - this time between Gujarat NRE Coke founder Girdhari Lal Jagatramka and his son-law, Ratan Lal Tamakhuwala, who owns Austral Coke.
The Securities and Exchange Board of India is likely to clear the long pending application of Taurus Parsoli Ethical Fund to launch a Shariah fund by the end of this month. A go-ahead to Taurus would pave the way for other mutual fund houses to launch similar funds.
A depreciating dollar and the uncertainty in the equity markets globally are adding to the sheen of the yellow metal. With gold prices surging 20 per cent in the last two months, Gold ETFs are back in focus.
Bets of nearly Rs 500 crore have been accepted in the satta bazaar or the illegal betting market over the past two days, with punters riding high on odds that the Congress-led United Progressive Alliance government will survive a confidence or trust vote in Parliament.
Raut Vijay, current managing director of CDSL, said, "We have received the letter from Daga. The board would go through the entire matter and decide accordingly." Prior to joining CDSL in November 2001, Daga was the executive director (business development) at Unit Trust of India (UTI) during the CSE payment crisis. Broker Ketan Parekh made huge share purchases through his associates before March 2001, with CSE-listed DSQ Software being a favourite.
Several Ahmedabad-based stock brokers are playing a key role in arranging dummy investors. The 'investors' apply for their full quota of shares. After allotment, they transfer the shares to the accounts of the brokers fronting for the operators in exchange for a 2.5 per cent commission.
The Bombay Stock Exchange is set to see a reshuffle in its board of directors, the first since the country's oldest bourse was demutualised and became a limited company last year. The reshuffle, details of which are yet to be discussed, is widely believed to be at the behest of market regulator Securities and Exchange Board of India.
Kolkata-based personal care products maker Emami, which made a hostile takeover bid for Zandu Pharmaceuticals, on Friday forced the latter to withdraw a plan to offer preferential shares to its promoters.Zandu had sent notice to the Bombay Stock Exchange late on Thursday evening saying its board would meet to discuss a preferential share issue to the promoters and directors.Emami lawyers swung into action and sent legal notice early on Friday to Zandu's board.
Market participants hammered the Emami stock on anticipation that the company would have to fight an intense battle with the Parikhs, one of the promoter groups in Zandu, who are planning to stay put.
Foreign investors sold $2.8 bn stocks in the past quarter alone. FIIs trimmed their holding in the BSE 500 companies by nearly two percentage points to 17.8 per cent, bringing it back to June 2005 levels, according to a Citigroup report. FIIs pulled out shares worth $2.8 billion over the past quarter.
Sylph Technologies stock rises 100,000% to Rs 800 on re-listing.
Industry observers said that direct investment has increased from 2 per cent to 6-7 per cent, which is a marginal rise of 5 percentage points. Many investors still prefer to invest through distributors in spite of a 2.25 per cent entry load. Inconveniences in the online process and asset management companies' (AMC) offices have kept investors from taking the direct option.
In fact, the current market scenario provides more value investment opportunities. So, it is positive for mutual funds.
At least four top brokerages -- Religare Enterprise, Edelweiss Capital, Emkay Shares and Stocks and Modern Securities -- have delayed their fourth quarter results.
Experts see company-specific transactions rather than sector-specific ones in the private equity dealings. More transactions & buyouts will result in PE firms acquiring controlling stakes in firms in 08. The PE activity will be tougher this year as it will be company-driven rather than sector-driven investing. Real estate will continue to be a focus sector followed by infrastructure. Analysts say that PE players bring a lot of value to a firm that is planning to go public.
Prithvi Haldia, managing director of Prime Database, a company tracking corporate and primary market developments, is however of the view that primary markets usually follow the secondary market. IPOs have suffered mainly as the timing was not right.
Ajay Bagga, CEO, Lotus India Mutual Fund, feels the government should have taken timely action to control inflation. He feels that the recent fall is not a bull-market correction but a serious downturn that could last for about six to eight months. He said the government cannot afford to keep interest rates this high. It is likely to cut rates once the inflation moderates. Meanwhile the rupee will be allowed to appreciate to compensate for the rise in global commodity prices.
JPMorgan Chase is planning to invest $100-150 mn a year in India. This fund will be looking at a range of sectors and would not be focused on one particular sector. It can bring in sector expertise, investment banking expertise and the other broader resources of a full-service financial institution. The new fund, Private Capital Asia, will take non-controlling stakes in mid-cap companies, exclusively in Asia. JPMorgan regards India as a supportive market for private equity.
Sources said non-banking financial companies of brokerage outfits had extended loans to clients by availing of bank credit. They could face serious trouble if auditors 'qualify' their books for extending loans on small- and mid-cap stocks as 'highly risky'. With just over a week to go before the end of the current financial year, most of the NBFCs are cleaning up their books before the audit to avoid being caught on the wrong foot.
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