ICICI Pru's IPO is being managed by 10 investment banks, including Bank of America Merrill Lynch and ICICI Securities
The proposal to increase public float, hike income tax surcharge, move to tax share buybacks and lack of stimulus to shore up economic growth has hurt investor sentiment.
About 61,000 high net worth individuals in India increased their wealth by 22 per cent to a whopping $267 billion (Rs 12,09,000 crore) in 2003, the World Wealth Report drawn up by Merrill Lynch and Capgemini said on Wednesday.
Some 500,000 people joined the ranks of the world's millionaires in 2003 thanks to a roaring stock market and strong economic conditions, a survey showed Tuesday.
Petronet LNG Ltd, which will become India's first LNG importer when Qatari RasGas' cargo lands at its Dahej import terminal in January next, has planned an initial public offering of equity shares in the same month.
Even after the split, UTI Mutual Fund continues to hold the largest market share of 14.47 per cent closely followed by ICICI Prudential, HDFC Standard Life and Templeton in the over Rs 1,00,000 crore (Rs 1,000 billion) industry.
In the mid-quarter review on December 18, the Reserve Bank left key policy rates unchanged but said it will hike interest rates if inflation does not subside.
The Bombay Stock Exchange Sensex is expected to cross the 7,000 mark in the next one year, according to a survey by DSP Merrill Lynch Fund Manager.
After two months of buying, foreign portfolio investors (FPIs) have turned net sellers in October by pulling out Rs 12,278 crore from Indian markets. As per depositories data, FPIs took out Rs 13,550 crore from equities but invested Rs 1,272 crore in the debt segment during October 1-29. The total net outflow stood at Rs 12,278 crore during the period under review.
Monsoon session of Parliament expected to be stormy and likelihood of GST Bill and Land Bill getting passed are slim
The net proceeds of the fund raising will be used to repurchase certain equity shares issued to Tata Motors and for general corporate purpose.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
RIL's December quarter performance is likely to be muted
.jpg)
According to the BofA Merrill Lynch fund manager survey for October, investors are concerned that global economic recovery could falter, while emerging market confidence have started to rebuild.
Greece's financial crisis has intensified.
Irrespective of demonetisation and GST blues, IIM Lucknow has been able to successfully place their batch of 459 students.
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
The US market regulator Securities and Exchange Commission was doing what it could to stem the flow. It temporarily prohibited naked short-selling in the securities of major financial players including Freddie Mac and its sister firm Fannie Mae in July. But this didn't really help. It was only after global central banks pumped in unprecedented liquidity into global markets, that the storm was finally calmed.
RBI's previous monetary policy was announced on September 29.
The government is mulling allowing foreign direct investment (FDI) in the country's largest insurer LIC, a move which would help overseas investors take part in the company's proposed mega IPO, sources said. The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM). "Discussions have been going on for the proposal for the last few weeks. "It would also go for inter-ministerial discussions and would also require Cabinet nod," a source said.
Facebook Inc founder and CEO Mark Zuckerberg will sell 41.4 million shares worth about $2.3 billion to pay a tax bill, as part of an offering by the social network of 70 million Class A common shares.
JPMorgan, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley, as well as Britain's Asia-focused Standard Chartered said they would try to support London's financial sector
The US Fed will decide if it should raise interest rates from near-zero levels first time in a decade.
Axis Bank, HCL Technologies, Maruti Suzuki, NBCC and Union Bank are their top five stock picks.
Bank of America Merrill Lynch believes this would ease pressures on CAD as $10 a bbl fall in oil price reduces CAD by $8 billion or 0.4 per cent of GDP.
Banks in India are expected to cut lending rates by up to 50 basis points by September as there is sufficient liquidity in the system.
Governor Raghuram Rajan's move to cut the MSF rate, at which banks borrow if they exceed their repo borrowing limits, by 0.50 per cent to 9 per cent should not be construed as a reversal in his policy stance and is more of a normalising measure, Citi said in a note.
Strong refining and petrochemical margins seen boosting consolidated net by up to 6%
The rupee's stability in the last 12 to 18 months made corporates reduce hedging
The MPC headed by RBI Governor Shaktikanta Das will announce the resolution of the meeting at around noon on Thursday.
This was the fifth consecutive quarter when the Indian markets have seen positive flows from FIIs.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances