Investment by PEs into HLS sector dropped to $203 million in 2008-09 from $836 million in 2007-08, while the number of deals dropped 51 per cent to 21 from 43 deals. Similarly, VC investments also declined to $48 million from $80 million. In terms of deals, they dropped to 11 from 14.
The market regulator is mulling safeguards relating to power of attorney.
Sebi officials say the regulator has turned down the proposal on ground that the Indian market is still not prepared for such flexibility in pricing.
Although the Budget has projected only Rs 1,120 crore (Rs 11.2 billion) receipts from disinvestment, sources said some big-ticket initial public offers, or IPOs, could hit the markets soon. Finance Minister Pranab Mukherjee will meet the Securities & Exchange Board of India board on Friday to discuss, among other things, the disinvestment roadmap and the Budget proposal to raise the threshold for non-promoter public shareholding for all listed companies in a phased manner.
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.
Set to get powers like those enjoyed by a civil court; will be able to attach assets, file winding-up applications.
The Securities and Exchange Board of India has recommended reservation for domestic mutual funds within the quota allocated for "anchor investors" in initial public offers.
The Securities and Exchange Board of India has decided to make it mandatory for qualified institutional investors to make full payments upfront when they apply for shares in initial public offers. At present, QIPs pay only 10 per cent of the amount required for the shares for which they apply upfront.
The former unit produces motor tyres and tubes, while the latter makes radial tyres. Union sources said employees also decided to boycott the coming Lok Sabha elections. A meeting on Monday between management and union heads saw no settlement.
The 17-day strike by workers at Hyundai Motor India's Sriperumbudur factory ended after a meeting of workers' representatives, the company management and the labour board in Chennai.
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.
Around 800 workers at Hyundai Motor India's Sriperumbudur factory, who were on hunger strike, were arrested on Wednesday.
Most recession-hit clients, domestic and foreign, are asking for price cuts that large Indian IT firms are unable to offer due to high overheads. However, SMEs can afford to do so, since their employee costs are low. This is the right time to enter the domestic market, which is projected to expand five-fold by 2020 to $90-100 billion, including both technology and business outsourcing, said K Purushothaman, Nasscom's regional director for Tamil Nadu and Kerala.
A forecast by this international real estate consultancy suggests that 'in Mumbai, rentals will fall for some more months and bottom out in the second half of next year, while in the national capital region, rents may bottom out in the second half of the current financial year in most areas.' In both metros, the correction in rents would be between 40 to 60 per cent by the first half of next year of their peaks in 2007-08.
Sebi's chief finds himself helpless as the stock market regulator goes after his former organisation, but doesn't lose his essential optimism and can-do spirit.
Firms denied peer review certificate may be barred from auditing
The London Stock Exchange, the world's third largest exchange in terms of value of shares traded, is in talks with Financial Technologies to buy a stake in its stock exchange arm MCX-SX.
Of the over 900,000 registered with the exchange for government jobs in 2008, only 26,752 got placed. The previous AIADMK government had put on hold new recruitments, except in departments like police, teachers and medicines. After the DMK government took over, it was decided to fill the vacancies across all departments through the exchange. Since then, 232,417 vacancies were filled, of which 46,931 candidates were appointed in various posts through the employment exchange.
Soon, there will be an exchange-like platform for trading in loans.
Even as foreign institutional investors are rushing out of the Indian equity markets, there are fresh indications that their selling may accelerate in the coming weeks.
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