China spends seven times more on infrastructure than India.
It is possible to calm the waters, but it'll mean unlearning our post-Depression lessons
Foreign institutional investors were the major sellers on the Indian bourses in the last six months, accounting for total outflows of Rs 62,000 crore (Rs 620 billion).
Stephen S Roach, chief economist at the US-based Morgan Stanley, returning from his fourth trip to India in three years, said the South Asian country has achieved breakthroughs in savings and foreign direct investments.
"We will complete the transformation within May 2007 and are talking to select foreign exchanges for a possible partnership," Bombay Stock Exchange Ltd managing director and CEO Rajnikant Patel said.
India Today's annual list ranks the top 100 colleges in the country.
The high-profile bidding war for control of Hutch-Essar could intensify with reports in the British media suggesting that Indian partner Ruias have received funding pledges worth up to $25 billion to buy out foreign stakeholder Hutchison Telecom.
The Ruias have received overwhelming response from international banks for funding of their proposed bid to pick up Hutchison's 67 per cent equity stake in Hutchison-Essar Ltd, in which they hold the remaining stake.
Indian stock markets have developed a resilience to political hurdles, reforms and have aligned to global cues which decide the direction of their movement, a report by a leading investment bank has said.
Against an offer of 4.55 crore shares of Adani Enterprises Ltd, only 4.7 lakh were subscribed, according to information available from the BSE. Adani Enterprises fell almost 20 per cent to below the offer price of its secondary sale as all the seven listed companies of the conglomerate took a beating in the aftermath of Hindenberg Reserach alleged that the group was "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
The current crisis in the euro zone will not create any major problems for India, but a 10-15 per cent correction in markets is not ruled out if it worsens, says Ridham Desai, managing director and head of equities at Morgan Stanley India.
Goldman Sachs has amassed $2bn to use for property investments in Asia, a move likely to intensify competition for assets in fast-growing markets such as China and India.
The list of contenders for this job include Vikram S Pandit, currently Citigroup's investment banking head and a former Morgan Stanley investment banker, and Shaukat Aziz, formerly the bank's global private banking business head and most recently the prime minister of Pakistan, according to various media reports.
Call it a revival of the information technology (IT) industry or increase in demand from non-IT sectors, office lease and sale transactions have picked up by 10 to 15 per cent in the past quarter.
The company's investments in telecom business reached 15-20% of capital employed.
Morgan Stanley Real Estate on Wednesday announced that it has invested Rs 300 crore (around $68 million in Mantri Developers Private Ltd, a private Bangalore-based real estate developer.
Investors must keep in mind that the bank has significant room for improvement, which could justify its aggressive valuations of Rs 275.
Overall, the positives in favour of ONGC seem to outweigh the negatives from a long-term perspective.
But Citi's woes might call for more visionary and charismatic leadership than he can offer.
The one-year bank deposit and the 10-year government bond finished at the bottom in terms of returns for 10-year and five-year horizons, respectively. Surprisingly, property was the worst performing asset class for the 15-year period.
JM Financial Services, which split from its seven-year partner Morgan Stanley in February, had given up two key businesses viz., institutional broking & sales & equity research, to the US bank for $425 million (Rs 1,912 crore).
Domestic equity markets are in elite company. In May, Indian markets joined select developed markets (DMs) such as the US, UK and Germany to record new all-time highs. Among emerging markets (EMs), Brazil is the other market to have logged new highs this month. Asian peers such as South Korea, Taiwan and New Zealand are currently between 2 per cent and 10 per cent below their previous highs made earlier this year. The domestic markets were among the worst-performing major global markets in April amid a lethal second-wave of covid-19 infections.
Given the uncertainty on the US economic outlook, the rising rupee, and the lack of clarity on imposition of fringe benefit tax on stock options, analysts believe the companies may strike a note of caution on FY08 earnings.
IndiGo heads towards $400 mln IPO as air travel booms.
Sources close to the developments said the company would announce the deal any day. Morgan Stanley is advising Standard Chartered on the deal.
A consortium of bankers that will fund the Ruias' bid for Hutchison's 67 per cent equity stake in Hutchison Essar Ltd will begin "due diligence" on the company in the next few days
As top bosses of Vodafone and Essar arrived in Hong Kong to negotiate a deal for acquiring Hutchison Telecom's Indian business, its parent company has indicated it will not consider any offer below $14 billion.
Mumbai-based property developer Oberoi Constructions, led by billionaire Vikas Oberoi, is planning a Rs 4,000 crore ($1 billion) initial public offer by year end. Vikas Oberoi, also known as Vikki Oberoi is at the 707th slot in the Forbes annual list of billionaires with a wealth of $1.7 billion.
After having raised Rs 20,000 crore by selling NFOs, mutual funds are now likely to turn buyers. A slew of funds, including Morgan Stanley ACE Fund, Birla Sun Life Pure Value Fund, Mirae Asset India Opportunities Fund Standard Chartered Fund closed recently. Mutual funds launch NFOs to raise money since the mutual fund penetration in India is low. Most mutual funds expect redemptions on account of advance tax provisioning that corporate houses do at this time of the year.
'India has got a large collection of world-class companies, extraordinary entrepreneurs, well-developed markets and an educated workforce that will act in its favour. What's been missing between this micro and macro is political impetus to reforms. The recent election changes the prospects for reforms,' says Stephen S Roach, chairman, Morgan Stanley Asia.
The stock of Dixon Technologies (India), the country's largest listed electronic manufacturing services (EMS) player, was up 6 per cent in 10 trading sessions, boosting the gains over the last three months to 21 per cent. The gains came following reports that Dixon will produce laptops in India in partnership with US and Chinese firms under the production-linked investment (PLI) scheme. It recently signed an agreement to make smartphones for Xiaomi India.
A consortium of Anil Agarwal-led Sterlite Industries and global financial services major Morgan Stanley has emerged as the frontrunner in the race to acquire a strategic 26 per cent equity stake in the troubled financial institution IFCI Ltd.Besides Sterlite, two other consortiums - Shinsei Bank-PNB-JC Flowers and Cargill Financial Services Corporation-Texas Pacific Group - had put in bids on December 14.
Foreign institutional investment flows remain key driver for the Indian markets.\n
The taxman is rapidly catching up with foreign companies operating in India through agents. After Star, Morgan Stanley and Sony, it was the turn of UK-based Rolls Royce to be asked to pay taxes on a part of profits earned from Indian operations.
What initially started off as a car garage and dealership later went on to become a full-fledged automobile manufacturer.
For every 2.5 degree celsius rise in global temperature, the damage to India is predicted to be 4.9 per cent of the gross domestic product, highest for any country, according to a key finding of a research by global financial services firm Morgan Stanley.
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