According to a research report by Bank of America Merrill Lynch, there has been a sea change in interest in India post the reforms announced last week that included allowing foreign direct investment in multi-brand retail and the civil aviation sector.
It can be recalled that the market saw a massive 15.9 per cent sell-off in May 2004 after the surprise defeat of the NDA and a 15 per cent sensex rally after the emphatic re-election of the United Progressive Alliance in May 2009.
The American investment bank also upgraded the stocks of both these companies to 'buy' from 'underperform', saying improving industry trends such as signs of ticket price hikes and reduced capacity will improve profitability.
In a first, a third year Economics student from Jaipur has been offered the role of an analyst in a leading financial institution with an annual salary of US $70,000.
These investments will be targeted at petrochemicals, exploration and production and telecom businesses.
BofAML said the market impact of the budget has been reducing since most reforms, such as the recent rail fare and freight increase, don't wait for the budget.
Analysts believe that new companies getting into banking space will look at acquiring old private banks. Following this view, there has been a significant rally in banking stocks.
The meeting with foreign investors assumes significance as the government is undertaking host of reform initiatives to attract investment.
The rise in the toasted category of high networth individuals in the country is getting affected in the 'high inflation, slow growth' scenario being witnessed at present, a top official of Merrill Lynch Wealth Management said in Mumbai on Thursday.
The price range and size are yet to be determined, according to the term sheet, which also did not specify the timeframe.
The ugly underbelly of the policies of economic liberalisation followed over the last two decades has been crony capitalism at its worst.
While RBI is likely to cut repo rate by 25 basis points on Wednesday, the government is also expected to push reform initiatives like increasing FDI limit in insurance sector in the Budget session, it added.
Investors more overweight on India compared to other emerging markets says Bank of America Merrill Lynch.
Offloads stake in financial, auto and pharma sector companies.
According to the BofA-ML Fund Manager Survey for January, asset allocators assigning more funds to equities than at any time since February 2011, while their confidence in the world's economic outlook has reached its most positive level since April 2010.
The report further said that confidence is improving, while risk aversion is falling and has upgraded industrial production to neutral from negative.
Ashishkumar Chauhan says that the exchange is seeking a valuation of about $1 billion.
According to global financial service provider Merrill Lynch's survey of fund managers for November, investors have remained heavily overweight on the emerging market equities and continue to favour the global technology, energy, materials and industrial sectors.
A rate cut by the Reserve Bank is likely to help the rupee, which today hit a record low of 57.54 versus dollar, says a Bank of America Merrill Lynch (BofA-ML) report.
Foreign institutional investors have offloaded shares worth nearly Rs 3,000 crore (Rs 30 billion) in 23 Indian companies, such as mortgage lender HDFC and Bombay Dyeing, among others, so far in 2011.
With the financial turmoil ravaging economies globally, four out of five investors feel the world will continue to be gripped by recession over the coming year, despite the injection of billions of dollars by various governments, says a survey.
Rising risk levels in emerging markets and the recovery of the global market is prompting investors to shift their investments to developed markets.
Fiscal cliff top concern and emerging markets a preferred region for investing, findings suggest.
Indiabulls is also into mutual fund and insurance advisory businesses. Though this field is extremely competitive and requires significant research skills, these are highly profitable business segments.
A deal with Gamesa seen valuing firm at $3 billion.
Bank of America Merrill Lynch, Citigroup, Credit Suisse, Goldman Sachs International, JP Morgan Securities, Morgan Stanley, Nomura and UBS have confirmed their commitment to the FSA Rule and the supporting Code on remuneration practices. These were published in August and would come into force on January 1, 2010 (and cover payments for performance year 2009).
The rupee on Tuesday fell to a two-month low of 54.78 against the US dollar.
Banks' loans are set to grow at the slowest pace in a decade this financial year, as companies continue to shy away from borrowing in the current uncertain macro-economic environment.
According to a research report by Bank of America Merrill Lynch, despite better rains the growth forecast for this fiscal is likely to be around 5.6 per cent.
After the crunch period of 2009, the private banking industry, which caters to high net worth individuals, is once again in growth mode.
The number of dollar-millionaires in India surged to a record high of 1.53 lakh (153,000) in 2010, making the country's high net worth individual (HNI) population 12th largest across the globe, as per a global study.
Goldman cut India's growth estimates to 6.6 per cent from 7.2 per cent for the fiscal year ending March 2013, while BofA revised its forecast to 6.5 per cent from 6.8 per cent.
Foreign brokerage Bank of America Merrill Lynch said they expect the headline inflation to rise to 3.3 per cent in May, but added that it is within the 2-6 per cent range which the government has set for the RBI.
With private consumption growing 3.6 per cent versus 18.1 per cent for government in April-September 2009, and investment growth falling to around half, any decision on phasing out has to be taken carefully.
The brokerage expects single-digit returns from the Bombay Stock Exchange's Sensex with year-end target of 18,000. The Sensex has fallen almost 8 per cent in the last seven trading sessions because of global liquidity tightening.
Global financial majors, who until recently viewed India as a safe investment decision, are having second thoughts.
The Reserve Bank of India has already reduced the policy rate by a total of 75 basis points, or 0.75 per cent, since January.
A net 75 per cent of the fund managers surveyed in August across the globe believe the world economy would strengthen in the coming 12 months -- the highest reading since November 2003. The reading has significantly increased from 63 per cent in July, the report said. The August survey revealed that investors were matching their sentiment with action, by investing in equity market.
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